Leonard Curtis Golf Finance Report author Prof Rob Wilson predicts Saudi investment levels in sport will remain “substantial” but with “sharper focus on outcomes and legacy".

• PIF’s decision to withdraw its funding of LIV Golf is a sign Saudi Arabia’s sports investment strategy is “entering a more mature phase rather than a full-scale retreat”, leading sports finance academic Prof Rob Wilson says.
• Alex Cadwallader, a Leonard Curtis director and the company’s Business of Sport lead, comments: “Saudi Arabia has always been very brave and ambitious with its goals, and I don’t see that changing any time soon. But I think PIF will now expect to see a tangible return on its investments.”

Saudi Arabia’s sports investment strategy is set to undergo a major shift as it seeks to build a sustainable ecosystem and with its hosting of the 2034 FIFA World Cup on the horizon, according to leading sports finance academic Prof Rob Wilson.

Speculation over the Gulf state’s sports portfolio has intensified following the Saudi Public Investment Fund (PIF)’s decision to withdraw its backing of LIV Golf at the end of the 2026 season – and with reports earlier this month suggesting the tour may not even have enough funding to last until then.

PIF’s investment into LIV has amounted to around $5bn since the controversial tour’s inception, yet despite attracting some of the world’s top players through an array of financial incentives it has failed to achieve the impact PIF had anticipated.

In the Leonard Curtis Golf Finance Report, released in May, analysis of elite golf tour finances across the most recent years where financial data is available shows that LIV Golf grew its revenues from $31.5m to $92.6m between 2022 and 2024 but suffered losses totalling $1.1bn across the period.

Prof Wilson, who is the report’s lead author, said PIF’s decision to end its funding of LIV was “a sign of Saudi sport investment entering a more mature phase rather than a full-scale retreat”.

He said: “The past decade has been characterised by rapid expansion, experimentation and a willingness to make bold interventions across multiple sports.

“As major projects such as the 2034 FIFA World Cup move closer, there is likely to be greater emphasis on long-term value creation, economic impact and integration with wider national objectives.

“Sport remains a strategic sector for Saudi Arabia, and I expect investment levels to remain substantial, albeit with a sharper focus on outcomes and legacy.”

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Football key focus ahead of 2034 FIFA World Cup

Aside from golf, other sports to attract Saudi investment include football, Formula One, tennis, boxing and WWE.

Of those, football in particular remains central to the country’s sports strategy, with the rapid development of the Saudi Pro League (SPL), PIF’s acquisition of Newcastle United, and the agreements to host the 2034 FIFA World Cup and 2027 AFC Asian Cup among the most eye-catching moves so far.

On 14th May, PIF was unveiled as an ‘official tournament supporter’ of the 2026 FIFA World Cup, with the sovereign wealth fund stating that sport remains a “priority sector” and that football plays a “crucial role in the ongoing transformation of Saudi Arabia”.

The progression of the Saudi national team – who have so far drawn 1-1 with Uruguay and lost 4-0 to Spain in the 2026 World Cup – is a key focus, together with the expansion of grassroots and youth football facilities, structures and competitions across the country.

Prof Wilson, who is a professor of applied sport finance and dean at UCFB, says the oil-rich country’s latest moves in football underline the evolution of its plans for the sports sector, which sit within the tourism, leisure and entertainment ecosystem in PIF’s 2026-2030 strategy, and the government’s Vision 2030 plan to diversify its economy.  

“The next phase is likely to centre on building a sustainable sports ecosystem,” he explained. “That will include continued investment in major events, infrastructure, tourism and entertainment, alongside greater attention to participation, talent development and the commercial growth of domestic sports properties.

“Saudi Arabia has already secured many of the global assets and events it sought to attract, making the challenge now maximising their economic, social and international value.

“We are likely to see a more integrated approach in which sport is increasingly connected to broader development goals under Vision 2030.”

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Drive to attract private capital to Saudi sports sector

A further key aim is to attract greater external investment into the Saudi sports industry. In the latest drive to deliver fresh capital, earlier this month, five football clubs were offered to private investors as part of the country’s Sports Clubs Investment and Privatisation Project.

The development follows PIF’s sale of a 70% stake in SPL side Al Hilal in April, which it said forms part of its "strategy to maximise returns and redeploy capital within the domestic economy”.

Alex Cadwallader, a Leonard Curtis director and the company’s Business of Sport lead, says the efforts to boost investment and expand the role of private capital in the Saudi sports industry mark a natural next step for the sector.

“I have always viewed [Saudi crown prince] Mohammed bin Salman’s long-term strategy as one where there is external investment coming into the country,” he said.

“However, to achieve that he felt they needed to highlight their capabilities by investing into various ventures, which has brought them to the world’s attention. This was phase 1 and it appears that PIF is now focusing a bit more on the end goal and direct routes to achieving that.”

Cadwallader, who is a former England U21 rugby union player, added: “I think PIF will now expect to see a tangible return on its investments.

“Saudi Arabia has always been very brave and ambitious with its goals, and I don’t see that changing any time soon. However, when the business model is so obviously flawed like it was with the LIV project, they now appear to be prepared to pull out.”

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PIF’s plans for Newcastle United under scrutiny

PIF’s ownership of Newcastle United has come under particular scrutiny since confirmation of the fund’s planned exit from LIV. While club statements and media reports have indicated it remains committed to the Premier League side, fans’ concerns have increased about the extent of the Saudi owners’ ambitions for the club.

Along with heavy spending on players and staff, PIF has made substantial investments in training facilities, the academy and women's team. However, after finishing in 12th place in the top-flight last season, and amid an ongoing wait for updates over the future of St James' Park and new state-of-the-art training ground, queries have been raised about the club’s direction of travel.

“I think you have to question whether PIF’s investment and future plans for Newcastle United have been watered down due to the perceived early success of the Saudi Pro League and the FIFA World Cup they will be hosting,” Cadwallader said.

“Do they still need a club in the north east of England to get the attention they want given those other two ventures are achieving that already?”

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Saudi experience highlights “complexity of sports disruption”

As Saudi Arabia’s sports strategy enters a new phase, Prof Wilson says its latest moves underline both the challenges and opportunities facing state-backed investment in sport, particularly in new competitions such as LIV which seek to disrupt traditional structures and challenge the status quo.

“Saudi Arabia’s experience highlights both the scale of opportunity and the complexity of sports disruption,” he said. “Significant capital can accelerate innovation, attract talent and create momentum at a speed that would otherwise be impossible.

“At the same time, sport derives much of its value from history, legitimacy, fan attachment and established institutions. Building those qualities takes time.

“The broader lesson is that investment can transform a sports landscape, but long-term success depends on combining financial resources with compelling competition, strong governance and sustained audience engagement.”

He added: “One of the most interesting aspects of Saudi Arabia’s sports strategy is how quickly it has evolved. The discussion has moved beyond simply acquiring assets or hosting events, and is now increasingly about how sport contributes to economic diversification, place-making, tourism and international engagement.

“That shift reflects a broader transition from market entry to market development, and it is likely to define the next chapter of Saudi Arabia’s role in global sport.”

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