Is Saudi Arabia's sports revolution unravelling?
Saudi Arabia's Public Investment Fund (PIF) has announced it will stop funding LIV Golf after the current season, raising questions about the future of the breakaway golf tour and the kingdom's broader sports investments. Despite the withdrawal, PIF stated it remains committed to sports as a priority sector under its long-term investment strategy. The move comes amid shifting financial priorities due to economic pressures, including a large budget deficit and reduced oil revenues.
- ▪Saudi Arabia's Public Investment Fund (PIF) will cease funding LIV Golf after the current season, citing misalignment with its current investment strategy.
- ▪PIF has emphasized a new focus on sustainable investments and long-term returns, following a $73 billion budget deficit driven by lower oil revenues and increased spending.
- ▪Several major sporting events and plans, including the Saudi Arabia Snooker Masters and a potential 2035 Rugby World Cup bid, have been cancelled or abandoned.
- ▪The kingdom continues to pursue major sports projects, including hosting the 2034 men's FIFA World Cup and investing in high-profile athletes like Cristiano Ronaldo.
- ▪Critics have accused Saudi Arabia of using sports investments to improve its international image, a practice referred to as 'sportswashing'.
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Is Saudi Arabia's sports revolution unravelling?Image source, Getty ImagesImage caption, LIV Golf's last event was held in Mexico and won by Jon RahmByDan RoanSports editorPublished5 hours agoThe decision by Saudi Arabia's sovereign wealth fund to stop bankrolling LIV Golf at the end of the season has plunged the future of the breakaway series into doubt.It has also posed questions over the country's many other sporting investments.After all, the kingdom has ploughed tens of billions of pounds over the past decade into establishing itself as a global sports hub, hosting an array of major events, from high-profile boxing fights and Formula 1 races, to tennis and horse racing.
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