Saudi Arabia Transfers 25% Stakes in Four Football Giants as Privatization Push Enters New Phase

Saudi Arabia has begun transferring the remaining 25 percent stakes held by nonprofit entities in Al-Nassr, Al-Ittihad, Al-Ahli and Al-Hilal to the Public Investment Fund, marking another major step in the Kingdom’s effort to reshape the ownership and governance of its biggest football clubs.

The Ministry of Sport said the process had started after the completion of the required regulatory procedures. The boards of directors of the nonprofit entities connected with the four clubs are also being dissolved as part of the transition.

The change matters because those nonprofit bodies had retained 25 percent stakes when Saudi Arabia reorganized the four clubs under a PIF-led model in 2023. PIF took 75 percent stakes at the time, providing the financial and institutional foundation for one of the most aggressive football expansion projects in the world.

Three years later, the structure is changing again.

The development should not be read as a simple permanent move toward 100 percent PIF ownership across all four clubs. Al-Hilal are already following a different path after PIF signed a binding agreement in April 2026 for Kingdom Holding Company to acquire a 70 percent controlling stake in Al-Hilal Club Company.

The broader direction is becoming clearer. Saudi Arabia is moving its leading football clubs toward more commercial ownership models, stronger corporate governance and greater private-sector participation.

The ownership structures above reflect the 2023 framework and subsequent officially announced transactions. Al-Hilal requires separate treatment because of the Kingdom Holding agreement announced in April 2026.

What Saudi Arabia Is Changing

The fresh development concerns the remaining 25 percent stakes held by nonprofit foundations associated with Saudi Arabia’s four highest-profile clubs.

Those organizations formed part of the original ownership model created when the Kingdom launched the Sports Clubs Investment and Privatization Project.

The Saudi Press Agency’s official announcement of the original privatization project confirms that the initiative was launched in June 2023 as part of a broader effort to increase investment in Saudi sport and move clubs toward more commercially sustainable structures.

PIF subsequently acquired 75 percent stakes in Al-Hilal, Al-Nassr, Al-Ittihad and Al-Ahli, while the nonprofit foundations retained the remaining 25 percent.

The transfer of those remaining stakes removes another layer from that original structure.

It also gives Saudi authorities greater flexibility as they determine what the long-term ownership model for each club should eventually look like.

The 2023 Model Was Always Part of a Larger Transformation

The 2023 restructuring became best known internationally because of what followed in the transfer market.

Saudi clubs began recruiting players with global recognition while simultaneously expanding their commercial reach, infrastructure and international profile.

Cristiano Ronaldo had already transformed Al-Nassr’s visibility, while the arrival of other elite names dramatically increased attention around the Saudi Pro League.

The Sports Encounter has followed Ronaldo’s late-career evolution closely, including our detailed look at Cristiano Ronaldo’s World Cup career, records and final tournament.

That global attention created an obvious commercial opportunity for Saudi football.

The more difficult challenge has always been converting international visibility into durable football businesses.

Why the Remaining 25% Stakes Matter

The nonprofit stakes were never merely symbolic.

They represented a distinct governance layer inside club companies that were otherwise controlled by PIF.

Transferring those holdings can simplify ownership, reduce administrative overlap and make future transactions easier to structure.

That becomes particularly important if private investors eventually acquire larger stakes in individual clubs.

Saudi Arabia has already demonstrated that privatization is moving from policy language into actual transactions.

On August 12, the Ministry of Sport announced that five more clubs, Al-Riyadh, Abha, Al-Fateh, Al-Tai and Al-Shoulla, were being offered for investment under the continuing privatization initiative.

The Saudi Press Agency’s official report on the five-club investment offering provides further evidence that private-sector ownership is becoming a central part of the Kingdom’s sports strategy.

Al-Hilal Are Already Showing What the Next Phase Can Look Like

Al-Hilal provide the strongest example of where this process could eventually lead.

On April 16, PIF announced a binding agreement for Kingdom Holding Company to acquire 70 percent of Al-Hilal Club Company.

The transaction valued Al-Hilal’s total share capital at an enterprise value of SAR 1.4 billion.

The official PIF announcement on the Al-Hilal-Kingdom Holding agreement states that the fund will remain a shareholder after completion and describes the transaction as part of its strategy to maximize returns and redeploy capital within the Saudi economy.

That is a crucial point.

PIF’s role in Saudi football increasingly looks less like permanent ownership and more like institutional transformation followed by value realization.

Al-Hilal’s Transformation Is Already Visible on the Football Side

The ownership story is unfolding at the same time as Al-Hilal continue making aggressive sporting decisions.

The Riyadh club are currently pursuing Aston Villa striker Ollie Watkins, with The Sports Encounter reporting on Al-Hilal’s reported £38 million bid for Ollie Watkins.

That pursuit illustrates the scale at which Saudi clubs continue to operate despite the ownership model itself evolving.

The Saudi Pro League’s next stage therefore involves two processes happening simultaneously.

Clubs are still trying to compete aggressively for elite talent, while the institutions behind those clubs are being restructured for a more commercially mature future.

Why Al-Nassr Could Become the Most Globally Valuable Test Case

Few clubs would generate more international attention from a future ownership transaction than Al-Nassr.

Ronaldo turned the Riyadh club into a globally recognized football brand almost overnight.

His influence extends beyond match results.

Al-Nassr now possess commercial reach through sponsorships, social media, merchandising, international tours and global broadcast interest that would have been difficult to imagine before his arrival.

That creates a fundamentally different investment proposition.

A potential buyer would not simply be acquiring a Saudi football club. It would be acquiring an internationally visible sports property with a huge digital audience.

The Sports Encounter has also examined Ronaldo’s extraordinary ability to remain relevant deep into his career through our analysis of Ronaldo’s continued profile as an active Al-Nassr player after his final World Cup.

Al-Ahli Bring Something Different: Continental Dominance

Al-Ahli enter this ownership transition from arguably the strongest sporting position of the four clubs.

They have won consecutive AFC Champions League Elite titles and begin the 2026-27 campaign attempting to complete an unprecedented three-peat in the modern era.

The Sports Encounter recently analyzed their next continental challenge in Al-Ahli vs Al-Ain and the expanded AFC Champions League Elite draw.

That success gives Al-Ahli a commercial story that goes beyond domestic popularity.

Continental champions gain international visibility, stronger sponsorship leverage and a broader audience across Asia.

Those factors matter when investors assess football clubs as long-term assets.

Al-Ittihad Offer Traditional Power and a Major Market

Al-Ittihad’s investment appeal comes from a different source.

The Jeddah club possesses one of Saudi Arabia’s deepest traditional supporter bases and represents a major sporting market on the Red Sea coast.

That kind of heritage is difficult to manufacture.

Modern football investors increasingly evaluate clubs across several dimensions:

• Supporter loyalty
• Stadium demand
• Merchandising potential
• Sponsorship revenue
• Digital audience
• International competition
• City and regional economics

Al-Ittihad therefore offer a different investment profile from Al-Nassr’s Ronaldo-driven global visibility or Al-Ahli’s recent continental dominance.

The Saudi Pro League Is Moving Beyond Its Superstar Phase

The first phase of Saudi football’s transformation was easy to understand.

The world’s biggest names arrived, global attention followed and television audiences increased.

The next phase is considerably more complex.

Saudi clubs now have to prove that the attention can produce sustained commercial value.

That requires stronger revenues, clearer governance and more disciplined investment decisions.

Recent Saudi interest in younger elite players reinforces that shift.

The Sports Encounter explored that changing recruitment philosophy in our analysis of Saudi Arabia’s long-running interest in Vinicius Jr.

Vinicius represented exactly the type of player Saudi football increasingly wants: globally recognizable, commercially valuable and still in his prime.

That story later evolved when Vinicius committed his future to Real Madrid, but the Saudi interest itself demonstrated how the market had changed.

Private Ownership Could Create Stronger Club Identities

A future in which Saudi Arabia’s leading clubs are controlled by different private owners could also change the competitive character of the league.

Different ownership groups bring different priorities.

Some may prefer superstar transfers.

Others may focus on academies, data-led recruitment, infrastructure or commercial expansion.

That strategic separation could eventually give each club a clearer football identity.

It could also reduce questions associated with several direct competitors sharing the same majority shareholder.

PIF’s New Strategy Helps Explain the Timing

The restructuring also fits PIF’s broader strategic direction.

In April 2026, PIF approved its strategy for 2026-30, moving from what it described as a period of rapid growth toward a phase focused more heavily on sustained value creation.

The strategy emphasizes maximizing long-term returns, improving investment efficiency and increasing private-sector participation.

That language closely matches what is now happening in Saudi football.

Clubs were transformed, capital was deployed and commercial value was created.

The next stage increasingly involves bringing private investors into assets whose foundations have already been strengthened.

Saudi Arabia Is Already Creating a Football Ownership Market

The privatization project is no longer limited to the country’s four biggest teams.

Saudi authorities have steadily moved additional clubs into acquisition or investment processes.

That creates something that barely existed in Saudi football a few years ago: a genuine market for club ownership.

As more investors enter, club valuations should become easier to benchmark.

That could eventually give Saudi football clearer commercial measurements around:

• Club enterprise values
• Revenue multiples
• Sponsorship growth
• Matchday income
• Player asset values
• Media rights
• International commercial reach

Those metrics will ultimately determine whether the Saudi football project becomes economically sustainable.

The Timing Matters Because Saudi Clubs Are Becoming More Important in Asia

Saudi Arabia’s leading clubs are also increasingly central to Asian football.

Al-Ahli are defending continental champions.

Al-Hilal remain one of the region’s most powerful clubs.

Al-Nassr bring Ronaldo’s enormous international audience into AFC competition.

The expanded AFC Champions League Elite gives Saudi clubs an even larger platform.

The Sports Encounter’s coverage of the 2026-27 AFC Champions League Elite draw explains how the competition has expanded to 32 teams, with the final stages again scheduled for Saudi Arabia.

That continental visibility increases the value of successful Saudi clubs to future owners.

Saudi Football’s Global Strategy Extends Beyond Clubs

The Kingdom’s football ambitions also connect with its broader international sporting strategy.

Saudi Arabia’s national team competed at the 2026 FIFA World Cup, while the country continues preparing for the long-term development of its football ecosystem.

The Sports Encounter followed Saudi Arabia throughout the World Cup, including its tactical challenge against elite opponents in our World Cup Day 11 preview featuring Saudi Arabia.

Club investment, national-team development, infrastructure and global sporting events increasingly sit inside the same long-term strategy.

What PIF Has Already Changed at Al-Hilal

The official Al-Hilal transaction announcement provides useful evidence of what PIF believes it has achieved during its ownership period.

PIF pointed to improvements in:

• Governance
• Operational performance
• Infrastructure
• Sponsorship revenue
• Merchandise sales
• Matchday revenue
• Overall commercial value

Those are precisely the areas that influence a football club’s attractiveness to private investors.

The Al-Hilal transaction therefore offers a possible blueprint.

PIF enters, restructures the asset, strengthens governance and commercial performance, and later sells part of its holding while retaining an economic interest.

The Hardest Test Comes After the Superstar Spending

The next few years will tell us far more about the Saudi football project than the first transfer boom did.

Recruiting famous players creates headlines.

Building profitable football companies is considerably harder.

Saudi clubs will now be judged by measurable commercial indicators rather than only sporting ambition.

Can they continue growing sponsorship income?

Can they convert global social-media followers into paying supporters?

Can matchday and hospitality revenue grow?

Can broadcasters justify higher rights fees?

Can clubs become valuable enough for private investors to generate long-term returns?

Those questions sit at the heart of the current ownership restructuring.

TSE Ownership Scorecard

Development	Status
Original PIF ownership model	75% PIF, 25% nonprofit foundations
Clubs covered	Al-Nassr, Al-Ittihad, Al-Ahli and Al-Hilal
Remaining nonprofit stakes	Being transferred as part of latest restructuring
Nonprofit boards	Being dissolved under the transition
Al-Hilal private ownership transaction	70% Kingdom Holding agreement announced in April 2026
Al-Hilal enterprise value in transaction	SAR 1.4 billion
Broader privatization program	Active across multiple Saudi clubs
Long-term objective	Greater private investment, stronger governance and sustainable commercial growth

What Happens Next?

The immediate process involves completing the ownership and governance restructuring around the nonprofit stakes.

The more important developments will come afterward.

Al-Hilal already have a major private ownership transaction moving through the regulatory process.

That inevitably raises questions about whether Al-Nassr, Al-Ittihad and Al-Ahli could eventually follow similar paths.

No specific private buyers for those clubs should be treated as confirmed unless official agreements emerge.

But Saudi Arabia’s direction is increasingly difficult to miss.

The country is trying to build football clubs that can attract investment because of their commercial value rather than depending indefinitely on state-backed spending.

Why This Story Matters

Saudi football’s international transformation has usually been explained through players.

The ownership story may ultimately matter more.

Transfers can increase a club’s profile for a few seasons.

A successful ownership model can determine its direction for decades.

Saudi Arabia now appears to be testing whether the enormous attention generated since 2023 can be converted into valuable, commercially sustainable football companies.

If that works, the Saudi Pro League’s influence on global football will become much harder to dismiss as a temporary spending cycle.

Final Word

Saudi Arabia’s football transformation is entering a more complicated and potentially more important phase.

The first stage brought capital, elite players and global attention.

The next stage is about ownership, governance, commercial value and sustainability.

Transferring the remaining nonprofit stakes connected with Al-Nassr, Al-Ittihad, Al-Ahli and Al-Hilal removes another piece of the structure created in 2023.

Al-Hilal have already provided the first major indication of where the process can lead through their Kingdom Holding agreement.

Now attention turns toward Saudi Arabia’s other football giants.

If Al-Nassr, Al-Ittihad and Al-Ahli eventually attract major private owners of their own, the most consequential chapter of Saudi football’s revolution may end up taking place away from the transfer window.

It may happen in the boardroom.

Frequently Asked Questions

What is changing with Al-Nassr, Al-Ittihad, Al-Ahli and Al-Hilal?

The remaining 25 percent stakes associated with nonprofit foundations are being transferred as Saudi Arabia restructures the ownership framework created around the four clubs in 2023.

How were the four clubs owned after the 2023 restructuring?

PIF acquired 75 percent stakes in Al-Hilal, Al-Nassr, Al-Ittihad and Al-Ahli, while nonprofit foundations retained the remaining 25 percent.

Does PIF now permanently own 100% of the four clubs?

No. The situation should not be described that way. Al-Hilal already have a separate transaction under which Kingdom Holding Company agreed to acquire 70 percent of the club. The broader Saudi strategy also increasingly emphasizes private investment and capital recycling.

How much is Al-Hilal valued at under the Kingdom Holding agreement?

PIF’s official announcement placed an enterprise value of SAR 1.4 billion on Al-Hilal’s total share capital.

Why is Saudi Arabia privatizing football clubs?

The broader Sports Clubs Investment and Privatization Project aims to attract private capital, improve governance, strengthen commercial performance and make Saudi sports organizations more financially sustainable.

Could Al-Nassr be sold to a private investor?

The wider privatization strategy makes future private investment possible, but no specific sale or buyer should be treated as confirmed without an official announcement.

Why does Al-Hilal have a different ownership situation?

PIF and Kingdom Holding Company signed a binding agreement in April 2026 for Kingdom Holding to acquire 70 percent of Al-Hilal Club Company, making Al-Hilal the clearest example so far of the next stage of Saudi football privatization.

How does this affect the Saudi Pro League?

The restructuring could eventually create more independent ownership models, stronger commercial competition between clubs and greater pressure for teams to generate sustainable revenue rather than rely mainly on capital injections.