Newcastle United’s owner, Saudi Arabia’s Public Investment Fund, has officially expanded its presence in global football after becoming an “official tournament supporter” of the FIFA World Cup.
“Saudi Arabia’s sovereign wealth fund became an ‘official tournament supporter’ of the World Cup,” ESPN reported.
The agreement further strengthens ties between PIF and FIFA as Saudi Arabia continues its investment in sport, contrary to recent reports implying that PIF was slowly shifting away from it by quitting
its backing of LIV Golf and potentially plotting a move away from Tyneside.
In announcing the move, the fund emphasized football’s central role in its long-term strategy.
“Sport was a ‘priority sector,’ and soccer was crucial to the ‘ongoing transformation of Saudi Arabia,’” PIF said in an official statement.
“PIF continues to expand its global footprint in sport, with football at the heart of this growth,” Mohamed AlSayyad said.
Saudi Arabia’s broader ambitions in football remain significant, to say the least, not only by putting a strong effort into turning Newcastle into a powerhouse but also having already secured hosting rights for the 2034 World Cup and invested heavily across the sport.
