Saudi Arabia plans to launch an investment company to expand its sports interests. The company’s launch will fall under the Public Investment Fund (PIF), The Financial Times reported, citing unnamed sources.
The new company will focus on new opportunities. Neither LIV Golf nor Newcastle United will fall under the new company.
The company’s launch will coincide with the PIF asserting a bigger role in the Kingdom’s football ambitions, which include strengthening the Saudi clubs.
In June, the Ministry of Sports announced that eight sports clubs will become firms owned by development bodies, of which Al Ittihad, Al Ahli, Al Nassr, and Al Hilal are transformed into companies, each of which is owned by the PIF and non-profit foundations for each club, Argaam reported.
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