Saudi PIF’s Influence on Global Sports Is Growing After a Big 2024

On Dec. 11, FIFA president Gianni Infantino made a historic announcement, revealing Saudi Arabia as the host of the 2034 FIFA World Cup. This milestone—which followed a decade-long pursuit—is just one of the many bold moves in Saudi Arabia’s sports-investment strategy.

The driving force behind the country’s ambition to become a global sports powerhouse is the Public Investment Fund (PIF). With $925 billion in assets under management, the PIF has established itself as a major player in global sports, shaping the landscapes of soccer, combat sports, golf, tennis, and esports. Today, the PIF is the world’s sixth-largest sovereign wealth fund, and it hopes to grow its assets to $1 trillion by 2025. 

Saudi Arabia and the PIF sent shockwaves through the sports world in 2021 with its disruptive launch of LIV Golf, a rival to the PGA Tour, offering eye-popping prize money and guaranteed contracts and shaking up the golf hierarchy. A year later, PIF made headlines again, acquiring Premier League club Newcastle United F.C., further cementing its growing influence in global sports. 

This rapid ascent in global sports has not been without controversy. Critics have accused the Kingdom of “sportwashing”—using these high-profile sports investments to distract from its controversial human rights record, including its restrictive laws against women and LGBTQ+ groups. Saudi Arabia has worked to reshape its international image by leveraging reforms including allowing women to attend sports events and granting them more freedoms in public life. Skepticism remains and criticism still abounds—but their efforts and investments have helped Saudi Arabia position itself as a legitimate player on the world stage, and enabled it to secure hosting marquee sports events like the 2029 Asian Winter Games and the 2034 FIFA World Cup. 

But 2024 marked the PIF’s most significant year yet for sports investments. According to Danish NGO Play the Game’s latest report, the Public Investment Fund of Saudi Arabia and its subsidiaries have secured at least 346 sponsorships across global sports in 2024. This massive number highlights the PIF’s growing influence.

The PIF kicked off 2024 with a bullish approach to tennis. First came the partnership with the Association of Tennis Professionals (ATP) in March, when the PIF became the official naming partner of the ATP Rankings and a sponsor of premier events, including Indian Wells, Miami, Madrid, Beijing, the ATP Finals, and the Next Gen ATP Finals. The fund further expanded into tennis in May, with a multiyear partnership with the Women’s Tennis Association (WTA) and secured Riyadh as the host city for the WTA’s season-ending championship. The WTA Finals in November marked the first time a professional women’s tennis tournament was held in the kingdom. “That’s why I wanted to come here. There’s never been a professional women’s tennis event here,” Coco Gauff said after lifting the trophy. “And just to show young girls that their dreams are possible.” 

In July, PIF-backed esports company Savvy Games Group hosted the Esports World Cup as part of an effort to become the global esports hub. And by August, the PIF made its first foray into North American soccer through a multiyear partnership with Concacaf, the governing body for soccer in North America, Central America, and the Caribbean. The deal positions the PIF to play a key role as the region gears up for the 2026 FIFA Men’s World Cup and a potential bid for the 2031 Women’s World Cup. “As PIF expands its portfolio of inspiring sponsorships, our commitment to investing in sport remains constant,” Mohammed AlSayyad, the PIF’s head of corporate brand, said in a statement at the time. 

“PIF’s bold investments, from acquiring Newcastle United and signing global icons like Cristiano Ronaldo to launching LIV Golf and forming strategic partnerships with the WTA and ATP, have positioned Saudi Arabia at the forefront of the international sports stage,” Olivier Jarosz, an executive at international advisory firm LTT Sports, tells Front Office Sports. “However, it’s important to note that this strategic approach is not something entirely new for the Saudis. This is the third iteration of a plan that initially focused on establishing and institutionalizing sport, then ensuring its domestic quality, and now scaling to the international level.”

The PIF made big steps this year, but there’s one area to closely watch going into 2025: the NFL. The league recently approved a select group of private equity funds to acquire up to 10% ownership stakes in teams. Although the PIF cannot directly invest in NFL franchises, it could do so indirectly by backing a private equity fund that acquires a stake in an NFL team. 

Saudi Arabia’s global ambitions are on display not only through their investments and big plans, but in a tangible way, too. Standing 1,260 feet tall, the 80-story Public Investment Fund Tower dominates Riyadh’s King Abdullah Financial District (KAFD), mirroring Saudi Arabia’s bold vision to be a power player on the world stage—in sports and beyond.