LIV Golf: Is Saudi Arabia’s sporting revolution unraveling?

Viewed against this background, it is not surprising that LIV has lost billions of pounds since its launch in 2022 and is no longer in line with the PIF’s new investment strategy, especially given the huge sums required to prepare for the World Cup in just eight years.

Dr John Rewilak, a sports management expert at Loughborough University, said: “With the 2034 World Cup approaching, Saudi Arabia faces huge infrastructure and transport costs.”

“It seems reasonable that the government is reallocating capital and reassessing its wider sports portfolio. Geopolitical tensions and rising construction costs may also accelerate these decisions, shifting spending focus towards safety and essential infrastructure rather than prestige sports assets.”

Some sports appear to be in a better position than others, especially those with broad appeal among Saudi Arabia’s young population.

In July, Riyadh will host the Esports World Cup and a heavyweight bout between Anthony Joshua and Christian Pulenga.

Next year Saudi Arabia will host the AFC Asian Cup for the first time and in cricket, it will host Women’s World T20 Challenge This year, plans to host a global T20 cricket tournament are reportedly being explored.

A new, state-of-the-art Formula One circuit is being built near Riyadh.

The BBC has also learned that the PIF’s long-term commitment to Newcastle United remains unchanged, Major capital investment to be confirmed in the coming days.

This will no doubt come as a relief to many fans who are now increasingly worried about their boss’s future support.

But LIV Golf’s fate also serves as a wake-up call to all those in the sports world who rely on Saudi Arabia’s sports spending boom.

They all know now that nothing is guaranteed.