- Saudi Arabia is looking to attract more investors and revitalize its top football competition, the Saudi Pro League. They are considering new broadcast deals and partnerships with private equity firms to increase its appeal and become a prominent player in professional sports.
- Last month, Saudi Arabia's $700 billion sovereign wealth fund and state oil company Aramco assumed control of multiple Pro League clubs. The objective of the new owners is to enhance the clubs' brands and generate higher revenues. Subsequently, they plan to offer stakes to investors, including global private equity firms, who possess expertise in managing sports teams.
Why it matters
Crown Prince Mohammed bin Salman is utilizing sports to diversify Saudi Arabia's economy, shed its conservative image, and boost tourism. Renowned players like Karim Benzema and Kalidou Koulibaly have joined the Saudi league alongside Cristiano Ronaldo. The government has allocated billions for the LIV Golf tour, attracting top golfers such as Phil Mickelson and Dustin.
