PIF subsidiary SURJ Sports Investment has “reiterated its commitment to staging an ATP Masters 1000 tournament in Saudi Arabia starting 2028,” according to Reem Abulleil of THE NATIONAL. The PIF has been “scaling back its sports investments in recent weeks,” most notably in golf, with the PIF set to “end its funding for LIV Golf at the end of the 2026 season.” Last month, the PIF sold a 70% stake in Saudi Pro League club Al Hilal. The first two pro tennis events hosted by Saudi Arabia — the Next Gen ATP Finals in Jeddah and the WTA Finals in Riyadh — are both “set to leave” the country. The PIF has been the presenting partner for both tournaments. But despite the “general tide shifting,” SURJ Sports Investment has “no intention of ditching its plans — announced last October — to hold a new Masters 1000 tournament in the Kingdom starting 2028” (THE NATIONAL, 5/1).
WORLD CUP FOCUS: In Sydney, Iain Payten wrote the PIF’s exit from LIV was “not just about value, but more the first big step in a wider strategic shift by the PIF and Saudi kingdom to redirect many of the billions it spends around the world to home, ahead of the 2034 FIFA World Cup.” The “tactical shift has already impacted other sport properties with PIF backing, and more is forecast for both teams and athletes who have been cashing big Saudi cheques for the best part of a decade.” The Saudis won hosting rights for the 2034 World Cup in 2024, as the sole bidder. The tournament will be played at 15 stadiums, “mostly new, and the cost of construction, for [soccer] infrastructure alone, will nudge” $45B. The plans include stadiums in five cities, but there is “speculation the PIF may cut that down to restrain costs.” Five of the 11 new stadiums are “forecast to cost more than” $1B each, including the 93,000-seat King Salman International Stadium in Riyadh, “at the hefty cost” of $2.5B (SYDNEY MORNING HERALD, 5/3).
STAYING COMMITTED: In London, Broadbent & Hardy wrote that the Saudi investment in Newcastle United since taking over the Premier League club in October 2021 is “thought to be about” $1.35B. Newcastle manager Eddie Howe, after a summit with the PIF and Chair Yasir Al-Rumayyan, revealed that its “commitment to the long-term project of turning Newcastle into a title-winning club remains strong.” Howe: “The desire is unchanged; to try and get to the top of the Premier League and to try and win trophies as consistently as possible. I don’t think — while PIF are our owners, or majority owners — that will change. They are very ambitious for the football club. A lot of things they need to do to elevate the club will take a bit of time” (London TIMES, 5/1).
