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Ask the average sports fan what they know about Saudi Arabia and it may not be much.
They’ll likely tell you that it’s a country in the Middle East. It’s extremely oil rich, and it’s presently backing the upstart LIV Golf Series that recently merged with the PGA Tour.
The country is using its Public Investment Fund to grow its global presence in the sports world. In the wake of the 2022 FIFA World Cup in Qatar, Saudi Arabia is pushing to co-host the 2030 edition alongside neighbors Egypt as well as Greece.
But just how much is Saudi Arabia spending to do all this? Well, the numbers are even more eye-watering than you’d imagine.
David Rumsey of Front Office Sports reports that the country is planning a “multibillion-dollar sports investment entity” that operates outside the bounds of Public Investment Fund.
At the forefront of their current investments is more than $2 billion poured into LIV Golf and presumably the PGA Tour going forward. Saudi Arabia, through the PIF, purchased Premier League soccer team Newcastle in 2021 for $409. Forbes now values the club at nearly $800 million and it will play in the UEFA Champions League next season.
Saudi Arabia plays host to Formula 1’s Saudi Arabian Grand Prix each year. It owns a 16.7 percent stake in Formula 1 team Aston Martin (a stake valued at around $150). And its paying Cristiano Ronaldo $75 million per season to play in the Saudi Pro League. That last bit is part of a larger bid to turn the Saudi Pro League into one of the world’s top soccer leagues.
In total, the country is investing around $3 billion to throw its hat into the world of global sports.
Will those investments pay off? Only time will tell.
But it’s clear there is a plan in place. And there are more than enough financial resources to execute that plan.