Saudi Arabia’s huge spending on sport — from football and golf to snooker and winter events — has been a defining story of the past decade. The kingdom offered massive salaries to ageing football stars, bought a Premier League club, formed close ties with FIFA to win the right to host the 2034 World Cup, and backed events across disciplines as part of a drive to diversify its economy under Vision 2030. Critics have long described this push as “sportswashing,” using high-profile sporting deals to distract from human rights concerns.
Recent moves show a pullback. The most high-profile exit is in golf: LIV Golf, launched in 2021 and funded by the state-backed Public Investment Fund (PIF), has been wound down. PIF said the sustained, substantial investment required is no longer consistent with its current strategy. LIV had lured top players from the PGA Tour with huge pay packages, and its demise raises questions about those players’ futures and relationships with established tours.
In football, PIF sold a 70% stake in Saudi Pro League club Al Hilal, saying it aimed to “maximize returns and redeploy capital within the domestic economy.” The fund has kept its investment in English club Newcastle United. Other areas such as MMA appear less affected for now, but several events slated for Saudi Arabia have been canceled or relocated: the Saudi Arabia Masters snooker tournament was axed two years into a planned 10-year deal; WTA funding for a season-ending event was withdrawn; and Saudi Arabia abandoned plans to host the 2035 Rugby World Cup and the 2029 Asian Winter Games.
PIF Governor Yasir al-Rumayyan said the fund is “reviewing its investments and deals” and reassessing priorities amid minimal returns on sporting investment and regional tensions following the conflict involving Iran. PIF’s 2026–30 strategy signals a shift from rapid expansion to a phase focused on sustained value creation, investment efficiency, governance, transparency and institutional excellence.
Al-Rumayyan chairs Newcastle United and holds senior roles across state-owned companies including Aramco and the mining firm Ma’aden. Those intertwined positions, and Aramco’s sponsorship of major events, have helped the state manage and influence its sporting footprint — making the web of investments complex and sometimes hard to untangle.
Human rights organisations, including Human Rights Watch, say PIF’s high-profile sports and entertainment investments are used to whitewash Saudi Arabia’s poor rights record. While some athletes and officials have pushed back, many sports organisations and leagues accepted Saudi money, and some sports have become heavily dependent on that funding. Critics warn that these sports face instability if the Saudi financial tap is turned off.
Potentially vulnerable areas include Formula One — affected by regional security and with PIF stakes in teams and Aramco as a major sponsor — as well as horse racing, chess, handball and others that have leaned on Saudi backing. PIF’s messaging suggests that future support will be contingent on clear profitability and returns, meaning more sports may need to demonstrate financial sustainability to avoid becoming the next LIV Golf.
Edited by: Chuck Penfold