From golf to football, Riyadh turns off the petrodollar tap

The rain ofSaudi petrodollars sullo world sportcould soon be reduced to drizzle: the latest announcement concerned theLivthe alternative league ofgolfborn in 2022 with almost unlimited funding fromPif. After spending more than four billion euros in four years to revolutionize theprofessional golfil Riyadh’s sovereign wealth fundchose to take a step back by withdrawing the funds.

At risk, however, are allsponsorshipsand the rich holdings inclub e sporting eventsaround the world. ThePublic Investment Fundof which the crown prince is at the headMohammed bin Salmanhas recently outlined thestrategy until 2030which will be focused oninternal investmentsto “maximize financial returns and strengthen investment efficiency”.

Postponement of the Asian Winter Games

In the last few weeks iSaudisthey have already postponed i2029 Asian Winter Gameswhich the kingdom was supposed to host in a mountain resort of its designNeomthe sustainable megalopolis in the heart of the northwestern desert.

Cuts also on football, tennis, Formula 1 and boxing

Il Pifhe sold 70% of his club inSaudi Pro League di soccerl’Al Hilalcoached by Simone Inzaghi. A crackdown on the very rich cannot be ruled out eithertennis exhibition tournamentsla Formula 1 e il boxingalthough paradoxically the war in Iran brought a boom in revenue with the price ofpetroliumjumped above 100 dollars.

Riyadh’s future commitments

Troppi i open frontsevidently, given thatRiadis already organizing theFifa World Cup 2034 e l’Expo 2030-2031scheduled right in the Saudi capital.

Newcastle’s future

For now the governor ofPifYasir Al-Rumayyan, assured that he will not leave theNewcastlethe club ofPremier Leagueof which he is a majority shareholder in the annual meeting with the club held at Matfen Hall, Northumberland. “Their ambition for the club is unchanged,” manager Eddie Howe said. But in the medium term the scenario could change.

The Liv golf flop

Il golfAfter all, it was giganticflop: la Livannounced a new board of directors and a new corporate strategy to try to survive without thepetrodollaribut the league is out of business after offering prizes of 25 million dollars and salaries of hundreds of millions of dollars and it will not be easy to find new financiers. Only in 2024 theLivhas lost almost 400 million euros in non-US markets and practically a billion since its birth, also due to the proven losing idea of ​​creating franchises on the model ofAmerican professional sportand review tournament rules and formats. The champions who had ‘betrayed’ howBryson DeChambeau, Brooks Koepka e Jon Rahmnow they risk finding the doors ofPga Tour e European Touror having to pay dearly for the about-face. He had already left at the beginning of the yearPatrick Reedpassed toDPWorld Tour.

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