"A slowdown in Saudi Arabia's lavish spending on sport, which is conservatively estimated to have cost the kingdom more than $10bn in the past five years, had been expected, but its Public Investment Fund's withdrawal of financial support for the rebel tour has caused shockwaves throughout the wider industry."
"Such concerns are not limited to golf, with other sports administrators fearful that similar cuts in Saudi's budget could be coming their way."
"Although widely criticised as sportswashing, Saudi always insisted that its investment in sport was part of the country's wider Vision 2030, a strategic plan to diversify its economy from oil to other industries including leisure and tourism for domestic benefit."
LIV Golf executives faced a significant shock with the potential withdrawal of financial support from Saudi Arabia's Public Investment Fund. This development follows a slowdown in Saudi spending on sports, which has exceeded $10 billion over five years. The lack of communication regarding this issue has heightened job security fears among LIV staff. Other sports are also concerned about potential budget cuts. Saudi's investments aimed to promote the country as a global sports destination, but the future of these initiatives now appears uncertain.
Read at www.theguardian.com
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