The next step in Saudi Arabia’s aggressive global sports strategy appears to be a new investment company focused entirely on athletic entities.
So far, Saudi Arabia has made major investments in sports through its Public Investment Fund — valued at $650 billion — but will now launch a multibillion-dollar entity dedicated solely to sports, according to the Financial Times.
Current Saudi sports investments include:
- At least $2 billion of funding to back LIV Golf
- Majority ownership of Newcastle United ($409 million purchase)
- Saudi Arabian Formula 1 Grand Prix
- 16.7% stake in Aston Martin F1 team
- Saudi Pro League ($75 million annual contract for Cristiano Ronaldo)
The PIF has been making news in sports all year, most notably through its agreement with the PGA Tour to cement its place in men’s professional golf. Tennis has also been a target for the PIF, which has reportedly had talks with the ATP Tour and WTA Tour.
Minority investments in American pro teams could be on the horizon for the new Saudi sports company, too. The Qatar Investment Authority purchased a roughly 5% stake in Monumental Sports & Entertainment and NBA commissioner Adam Silver has not ruled out accepting investment from the PIF.
It’s unknown when this new company could launch or what its first steps may be.
