Saudi Arabia still open to sport investing, insists PIF, despite drastic cutbacks

Saudi Arabia remains keen to invest in sport despite scaling back funding for high-profile projects in golf, football and tennis, says the Public Investment Fund. PIF has retreated from bankrolling LIV Golf and extravagant spending on foreign players for the Saudi Pro League as well as giving up hosting the WTA Finals as part of a new strategic direction announced after war broke out in Iran.  PIF’s head of MENA investments, Feras Sheraiff, cited the recent joint venture between Saudi sports investment arm Surj, Live Nation and Oak View Group as an example of its continued willingness to spend, albeit more strategically. “The model has shifted from fully government-backed subsidised events that are done for different purposes and more of a sustainable model that lives in real-world economics,” Sheraiff told the sports industry conference Leaders Week London at Stamford Bridge. “So we re happy to look at investments. We re happy to look at co-investment, and I think Radia i