The Saudi Arabian Public Investment Fund (PIF) has withdrawn funding from LIV Golf, sparking speculation that Newcastle United could be next. The move comes as the PIF reassesses its sports investments amid changing strategic priorities and regional uncertainties.
LIV Golf Funding Cut
Confirmation has emerged that the PIF will no longer bankroll LIV Golf after the current season. The decision officially cites a shift in Saudi strategy and the impact of Middle East conflicts. The latest Vision policy from Saudi Arabia emphasizes that PIF assets must generate positive financial returns. In its first three years, LIV Golf generated only £107 million in revenue against losses of £1.105 billion, making the withdrawal unsurprising.
Impact on Players and Events
Stars like Jon Rahm, Bryson DeChambeau, and Tyrrell Hatton face uncertain futures, though they have earned enormous sums from LIV. The World Snooker Tour also lost the Saudi Arabia Snooker Masters, a £2.3 million event, after the Saudi Billiard and Snooker Federation mutually agreed not to proceed. Players like Barry Hawkins expressed frustration, noting a 10-year contract was abandoned without explanation.
Newcastle United Under Scrutiny
PIF Governor Yasir Al-Rumayyan, also Newcastle United chairman, faces questions about the club's future. Despite meetings with manager Eddie Howe, the PIF is unlikely to invest heavily. The goal of making Newcastle a top global club by 2030 appears unrealistic, and ownership beyond that date is doubtful. Fans hoping for lavish spending may be disappointed.
Broader Sports Investments
The Saudis also dominate boxing through Turki Alalshikh, who arranged the Anthony Joshua-Tyson Fury fight. However, if interest wanes, major fights may shift away from Saudi Arabia. Critics argue that sport is not integral to Saudi culture, making such investments vulnerable to changing priorities.
The PIF's retreat from LIV Golf signals a potential broader pullback from sports, with Newcastle United likely next. The era of Saudi sports spending may be drawing to a close.
