The Public Investment Fund (PIF) of Saudi Arabia released a statement on Thursday confirming its withdrawal from LIV Golf.
The statement emphasized that the fund remains committed to deploying capital internationally in line with its investment strategy, including in sports as a priority sector.
Background
Saudi Arabia, through PIF, has invested heavily in sports globally, including acquiring a majority stake in Premier League club Newcastle United, luring top football stars to its domestic league, and securing numerous sports sponsorships. The country has stated that these investments aim to modernize and diversify its economy under the Vision 2030 plan, boost tourism, and encourage physical activity among its population.
Criticism
Critics have accused Saudi Arabia of using sports investments to distract from its human rights record, a practice known as 'sportswashing'. The country's international reputation suffered following the 2018 killing of journalist Jamal Khashoggi and ongoing scrutiny over its use of the death penalty.