Saudi's sovereign wealth fund — the PIF — bought an 80 per cent stake in Newcastle in 2021; PIF was seriously considering buying Manchester United before taking over their Premier League rivals; Saudi Arabia has spent almost £5bn on sports since the start of 2021, says The Guardian
Sky Sports News Chief Reporter
Thursday 21 September 2023 15:21, UK
Saudi Arabia's de facto ruler Crown Prince Mohammed bin Salman says he does not care when he is accused of sportswashing.
Saudi Arabia has been investing heavily in sports at home and abroad — especially for the past two years — and that has led to accusations that the high-profile strategy is designed to launder the nation's reputation and deflect attention away from its poor human rights record.
But speaking to Fox News in a rare television interview, Bin Salman said: «If sportswashing is going to increase my GDP by one per cent then we'll continue sportswashing.
»I don't care. I have one per cent growth in GDP from sport and I am aiming for another 1.5 per cent.
«Call it whatever you want — we are going to get that 1.5 per cent.»
Saudi Arabia's sovereign wealth fund — the Public Investment Fund (PIF) — was seriously considering buying Manchester United before it bought an 80 per cent stake in Newcastle for £244m in October 2021.
More than £3bn has been spent on transforming the fortunes of the Saudi Pro League (SPL). PIF has signed sponsorship agreements with Saudi clubs worth £1.8bn and in June it announced it was effectively taking over four of the country's leading clubs.
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SPL clubs spent more than £800m signing 94 foreign players this summer.
Saudi Arabia has also made significant investments in golf, boxing, Formula OneRead on skysports.com