Saudi Arabia’s sovereign wealth fund became an “official tournament supporter” of the World Cup on Thursday and said it would continue to invest heavily in sport, the report says. The agreement, which covers North America and Asia, was announced without disclosing its financial terms, per the report.
In outlining the partnership, the kingdom’s Public Investment Fund described sport as a “priority sector” and said soccer is central to the “ongoing transformation of Saudi Arabia,” the report says. The announcement came after PIF this month said it was ending future funding for LIV Golf, the breakaway tour into which it had poured billions of dollars, a move that the report says has prompted questions about the fund’s long-term sports strategy.
The deal further strengthens ties between Saudi Arabia and world soccer’s governing body, per the report. 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 report says. The report also notes that PIF-owned SURJ Sports Investment holds a stake in the online streamer DAZN, which broadcasts the Club World Cup.
According to the report, FIFA accounts showed television broadcasting rights provided “the lion’s share” of its annual revenue in 2025, worth more than $1 billion. The report adds that soccer has been a major focus for Saudi Arabia as it seeks to diversify away from oil, including signing high-profile players to its domestic league and purchasing Premier League club Newcastle. Investment in other sports cited in the report includes Formula One, world championship boxing matches and tennis.
Critics have accused the kingdom of using sport to rebrand its image in the face of human rights concerns and the killing of Washington Post columnist Jamal Khashoggi in 2018, the report says. The report also notes that LIV Golf’s spending is expected to exceed $6 billion by the end of the year and that, while recruitment of top soccer players has slowed, PIF reiterated its commitment to the game. PIF head of corporate brand Mohamed AlSayyad was quoted in the report saying, “PIF continues to expand its global footprint in sport, with football at the heart of this growth.”
