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A deal for Alalshikh, the co-founder of boxing promotion company Zuffa, to take a stake in the Championship club had been on the table with the football regulator since May.
An IFR spokesperson said: "The IFR has a statutory duty to thoroughly test all prospective owners of a club in the top five divisions of men's football.
"The assessment was completed in 55 days out of the 90 days allowed by law.
"The IFR had taken a 'minded-to decision' to approve the bid before the start of the 2026-27 season. This had been communicated to all parties last week.
"In every case, we must consider a broad but fixed list of matters, all set out in statute.
"This includes assessing all candidates against the IFR's test on financial soundness, sufficient financial resources, source of wealth, and honesty and integrity - including a check on any criminal proceedings or convictions, civil actions and other regulatory investigations."
The proposed deal had raised concerns among human rights campaigners, including Amnesty International, which said in June that the independent regulator faced a "defining test" over the investment.
Alalshikh, the chairman of Saudi Arabia's General Entertainment Authority - and someone who is close to the Kingdom's de facto ruler Mohammed bin Salman - has been criticised by human rights groups for his role in alleged 'sportswashing'.
Saudi Arabia has been accused of using sports to improve its image in the wider world to distract from its human rights record, treatment of women, use of the death penalty and its anti-LGBT stance.
As well as being the owner of Egyptian club Pyramids between 2018 and 2019, Alalshikh recently owned Spanish side Almeria but sold the club to an investment group from Saudi Arabia last May.
