Saudi Arabia plans to launch a multibillion-dollar investment company to expand its sports interests following its power grab in golf and success in English football, according to two people familiar with the matter
The sports group, which will be part of the kingdom’s sovereign wealth fund, will have a war chest to fund its expansion, according to one of the people, in a sign that Riyadh is committed to making further acquisitions, investments and joint ventures in football, tennis and other sports.
The $650bn Public Investment Fund has made a string of sports investments in recent years, flexing its financial might in a sector disrupted by the coronavirus pandemic.
Read the full story on the Financial Times here.