With rumours running rampant on Wednesday of LIV Golf’s imminent demise, Saudi Arabia’s Public Investment Fund (PIF) made a major move in a different sport.
The PIF announced the sale of a 70 per-cent stake of Saudi Pro League side Al-Hilal to Kingdom Holding Company (KHC). The sale values the club at $373 million USD. Al-Hilal was one of four SPL teams owned by the PIF along with Cristiano Ronaldo’s Al-Nassr, Al-Ittihad and Al-Ahli.
“Al-Hilal is a national symbol and a source of pride for the Saudi people,” KHC head Prince Alwaleed Bin Talal said in a release. “This acquisition expresses our deep belief in the power of sports as a unifying force and a catalyst for national development. By applying our global investment standards and cultivating strategic partnerships, we will unlock Al-Hilal’s full potential while preserving its history and identity.”
The Saudi champions on 19 occasions, Al-Hilal are one of the Middle East’s top sides. The current team, managed by former Inter gaffer Simone Inzaghi, features the likes of Karim Benzema, Darwin Nunez, Ruben Neves and Bono. Presently the team is second in the table, eight points behind Al-Nassr with a game in hand.
The sale comes with reports swirling that the PIF is set to pull its funding from LIV Golf, its breakaway tour that began play in 2022. The PIF has invested a reported $5B in LIV.
Earlier on Thursday, LIV chief executive Scott O’Neil sent a letter to golfers and stakeholders indicated that it’s business as usual.
“I want to be crystal clear: Our season continues exactly as planned, uninterrupted and at full throttle,” O’Neil wrote. “While the road isn’t always smooth, the destination is worth every mile. Let’s go out and show the world why LIV Golf is the future of the game.”
LIV Golf’s Mexico City stop begins play later on Thursday.
