Exclusive: Saudi Arabia-backed sports fund weighs investing in World Athletics, sources say

Sports and CompetitionSports and Competition

Wed, March 5, 2025

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Short squeeze is starting in shares of WSTG at $1 .. 8, after crossing above the $25.465 Trigger Price

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Exclusive: Saudi Arabia-backed sports fund weighs investing in World Athletics, sources say

^{Published on 2025-03-05 07:25:26 - Reuters}

A Saudi Arabia-backed sports fund is considering investing in a new body that World Athletics may potentially set up to manage the sport's commercial rights, two people with knowledge of the matter said.

The Saudi Public Investment Fund (PIF) is considering an investment in World Athletics, the global governing body for track and field, as part of its strategy to expand its influence in international sports. This potential investment, which could be worth tens of millions of dollars, aims to support World Athletics' initiatives, including a $50,000 prize for Olympic gold medalists. The discussions are in the early stages, with no final decisions made yet. This move follows PIF's previous investments in sports like golf, soccer, and Formula One, aligning with Saudi Arabia's Vision 2030 to diversify its economy and enhance its global image through sports. However, this has raised concerns about sportswashing, where sports investments are used to improve a country's reputation amidst human rights criticisms.

Read the Full Reuters Article at:
[ https://www.reuters.com/sports/athletics/saudi-arabia-backed-sports-fund-weighs-investing-world-athletics-sources-say-2025-03-05/ ]

N@N

Exclusive: Saudi Arabia-backed sports fund weighs investing in World Athletics, sources say