Riyadh (AFP) – Saudi Arabia’s sovereign wealth fund has acquired a minority stake in the Professional Fighters League (PFL), the two organizations announced on Wednesday, the latest example of Saudi Arabia’s sports investment push.
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This is the first deal signed by a new company, SRJ Sports Investments, announced earlier this month by a Saudi fund known as the Public Investment Fund (PIF), which aims to attract “major global events” to Saudi Arabia. The purpose is
Under the Vision 2030 reform agenda promoted by PIF Chairman Crown Prince Mohammed bin Salman, the oil-rich Gulf kingdom has become a key element of efforts to rebrand as a global business and tourism destination. It’s sports.
“Today marks another milestone for SRJ as we make our first investment,” SRJ Chairman Vander Bin Moghren said in a statement.
“This investment aims to develop the local and regional talent pool in martial arts, promote gender equality in the sport and bring new opportunities directly to Saudi Arabia and the wider MENA region.”
Mixed martial arts (MMA), which combines everything from boxing to judo to Muay Thai, had a limited following in Saudi Arabia just a decade ago, but in 2014 the kingdom expanded its popular Desert Force regional competition. After hosting the event, things started to change.
Since then, the sport’s popularity has skyrocketed with the rise of fighters from across the Middle East and the establishment of the National Mixed Martial Arts Foundation to foster talent in Saudi Arabia.
This month, Saudi fighters Abdullah Al Qahtani and Mostafa Rashed Neda will compete in New York’s Madison, sponsored by PFL, the US-based mixed martial arts promotion company that launched after the success of the Ultimate Fighting Championship. -Won a notable match at Square Garden.
The PFL plans to launch regional leagues next year and hold other “mega-events” in Saudi Arabia, according to Wednesday’s announcement.
The purchase price was not disclosed, but the Financial Times reported it at $100 million.
Saudi Arabia has been in the headlines in golf, F1 and soccer in recent years, with Saudi clubs signing big-name stars such as Cristiano Ronaldo and Neymar.
The spate of deals and negotiations has fueled allegations of “sportswashing,” or the use of sport to distract from Saudi Arabia’s oft-criticized human rights record.
© 2023 AFP
