Photo: Al-Riyadiyah
Saudi football's biggest clubs are changing hands, and fans of Jeddah's Al Ittihad are now asking whether theirs is about to go back to a family with deep roots in the stands.
A group led by Abdulrahman and Sultan bin Mahfouz is the frontrunner to buy the club from the Public Investment Fund, Saudi sports daily Al-Riyadiyah reported on Saturday, citing sources. The brothers are sons of the late banker Khalid bin Mahfouz, a former honorary member of Al Ittihad.
The group put in the highest financial offer and met the qualification requirements, the paper said. Nothing has been announced by PIF or the bidders.
The money behind the bid
The group pairs Sidra Capital, a Jeddah asset manager owned by the family's Al Murjan Group, with UAE-based investment firm BlueFive Capital.
The two are already tied together. BlueFive bought a large minority stake in Sidra, now renamed BlueFiveSidra, while Al Murjan bought into BlueFive786, BlueFive's Islamic investment arm, the companies said.
The rivals
Two other groups are in the race. Manchester United's American owners, the Glazer family, are bidding with businessman Wael Jamjoom. Prince Saad bin Abdullah has teamed up with Josh Harris, co-owner of Crystal Palace and the Washington Commanders.
Not everyone sees a clear leader. All three bids have reached the final stage and are close in value, sources told Asharq Al-Awsat. Okaz reported that a final decision could slip to the end of 2027.
Why it matters
PIF took control of the league's four biggest clubs in 2023 to lift the Saudi Pro League's profile. It is now handing them to private owners, and each sale sets a price for Saudi sport.
The first went in April, when Kingdom Holding agreed to pay 840 million Riyal ($224 million) for 70% of Al Hilal, valuing the club at about $370 million, PIF said. The deal closed in September, with the fund keeping 30%.
Across town
Al Nassr could be next. PIF took full ownership in August, after a 25% stake held by the club's nonprofit foundation moved to the fund.
Gerry Cardinale, whose RedBird Capital Partners owns AC Milan, said talks on Al Nassr were at a "preliminary stage," according to ESPN. Cristiano Ronaldo is tipped to take a 20% stake if a deal goes through.
The catch is debt of more than $210 million, built up during last season's spending.
What to watch
Whether PIF names a preferred bidder for Al Ittihad, and whether Al Nassr's debt pushes its price below what Kingdom Holding paid for Al Hilal.
