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Saudi Arabia’s sovereign wealth fund became an “official tournament supporter” of the World Cup on Thursday and reaffirmed its commitment to invest heavily in sports despite notable retreats from other ventures in recent months.
In announcing the partnership, the kingdom’s public investment fund (PIF) said sport was a “priority sector” and soccer was crucial to the “ongoing transformation of Saudi Arabia.”
PIF announced this month that it was pulling the plug on future funding for LIV Golf, the breakaway tour that it has poured billions of dollars into, raising questions about its long-term plans for other sports after its enormous spending in recent years.
While the value of the World Cup deal, which covers North America and Asia, was not disclosed, it further strengthens ties between Saudi Arabia and world soccer’s governing body FIFA.
2034 host and TV
The oil-rich kingdom has won the rights to host the 2034 edition of the World Cup and PIF was a commercial partner for last year’s Club World Cup.
The PIF-owned SURJ Sports Investment also owns a stake online streamer DAZN, which broadcast the Club World Cup.
According to FIFA accounts, television broadcasting rights had contributed “the lion’s share” of its annual revenue in 2025, worth more than $1 billion.
Soccer has been a major focus for Saudi Arabia as it looks to move away from its heavy reliance on oil and explore other revenue-generating sectors.
That has included enticing some of the sport’s biggest stars like Cristiano Ronaldo, Neymar and Karim Benzema to its domestic league and buying Premier League club Newcastle. Winning the right to host the World Cup is its standout achievement so far.
F1 and boxing, tennis
Investment in other sports includes hosting a number of world championship boxing matches, Formula One racing and tennis.
Critics have accused the kingdom of “sportswashing” — using sports to rebrand its public image in the face of its human rights record and the killing of Washington Post columnist Jamal Khashoggi in 2018.
The launch of the contentious LIV Golf tour in 2022 was a major disruptor for the sport, luring top players like Bryson DeChambeau, Phil Mickelson, Brooks Koepka and Dustin Johnson away from the PGA. LIV Golf’s spending is expected to exceed $6 billion by the end of the year.
While there has been a slowdown of top soccer players heading to the Saudi league after its earlier aggressive recruitment drive, PIF outlined its ongoing commitment to the world’s most popular sport.
“PIF continues to expand its global footprint in sport, with football at the heart of this growth,” head of corporate brand Mohamed AlSayyad said.
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James Robson is at https://x.com/jamesalanrobson
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AP soccer: https://apnews.com/hub/soccer
