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Over the past few years, the Royal wealth fund has become more active in American sports.
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In its most recent expansion into international sports, the Public Investment Fund ( PIF), Saudi Arabia’s contentious sovereign wealth fund, has partnered with the Association of Tennis Players ( ATP).
According to a news release on Wednesday, PIF will become the ATP Rankings ‘ established calling partner. As part of the agreement, it will also sponsor a number of top-notch ATP tour activities at Indian Wells, Miami, Madrid, Beijing, the ATP Finals, and the Next Gen ATP Finals.
Proceeding appears to be partnering with the club’s establishment in a more traditional way than LIV Golf, which divided professional golfing by dangling large paychecks in front of the major players. According to reports, the sovereign wealth fund is also apparently pursuing a WTA relationship.
The ATP statement did no provide financial details.
Proceeding, which had$ 700 billion under control as of July 2022, has over 90 businesses established since 2017 and is investing more heavily in activities. It invested$ 100 million in the Professional Fighters League and purchased minority ownership of the organization. Pending also has a majority interest in Newcastle United, has invested billions in the Saudi private soccer league, and has expanded into wrestling, boxing, and motorsports.
Human rights activists objected to the WTA, the governing body of women’s golf, by considering holding its 2024 end-of-season event in Saudi Arabia, according to Reuters. According to the content, women have historically experienced discrimination in the nation and have only been permitted to play golf that since 2018.
Most fresh Americans are unfazed by Saudi sports purchase, according to a Harris Poll study from December 2023, whereas Gen X and the Kid people are more frequently opposed to the investments being made.
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