Many think that Saudi Arabia is “sportswashing” human-rights abuses. Others complain about the desecration of the hallowed trophies of sport. The Economist is no cheerleader for MBS, but these arguments do not bear scrutiny
Yet the biggest shock has been off the field, as Saudi Arabia has barged into the
Sport has long seen investment splurges, whether by media tycoons or Russian oligarchs. Even by those standards the Saudi effort is big. In football it is paying for some of the world’s top players, including Karim Benzema, to play in a revamped domestic league. It controls Newcastle United, an English club, and may bid for the World Cup in 2030. In golf a Saudi-bankrolled tournament is merging with theTour, America’s men’s circuit.
The Saudi spree mirrors a surge in institutional capital flows into sport. Since early 2020 over $100bn of private-equity cash has been deployed. America’s baseball, basketball, hockey and football leagues contain brands with reliable cashflows . Europe’s soccer teams, which may be relegated, are riskier but sometimes undervalued given their big fan bases. Other sovereign buyers are active.
Fans often fear change will ruin something that they love. However, sport is not just a competition between players, but also for an audience—and rival forms of entertainment do not stand still. Italy’s Serie A football league is a warning of what happens if reform is too slow. Its revenues are falling, its teams are underperforming and they are mostly lossmaking. European football costs over $7bn a year to run, excluding players’ wages, and does not break even. It can benefit from fresh money.
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