The decision by Saudi Arabia's sovereign wealth fund to stop bankrolling LIV Golf at the end of the season has plunged the future of the breakaway series into doubt. It has also posed questions over the country's many other sporting investments. After all
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Is Saudi Arabia's sports revolution unravelling
Is Saudi Arabia's sports revolution unravelling?
The decision by Saudi Arabia's sovereign wealth fund to stop bankrolling LIV Golf at the end of the season has plunged the future of the breakaway series into doubt.
It has also posed questions over the country's many other sporting investments.
After all, the kingdom has ploughed tens of billions of pounds over the past decade into establishing itself as a global sports hub, hosting an array of major events, from high-profile boxing fights and Formula 1 races, to tennis and horse racing. Most significantly, the kingdom will host the men's Fifa World Cup in 2034.
So what does the Public Investment Fund's (PIF) withdrawal from LIV mean for the rest of their portfolio?
BBC Sport takes a closer look.
"PIF remains committed to deploying capital internationally in line with its investment strategy, including its substantial current and future investments in various sports as a priority sector."
The final sentence of the statement released by PIF on Thursday when finally announcing it was pulling out of LIV Golf, ended weeks of intense speculation.
The intended message was clear; despite abandoning a tour it had long portrayed as the future of the game, Saudi Arabia was still committed to the world of sport.
Up until recently, no such reassurance would have been required.
Its huge spending has also extended to luring some of the world's biggest stars - including Cristiano Ronaldo - to its revamped domestic football league, and buying a majority stake in Premier League club Newcastle United.
A sprawling collection of sports sponsorships cemented its burgeoning and disruptive influence over international sport, and a future Olympic bid felt like a formality.
The country claimed that this was designed to help it to modernise and to diversify its economy by boosting tourism as part of the Crown Prince's Vision 2030 strategy, while inspiring its population to be more active.
Critics of its human rights record accused it of 'sportswashing' its reputation. The country's international standing was severely damaged by the 2018 killing of Jamal Khashoggi, a US-based Saudi journalist who was a prominent critic of the government. It has also faced scrutiny over its use of the death penalty.
But whatever the motive, has Saudi Arabia's relationship with sport started to cool?
In January, BBC Sport was told that towards the end of last year there was "a shift" in the kingdom's attitude towards some investments, with "everything in the PIF world under serious review".
The change in the strategy - with an emphasis on more sustainable investments that would bring a return - came after a major budget deficit of $73bn last year, driven by increased spending and lower oil revenues.
It was notable that the 2029 Asian Winter Games in Saudi Arabia was suddenly postponed indefinitely. It then emerged that the end of season WTA Finals in women's tennis would be leaving Saudi Arabia after a three-year hosting deal was not extended.
The sense that the era of lavish spending was coming to an end seemed to be reinforced by the conflict in the Middle East, which has caused disruption to Saudi Arabia's oil exportation, and required increased spending on defence.
Last month, PIF confirmed a new emphasis on "sustained value creation…and maximizing long-term returns", with a statement, external making no mention of sport, fuelling the sense that its interest was waning.
Soon after, PIF announced it had sold Saudi Pro League club Al-Hilal. The Saudi Arabia Snooker Masters was cancelled, just two years into a 10-year deal, and the country reportedly abandoned plans to bid to host the 2035 rugby union World Cup.
But the biggest casualty of all was LIV Golf, with PIF stating: "The substantial investment required…is no longer consistent with the current phase of PIF's investment strategy. This decision has been made in light of PIF's investment priorities and current macro dynamics."
When viewed in this context, it is little surprise that LIV - which had racked up billions of pounds of losses since its launch in 2022 - was no longer compatible with PIF's new investment strategy, especially with the vast sums needing to be spent on preparing for the World Cup in just eight years.
"With the 2034 World Cup approaching, Saudi Arabia faces enormous infrastructure and delivery costs," says Dr John Rewilak, an expert in sport management at Loughborough University.
It is plausible that the government is reallocating capital and reassessing its wider sports portfolio. Geopolitical tensions and rising construction costs may also be accelerating these decisions, shifting spending priorities toward security and essential infrastructure rather than prestige sports assets.
Some sports appear to be in a better position than others, especially those which have mass appeal among Saudi Arabia's youthful population.
In July, Riyadh will host both the Esports World Cup and Anthony Joshua's heavyweight fight against Kristian Prenga.
Next year Saudi Arabia is due to host the AFC Asian Cup for the first time, while in cricket, it is due to host the Women's World T20 Challenge this year, and is reportedly exploring plans for a global T20 cricket competition.
A new, state of the art Formula 1 circuit is being built near Riyadh.
The BBC has also been told that PIF's long-term commitment towards Newcastle United remains unchanged, with a major capital investment set to be confirmed in the coming days.
That will no doubt come as a relief to many fans now increasingly concerned about the future backing of their owners.
But the fate of LIV Golf also serves as a warning to all those in sport that had become reliant on Saudi's sporting spending spree.
They all now know that nothing is guaranteed.
Source: BBC
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