Saudi Arabia’s football-related spending has exceeded £3.5 billion in the past two years as the kingdom targets the world’s most popular sport.
The Saudi Public Investment Fund (PIF) said in a financial statement in October last year that it had entered into sponsorship agreements “with multiple football clubs amounting to SAR8.75bn [about £1.82 billion]” between January and August 2022. Most of the money was said to be aimed at domestic football in Saudi Arabia.
In 2021, PIF, the sovereign wealth fund of Saudi Arabia, spent £244 million on buying 80 per cent of Newcastle United and since then has splashed out close to £300 million on new players.
In June, PIF announced that it was taking over four of Saudi Arabia’s leading Pro League clubs,
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