Saudi Arabia transfers remaining 25% stakes in four major clubs to PIF

RIYADH: Saudi Arabia’s Ministry of Sport said on Wednesday it had begun transferring the remaining 25 percent stakes in four of the Kingdom’s biggest football clubs to the Public Investment Fund, following the completion of the necessary regulatory procedures. The transfer covers Al-Ittihad, Al-Ahli, Al-Hilal and Al-Nassr, with the boards of directors of the clubs’ nonprofit entities also being dissolved, the ministry added. However, Al-Hilal said the club company’s current board, chaired by Prince Nawaf bin Saad, will remain in place after its term was extended for 90 days from July 17.

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