“After the World Cup there’s definitely been a sense of bullishness to invest in global sports,” said a person familiar with the PIF’s strategy. “It was driven by the fact that Qatar did it so well, and Saudi Arabia’s performance in the World Cup. There’s been a noticeable sea change in how they look at global sports.”
“Saudi Arabia is now shaping the commercial, industrial and geopolitical networks of sport,” he said. “It’s beginning to test the limits of rules and governance.”The PIF created a rift in the world of golf when it launched the LIV circuit last year, spending billions to lure top players away from the US PGA Tour to set up a new team-based tournament. But last month the two tours agreed a truce, ending a protracted court battle and agreeing to merge their commercial interests.
He also chairs Newcastle United, the English football club the sovereign wealth fund bought in 2021. The team, which was struggling at the time of the acquisition, finished fourth in last season’s Premier League to qualify for the Uefa Champions League, the top European competition. The Financial Times reported last month that the sovereign fund had also held talks with the men’s ATP tennis tour over potential events and investments.
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