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MANCHESTER, England (AP) – Saudi Arabia’s sovereign wealth fund pulled back from golf<\/span>But on Thursday, he deepened his investment in soccer by becoming an “official tournament supporter” of the World Cup. <\/p>\nSaudi Arabia’s Public Investment Fund (PIF) announced this month that it would cease future funding for LIV Golf, raising questions about its long-term plans for other sports following heavy spending in recent years. <\/p>\n
But the partnership announcement said sports was a “priority area”.<\/p>\n
The value of the deal, which covers North America and Asia, was not disclosed, but it further strengthens Saudi Arabia’s relationship with world soccer’s governing body.<\/p>\n
The oil-rich kingdom wins the rights to host the 2034 World Cup, and the PIF Commercial partner of last year’s Club World Cup<\/span>. <\/p>\nSURJ Sports Investment, owned by PIF, also owns a stake in online streamer DAZN, which broadcasts the Club World Cup. <\/p>\n
According to FIFA’s report, the “vast majority” of its annual revenue in 2025 came from television rights fees, which were worth more than $1 billion. <\/p>\n
Soccer attracts a lot of attention in Saudi Arabia. move away from heavy dependence on oil<\/span> And look at other revenue-generating sectors. <\/p>\nThis includes attracting sporting stars such as Cristiano Ronaldo, Neymar and Karim Benzema to the domestic league, as well as taking over Premier League club Newcastle. Winning the right to host the World Cup has been an outstanding achievement so far. <\/p>\n
Other sports investments include hosting numerous boxing world championship matches, Formula 1 races, and tennis. <\/p>\n
Controversial product launch LIV Golf Tour<\/span> The 2022 event caused major disruption to the sports world, pulling top players such as Bryson DeChambeau, Phil Mickelson, Brooks Koepka and Dustin Johnson away from the PGA. LIV golf expenses Expected to exceed $6 billion<\/span> By the end of the year. <\/p>\nAlthough the number of top soccer players heading to the Saudi league has slowed after previous aggressive recruitment efforts, PIF said the sport “plays an important role in Saudi Arabia’s ongoing transformation.” <\/p>\n
Mohamed Al-Sayyad, Head of Corporate Brand, said: “PIF continues to expand its global footprint in sports, with football at the heart of its growth.” <\/p>\n
___<\/p>\n
James Robson is https:\/\/x.com\/James Saran Robson<\/span><\/p>\n___<\/p>\n
AP Soccer: https:\/\/apnews.com\/hub\/soccer<\/span><\/p>\n<\/p><\/div>\n
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