Saudi wealth fund creates firm to attract top sports events
1 year, 4 months ago

Saudi wealth fund creates firm to attract top sports events

The Hindu  

The Saudi sovereign wealth fund on Sunday announced a new sports investment company designed to draw “major global events” to the kingdom, which has spent recent months luring top football stars. The company, SRJ Sports Investments, “will invest in acquiring and creating new sports events IP, commercial rights of popular and prominent sports competitions and hosting major global events in Saudi Arabia,” the Public Investment Fund said in a statement. It will “target businesses specialised in offering unique fan engagement activities and transformative sports technology across the industry, bolstering Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.” Sports have been a major focus of the oil-rich kingdom’s effort to rebrand as a global business and tourism destination under the Vision 2030 reform agenda pursued by Crown Prince Mohammed bin Salman, the PIF chairman. The flurry of deals and negotiations have spurred allegations of “sportswashing”, or using sports to distract from Saudi Arabia’s frequently criticised human rights record.

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History of this topic

Saudi Arabia’s network of spending and influence detailed before getting 2034 World Cup from FIFA
3 weeks, 1 day ago

Saudi Arabia’s network of spending and influence detailed before getting 2034 World Cup from FIFA

Associated Press  

GENEVA — Saudi Arabia’s growing influence and massive spending in global sports ahead of being confirmed by FIFA as the 2034 World Cup host was detailed on Monday in a report that cited risks to good governance off the field. The oil-rich kingdom’s investment of tens of billions of dollars in soccer, golf, boxing, tennis, the Esports Olympics and a …

Big money as Saudi makes foray into cricket with IPL auction
1 month ago

Big money as Saudi makes foray into cricket with IPL auction

Live Mint  

Saudi Arabia hosts this year's Indian Premier League player auction in a partnership between a money-spinning cricket tournament expanding its global reach and a kingdom using sports to improve its image. Saudi cricket federation chairman Prince Saud bin Mishal said that staging the auction reflected the kingdom's "commitment to developing the sport and showcasing its position as a global destination …

Female tennis players accused of complicity in Saudi Arabia 'sportswashing'
1 month, 2 weeks ago

Female tennis players accused of complicity in Saudi Arabia 'sportswashing'

ABC  

As the world's best female tennis players take to the court in Riyadh for the "crown jewel" event of the year, a young fitness instructor languishes in a Saudi prison. "I see that tennis players and those promoting Saudi Arabia are not contributing to change by their participation," Ms al-Otaibi said. But fellow former champions Chris Evert and Martina Navratilova …

All Saudi top-tier football clubs to go private: ministry
5 months, 2 weeks ago

All Saudi top-tier football clubs to go private: ministry

The Hindu  

The Saudi Pro League’s remaining 14 football clubs are up for privatisation, the sports ministry said, after the sale of four top teams sparked a billion-dollar spending spree on foreign stars. Saudi Arabia’s Public Investment Fund, the top oil exporter’s sovereign wealth vehicle, took a majority stake in Al Hilal, Al Nassr, Al Ahli and Al Ittihad last year. Saudi …

PGA Tour reports ‘progress’ without details in meeting with Saudi wealth fund leaders
6 months, 2 weeks ago

PGA Tour reports ‘progress’ without details in meeting with Saudi wealth fund leaders

Associated Press  

The PGA Tour reported progress without details from a face-to-face meeting between its negotiating committee and the Public Investment Fund of Saudi Arabia as it tries to work toward a deal. The meeting in New York on Friday evening involved the “transaction committee” of PGA Tour Enterprises and Yasir Al-Rumayyan, the governor of the Saudi Arabian sovereign wealth fund that …

WTA signs multi-year partnership with Saudi PIF
7 months ago

WTA signs multi-year partnership with Saudi PIF

The Hindu  

The Saudi Public Investment Fund will become the first-ever naming partner of the WTA’s rankings, the two organisations announced on Monday, as part of a multi-year partnership. The announcement marks the PIF’s latest foray into tennis, after the men’s ATP tour also signed a multi-year “strategic partnership” earlier this year. Outgoing CEO Steve Simon said last year that Saudi Arabia …

Saudi Arabia’s investment fund has been set an impossible task
7 months, 1 week ago

Saudi Arabia’s investment fund has been set an impossible task

Live Mint  

About a decade ago, a flashy, deep-pocketed investor made an appearance. Saudi Arabia’s Public Investment Fund had a mandate to go big, and was ready to: it picked up a $3.5bn stake in Uber, placed $45bn in the world’s largest technology-investment fund, SoftBank’s Vision Fund, and provided half the capital for a $40bn infrastructure fund run by Blackstone, a private-equity …

Future of golf in Saudi hands after £2.4bn American investment in PGA Tour
10 months, 3 weeks ago

Future of golf in Saudi hands after £2.4bn American investment in PGA Tour

The Telegraph  

The Saudis have been handed the chance to unify professional male golf after an American consortium, headed by the owners of Liverpool FC, made an investment in the PGA Tour that could reach £2.4 billion. The deal with the Strategic Sports Group comes eight months after plans were announced for a merger between the PGA Tour and LIV Golf, which …

Saudi Arabia tops sovereign wealth spending league with $31.5bn investment spree
11 months, 3 weeks ago

Saudi Arabia tops sovereign wealth spending league with $31.5bn investment spree

The Telegraph  

Elsewhere, the PIF spent $4.9bn last April to buy Californian mobile game developer Scopely, while 2023 also saw it become a major shareholder in Japan’s Nintendo. The PIF had a relatively modest presence on the global stage until it was reformulated eight years ago by Crown Prince Mohammed Bin Salman, Saudi Arabia’s de facto ruler. The Crown Prince, who is …

How Saudi Arabia captured global sports in 2023
1 year ago

How Saudi Arabia captured global sports in 2023

Live Mint  

At the dawn of 2023, the spectre of Saudi Arabia's growing influence on pro golf—and sports in general—served not only as a moral conundrum for players and their fans, but also, some argued, as an existential threat to the multibillion-dollar professional-sports industry itself. Making less-dramatic but almost equally important headlines were the continuing talks between the Saudis and leaders in …

Saudi Arabia eyes stakes in $30 Billion Indian Premier League
1 year, 1 month ago

Saudi Arabia eyes stakes in $30 Billion Indian Premier League

Op India  

Saudi Arabia which has made substantial investments in professional sports clubs in various sports has now indicated interest in purchasing a multibillion-dollar share in the Indian Premier League, which is the richest tournament in international cricket, reported Bloomberg on Friday, November 3. According to persons acquainted with the situation, Crown Prince Mohammed bin Salman’s advisors have discussed transferring the Indian …

Saudi Arabia is trying to disrupt soccer’s world order. The reasons why might surprise you
1 year, 3 months ago

Saudi Arabia is trying to disrupt soccer’s world order. The reasons why might surprise you

CNN  

CNN — Editor’s Note: A version of this story appears in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. Saudi Crown Prince Mohammed bin Salman says he doesn’t “care” about the country’s investment in sport being described as sportswashing. Patricia de Melo Moreira/AFP/Getty Images By attracting some of the world’s biggest stars to …

Senator subpoenas Saudis for documents on LIV-PGA Tour golf deal
1 year, 3 months ago

Senator subpoenas Saudis for documents on LIV-PGA Tour golf deal

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors …

Senator subpoenas Saudis for documents on LIV-PGA Tour golf deal
1 year, 3 months ago

Senator subpoenas Saudis for documents on LIV-PGA Tour golf deal

Associated Press  

WASHINGTON — The chairman of a Senate investigations subcommittee issued a subpoena Wednesday for documents on Saudi Arabia’s new golf partnership with the PGA Tour, saying the kingdom had to be more transparent about what he said was its $35 billion in investments in the United States. The move is the latest to challenge Saudi Arabia’s assertion that as a …

Only Premier League clubs spent more on transfers than Saudi Pro League sides
1 year, 3 months ago

Only Premier League clubs spent more on transfers than Saudi Pro League sides

The Independent  

Sign up to Miguel Delaney’s Reading the Game newsletter sent straight to your inbox for free Sign up to Miguel’s Delaney’s free weekly newsletter Sign up to Miguel’s Delaney’s free weekly newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. “This marks the first time since 2016 that another international league has …

For Saudi Arabia, sport is the new oil
1 year, 3 months ago

For Saudi Arabia, sport is the new oil

The Hindu  

Published : Sep 07, 2023 11:00 IST - 11 MINS READ Saudi Arabia, the world’s second largest oil producer, has gone into overdrive in recent years in its efforts to become a global player in international sports. Most of these investments have been made through Saudi Arabia’s $776 billion Public Investment Fund, considered to be one of the largest sovereign …

Saudi Arabian fund buys stake in PFL mixed martial arts league
1 year, 3 months ago

Saudi Arabian fund buys stake in PFL mixed martial arts league

Al Jazeera  

Fund created by Saudi sovereign wealth fund invests in MMA promotion company and will create a regional tournament. A company formed by Saudi Arabia’s sovereign wealth fund has acquired a minority stake in the United States’ Professional Fighters League and will create a regional tournament as the kingdom’s sports investment push expands into mixed martial arts. The acquisition announced on …

Saudi Arabia will host the men’s tennis tour’s Next Gen ATP Finals through 2027
1 year, 4 months ago

Saudi Arabia will host the men’s tennis tour’s Next Gen ATP Finals through 2027

Associated Press  

LONDON — Saudi Arabia will host the men’s tennis tour’s Next Gen ATP Finals in Jedda through 2027 under an agreement announced Thursday, the latest foray into sports by the kingdom. It is the first time an official ATP event will be held in Saudi Arabia and part of a recent trend involving various sports linking with the kingdom’s sovereign …

Dates, Coffee and Camels—Saudi Arabia’s Sovereign-Wealth Fund Bets Big at Home
1 year, 4 months ago

Dates, Coffee and Camels—Saudi Arabia’s Sovereign-Wealth Fund Bets Big at Home

Live Mint  

Saudi Arabia’s sovereign-wealth fund made a global splash with investments in SoftBank’s Vision Fund, Newcastle United soccer club and professional U.S. golf. It is a long-term investor that “creates significant opportunities for the private sector through unlocking new sectors, localizing knowledge, and building strategic economic partnerships," the fund said. “By acting as a cornerstone investor, PIF’s size and long investment …

The World Cup, golf, F1, cycling and more. Saudi Arabia is buying sport – this is why
1 year, 5 months ago

The World Cup, golf, F1, cycling and more. Saudi Arabia is buying sport – this is why

New York Times  

Editor’s note: This is an updated version of an article that was first published in July 2023. “Saudi Arabia’s interest in esports is driven by several factors, one of which is climate — for several months, it is simply too hot to play sports or stage events outdoors,” continues Chadwick. “PIF’s investment in sports not watched or played inside Saudi …

Kasatkina concerned about potential Saudi investment in WTA
1 year, 5 months ago

Kasatkina concerned about potential Saudi investment in WTA

The Hindu  

Russia’s Daria Kasatkina has expressed reservations about competing in any future WTA tournaments in Saudi Arabia, saying “not everything is about money”, amid reports the Gulf State may be set to plough huge amounts of cash into the sport. Saudi Arabia has made massive investments in football, Formula One, boxing and golf in recent years and ATP Tour chief Andrea …

Football’s Arabian Nights a big hit of the season
1 year, 5 months ago

Football’s Arabian Nights a big hit of the season

Hindustan Times  

Before the discussion shifts to Harry Kane’s possible move, whether Kai Havertz can bed in at Arsenal, Mason Mount at Manchester United and Ilkay Guendogan at Barcelona, Saudi Pro League has dominated the conversation around the summer transfer window. Saudi Arabia’s Public Investment Fund is now part of football lexicon, not so much because of the acquisition of Newcastle but …

Inside Saudi Arabia’s plan to disrupt global football
1 year, 5 months ago

Inside Saudi Arabia’s plan to disrupt global football

New York Times  

The sun has set on Cristiano Ronaldo’s first six months in Saudi Arabia and he appears optimistic about the future of football there. Saudi Sports Company, which is state-controlled, acquired the domestic rights to the SPL for three years from 2022-23 to 2024-25 and the deal’s value is 10 times the amount the league generates from international rights. Another way …

Saudi Arabia is being considered by the women’s tennis tour for possible business
1 year, 5 months ago

Saudi Arabia is being considered by the women’s tennis tour for possible business

Associated Press  

LONDON — Like other sports, women’s tennis is looking into the possibility of getting into business with Saudi Arabia. “It’s a very difficult and very challenging topic that’s being, obviously, measured by many, many different groups right now,” Simon said at an event in London to mark the 50th anniversary of the meeting that led to the founding of the …

Saudi investment in tennis won’t replicate golf’s woes, says Australian Open chief Tiley
1 year, 5 months ago

Saudi investment in tennis won’t replicate golf’s woes, says Australian Open chief Tiley

The Hindu  

Australian Open chief Craig Tiley believes any Saudi investment in tennis is unlikely to have the same impact as the country’s disruptive entry into golf because talks are focused on bolstering the current structures of the game. ATP Chairman Andrea Gaudenzi told the Financial Times last week that he had held “positive” discussions with Saudi Arabia’s Public Investment Fund and …

Qatar sovereign wealth fund buys stake in NBA, NHL, WNBA: Reports
1 year, 6 months ago

Qatar sovereign wealth fund buys stake in NBA, NHL, WNBA: Reports

Al Jazeera  

Fund is buying a roughly 5 percent stake in Washington sports teams as part of a $4bn deal, the Associated Press and Bloomberg report. Qatar’s sovereign wealth fund is buying a roughly 5 percent stake in the parent company of the NBA’s Washington Wizards, NHL’s Washington Capitals and WNBA’s Washington Mystics as part of a $4bn deal, news reports say. …

Qatar sovereign wealth fund buys stake in Washington’s NBA, NHL and WNBA teams, AP source says
1 year, 6 months ago

Qatar sovereign wealth fund buys stake in Washington’s NBA, NHL and WNBA teams, AP source says

Associated Press  

Qatar’s sovereign wealth fund is buying a roughly 5% stake in the parent company of the NBA’s Washington Wizards, NHL’s Washington Capitals and WNBA’s Washington Mystics as part of a $4.05 billion deal, a person with knowledge of the sale said Thursday. NBA spokesperson Mike Bass said the league’s Board of Governors decided in November to allow “passive, non-controlling, minority …

Qatari Investment Authority close to buying stake in Wizards, Capitals, Mystics: Sources
1 year, 6 months ago

Qatari Investment Authority close to buying stake in Wizards, Capitals, Mystics: Sources

New York Times  

The NBA, NHL and WNBA are on the precipice of being the first North American professional sports leagues to receive an investment from a sovereign wealth fund. The Qatari Investment Authority, the country’s sovereign wealth fund, is close to buying a stake in Monumental Sports and Entertainment, the parent company of the Washington Wizards, Washington Capitals, and Washington Mystics, sources …

Saudi Arabia, football’s big disruptors. The story of the money, the motive and the hidden disputes
1 year, 6 months ago

Saudi Arabia, football’s big disruptors. The story of the money, the motive and the hidden disputes

New York Times  

“All roads lead to one man. At the World Cup, football’s greatest stage, Bin Salman was conspicuous, attending matches, sitting next to Gianni Infantino, and announcing a national holiday after Saudi Arabia beat Argentina. On Monday, they announced a revamped Saudi Pro League, with the country’s sovereign wealth fund, PIF, taking ownership of the country’s four largest clubs — Al …

Why has Saudi sovereign fund taken over kingdom’s football clubs?
1 year, 6 months ago

Why has Saudi sovereign fund taken over kingdom’s football clubs?

Al Jazeera  

As more international players join Saudi league, country announces launch of investment and privatisation project in a bid to grow the sport. “Now, they are trying to culturally transform these organisations from being state dependent into being much more purposeful strategic and businesslike organisations.” According to the state-run Saudi Press Agency, the process aims to encourage the sport’s growth by …

Why has Saudi Arabia become big player in world sport and what does future hold?
1 year, 6 months ago

Why has Saudi Arabia become big player in world sport and what does future hold?

The Independent  

Sign up to our free sport newsletter for all the latest news on everything from cycling to boxing Sign up to our free sport email for all the latest news Sign up to our free sport email for all the latest news SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our …

Can Saudi Arabia reap economic dividends through its “sportswashing” binge?
1 year, 7 months ago

Can Saudi Arabia reap economic dividends through its “sportswashing” binge?

The Hindu  

Published : May 11, 2023 15:27 IST - 5 MINS READ The outsized role Saudi Arabia now has in global sport was on display recently in a major row involving Lionel Messi, the world’s most distinguished footballer. This tactic is often used by companies and governments with poor environmental or human rights records, exploiting people’s love of sports to ‘wash’ …

Saudi Arabia’s golf case threatens to spill kingdom secrets
1 year, 9 months ago

Saudi Arabia’s golf case threatens to spill kingdom secrets

Associated Press  

WASHINGTON — Officials who oversee Saudi Arabia’s tens of billions of dollars in U.S. investments haven’t been shy about flaunting their ties with top American business and political figures, down to wearing MAGA caps as they swing golf clubs alongside former President Donald Trump. Yasir al Rumayyan, appointed under Crown Prince Mohammed bin Salman to manage the oil-rich Saudi government’s …

Saudi Arabia's golf case threatens to spill kingdom secrets
1 year, 9 months ago

Saudi Arabia's golf case threatens to spill kingdom secrets

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. -The PGA Tour argued in a filing Friday that …

From F1 to CR7, oil-rich Saudi Arabia’s sports shopping spree
1 year, 11 months ago

From F1 to CR7, oil-rich Saudi Arabia’s sports shopping spree

The Hindu  

Al Nassr’s surprise capture of football superstar Cristiano Ronaldo is the latest in a string of high-profile sports acquisitions by oil-rich Saudi Arabia. Last year’s edition was overshadowed by an attack by Huthi rebels from Yemen, Saudi’s war-torn neighbour, that left oil facilities belching black smoke within sight of the circuit during practice sessions. Meanwhile Saudi Arabia, which will host …

Saudi sovereign-wealth fund joins 100-year bond club
2 years, 2 months ago

Saudi sovereign-wealth fund joins 100-year bond club

Live Mint  

Saudi Arabia braved turbulent markets to join the small club of issuers that have borrowed for 100 years from investors, with its sovereign-wealth fund selling the ultralong debt as part of a $3 billion bond-market debut. The three-part sale of green bonds tapped global investors for funds that will help support projects at the heart of Crown Prince Mohammed bin …

Exclusive: Golf's rebel Saudi-backed Asian Tour is coming to London
2 years, 10 months ago

Exclusive: Golf's rebel Saudi-backed Asian Tour is coming to London

The Telegraph  

The Saudi golf revolution is coming to Hertfordshire. The Kingdom will on Tuesday announce the details of the 10-strong International Series with the unprecedented stop near London set to be seen as a direct, and rather cheeky, attack on the European Tour. This will be the first time that the Asian Tour will ever have staged an event on away …

Firstpost Explains: Sportswashing and why Saudi Arabia's involvement in Newcastle takeover is murky
3 years, 2 months ago

Firstpost Explains: Sportswashing and why Saudi Arabia's involvement in Newcastle takeover is murky

Firstpost  

Saudi Arabia have gone from hosting boxing bouts, horse racing, wrestling, Formula 1 races to now owning Premier League club Newcastle United. In Newcastle’s case, a consortium of Saudi Arabia’s Public Investment Fund, Britain’s PCP Capital Partners and RB Sports and Media are behind convincing Premier League and Mike Ashley to sell the North-East England club for a reported 300 …

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