Saudi billionaire Prince Alwaleed bin Talal is close to completing a deal to buy a 75% stake in Riyadh-based soccer team Al Hilal for around $400 million from the kingdom’s sovereign wealth fund, according to people familiar with the matter. The deal could be announced early next year, the people said.
Kingdom Holding Company, Prince Alwaleed’s investment vehicle, has been in talks with Saudi’s Public Investment Fund for several months. The remaining stake in the club is owned by a Saudi non-profit organization that’s mostly funded by Prince Alwaleed.
The deal could value the team — currently ranked second in the Saudi Pro League — at about 2 billion riyals ($530 million).
PIF and Kingdom Holding declined to comment.