{"id":588224,"date":"2023-06-07T00:00:00","date_gmt":"2023-06-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/ksa-is-doubling-down-on-its-sports-spending-with-investments-in-football-golf\/"},"modified":"2023-06-07T00:00:00","modified_gmt":"2023-06-07T00:00:00","slug":"ksa-is-doubling-down-on-its-sports-spending-with-investments-in-football-golf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/ksa-is-doubling-down-on-its-sports-spending-with-investments-in-football-golf\/","title":{"rendered":"KSA is doubling down on its sports spending with investments in football + golf"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Saudi Arabia\u2019s PIF taking over ownership of Saudi football teams:<\/span><span style=\"\"> The kingdom\u2019s<\/span><span> sovereign wealth fund, the Public Investment Fund (PIF) will hold a 75% majority stake in four of the country\u2019s top football clubs \u2014 Al Ittihad, Al Ahli, Al Hilal, and Al Nassr, the Saudi Sports Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/gsaksa\/status\/1665721578531835905\" style=\"\">said on Monday<\/a><\/span><span style=\"font-weight:400;\">. The remaining 25% stake will be held by nonprofit organizations, the ministry said, without providing further details. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">KSA is also looking at the world of golf<\/span><span style=\"\">, with the PIF <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.pif.gov.sa\/en\/Pages\/NewsDetails.aspx?NewsWireId-236\/PGA-TOUR-DP-World-Tour-and-PIF-announce-newly-formed-commercial-entity-to-unify-golf\" style=\"\">announcing yesterday<\/a><\/span><span style=\"\"> its plans to<\/span><span> combine its commercial businesses in golf \u2014 including PIF-backed LIV Golf \u2014 with the PGA Tour and DP World Tour into one entity. The new commercial entity will have oversight over all of its \u201cgolf-related commercial operations, businesses, and investments,\u201d the statement says. PIF will be set up as the new body\u2019s lead investor, with the \u201cexclusive right to further invest in the new entity, including a right of first refusal on any capital that may be invested in the new entity, including into the PGA Tour, LIV Golf, and DP World Tour.\u201d The statement does not specify how much PIF is pouring into the new body, but <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/9f3f69d0-056a-4411-af3c-c5a8ca662059\" style=\"\">the Financial Times<\/a><\/span><span style=\"font-weight:400;\"> suggests it could be somewhere in the neighborhood of USD 3 bn. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This is all part of Saudi\u2019s push to diversify its sources of revenue beyond the oil industry<\/span><span style=\"font-weight:700\"> \u2014 with sports taking a significant portion of that drive:<\/span><span> The sovereign wealth fund\u2019s acquisition of majority stakes in Saudi\u2019s biggest football clubs coincides with the country looking to attract top football talents such as Cristiano Ronaldo, Lionel Messi, and Karim Benzema. The kingdom is looking to quadruple the Saudi league\u2019s revenues, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/f222ec8a-7982-4a94-b3a0-06322b41765a\" style=\"\">Financial Times<\/a><\/span><span style=\"font-weight:400;\"> notes. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The investments are part of the kingdom\u2019s push to diversify its revenue streams beyond oil<\/p>\n","protected":false},"author":1,"featured_media":588225,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[633,638,219,162],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-enterprisepm","tag-for-your-commute","tag-saudi-arabia","tag-sports","wpautop","entry"],"acf":{"mongo_id":"88f4d3ca-4433-4eae-bb45-56d936714867","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/364.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[588219],"teaser":"The investments are part of the kingdom\u2019s push to diversify its revenue streams beyond oil","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.b6766977-e1bc-416b-a6e0-0060cfc1a3fd.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>KSA is doubling down on its sports spending with investments in football + golf - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/ksa-is-doubling-down-on-its-sports-spending-with-investments-in-football-golf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KSA is doubling down on its sports spending with investments in football + 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