US investor Harburg Group became the first foreigner to own a Saudi football team with the acquisition of Al-Kholood for an undisclosed amount.
The deal was one of three clubs that were sold, with the others going to local investors. The venture capital firm established by Ben Harburg also owns a stake in Spanish football club Cádiz CF.
Saudi Arabia has ambitions for transforming the Saudi Pro League into a big, global business. Clubs remain heavily reliant on government backing, though, especially for the hundreds of millions required to attract global superstars like Cristiano Ronaldo.
Al-Hilal, Saudi’s most decorated team which counts stars such as João Cancelo and Sergej Milinković-Savić among its players, generated $267 million in revenue last year, earning $9 million in profit.