Public Investment Fund withdraws support for rebel tour and other sports could be hit too with Newcastle United uncertain
The reverberations of an unscheduled meeting of LIV Golf executives in New York this week have been felt way beyond their swanky offices in Hudson Yards, on the west of Manhattan.
A slowdown in Saudi Arabia’s lavish spending on sport, which is conservatively estimated to have cost the Kingdom more than $10bn in the last five years, had been expected, but the Public Investment Fund’s withdrawal of financial support for the rebel tour – which was first mooted to LIV execs on Monday – has caused shockwaves throughout the wider industry.
Significantly, the possibility of PIF’s withdrawal was not even addressed in an email sent by LIV chief executive, Scott O’Neil, to his staff on Wednesday evening, which has left many of them more fearful for their jobs. Such concerns are not limited to golf, with other sports administrators fearful that similar cuts in Saudi’s budget could be coming their way.
While LIV was the primary vehicle through which Saudi launched their ambitious attempt to become a leading global sports destination and promoter five years ago, with more than $5bn invested on the rebel tour, the arch disruptors were by no means the sole beneficiaries.
