The Saudi Investment Fund (PIF) is seeking to sell Al-Ittihad Club in the coming period, similar to its sale of a majority stake in Al-Hilal Club to Prince Alwaleed bin Talal last month.
In the summer of 2023, the fund acquired the top four clubs in Saudi Arabia and directly contributed to the Saudi League’s major transformation by attracting the biggest and best players from around the world.
Now, the fund is embarking on the second phase, represented by the “privatization” of the four clubs. After the success of its endeavor with Al-Hilal, the second club will be Al-Ittihad.
The newspaper Al-Riyadh reported that the elections for the non-profit Al-Ittihad Club Foundation will be canceled in order to expedite the acquisition procedures and create a smoother and more efficient legal and regulatory environment for potential investors.
No official announcement has yet been issued specifying the offering mechanism or the exact timeline, while consultations continue between the relevant parties to finalize the arrangements.
Al-Ittihad is experiencing one of its worst seasons in recent years, currently sitting sixth in the Saudi Pro League. They were eliminated from the King’s Cup in the semi-finals by Al-Kholoud and suffered a disappointing Asian Champions League campaign, losing 1-0 to Machida Zelvia in the quarter-finals in Jeddah.
With a new owner at Al-Ittihad, a significant shift in transfer strategy is expected, particularly given the current trend in Saudi football towards acquiring young talent rather than signing established stars for astronomical sums, as was the case in the last three years.
