Saudi Arabia's Public Investment Fund (PIF) has launched a sports investment company to accelerate the sector's growth in Saudi Arabia and MENA.
The initial funding amount needs to be clarified; since there is no confirmation about its current sports ties falling under the new entity or global sports investments beyond Saudi Arabia and MENA.
Reports of the PIF's plan to launch the company, SRJ Sports Investments, emerged last year amid Saudi Arabia's agreement with the PGA Tour.
Beyond LIV Golf, the PIF invests in Newcastle United, Formula 1 and its domestic football competition, the Saudi Pro League.
Saudi Arabia will host the 2029 Asian Winter Games and has considered bids for the 2030 Winter Olympics and 2036 FIFA World Cup.
According to reports, Qatar's sovereign wealth fund also recently bought a 5% stake in the parent company of the NBA's Washington Wizards, NHL's Washington Capitals and WNBA's Washington Mystics as part of a $4.05 billion deal.
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