Three investment alliances are competing to buy Saudi club Al-Ittihad. The Saudi Public Investment Fund is studying numerous bids for the club.
The three alliances
Saudi newspaper Arriyadiyah named the first alliance as a partnership between the American Glazer family and businessman Wael Jamjoum. The second alliance brings together Prince Saad bin Abdullah and American businessman Joshua Harris.
Arriyadiyah named the third alliance as a combination of Sidra Capital and BlueFive Capital, led by Abdulrahman and Sultan, the two sons of Khalid bin Mahfouz, Al-Ittihad's former honorary member.
Potential executive appointment
Arriyadiyah said that if the alliance involving Prince Saad bin Abdullah and Joshua Harris wins the takeover, it plans to appoint Hamad Al-Sunai, Al-Ittihad's former president, as chief executive.
The bid closest to sealing the deal
According to Arriyadiyah, the Sidra Capital and BlueFive Capital bid stands closest to sealing the deal because it tabled the highest financial offer alongside a strong investment file that meets the qualification requirements.
Al-Hilal's ownership change
Al-Hilal became the first of the big four to leave the Saudi Public Investment Fund's umbrella after 70% of its shares passed to Kingdom Holding Company, owned by Prince Al-Waleed bin Talal, last April.
