Saudi Arabia's Sports Bet Goes Bust Amid Economic Crisis
Saudi Arabia's ambitious sports investment strategy has hit a snag due to its ongoing economic crisis. The kingdom, which had invested heavily in various sports ventures, including LIV Golf, is now facing financial difficulties as a result of the US-Israeli war on Iran and the subsequent disruption to oil exports.
According to reports, Saudi Arabia's Public Investment Fund (PIF), chaired by Crown Prince Mohammed bin Salman, has been forced to cut its support for LIV Golf. The fund had invested over $6 billion in the breakaway golf circuit, but the PIF announced a new five-year investment strategy that focuses on privatization and divestment from unprofitable assets.
The changes are evident in the sports landscape. During the 2026 summer international transfer window, Saudi football clubs spent their lowest total since 2023, with only $407 million invested. The PIF has also sold a 70% stake in Al Hilal, one of the kingdom's most popular clubs, to billionaire Prince Alwaleed bin Talal's Kingdom Holding.
Meanwhile, other sports ventures have been canceled or postponed due to the war. The Saudi Arabian Grand Prix in Jeddah was canceled in March 2026 due to safety concerns, and the AFC Champions League matches were postponed due to wartime disruptions.