Business of Sport PIF could buy into English cricket’s The Hundred By Andrew Hammond August 2, 2024, 2:40 PM Alamy via Reuters A Hundred cricket match between Oval Invincibles and London Spirit. Saudi Arabia may introduce a new team to the league PIF could fund Durham Money sought for 2026 season Saudi Arabia on sports spending spree Saudi Arabia’s Public Investment Fund is reportedly considering buying a stake in the UK’s The Hundred cricket tournament. The potential move comes after confirmation that the sovereign wealth fund will next turn its attention to the sport. PIF would acquire a new team to be established in Durham in England’s north-east, adding to the eight city teams already taking part in the tournament that was first rolled out in 2021, according to The Times. A PIF spokesman declined to comment. NewsletterGet the Best of AGBI delivered straight to your inbox every week The England and Wales Cricket Board said in April that it was looking to secure private investment in the tournament by selling shares of up to 49 percent in the teams, with host venues controlling the remaining 51 percent. The cricket board wants to secure the new arrangement for the 2026 or 2027 version of the tournament, which has included a women’s competition and major sponsorship deals. PIF has heavily invested in domestic and global sports, which is seen as critical to plans to raise tourism revenues to 10 percent of GDP by 2030 and make Saudi Arabia one of the world’s seven top economies. Last month PIF raised its stake in English Premier League team Newcastle United from 80 to 85 percent. But cricket has increasingly been in its sights. In June Basim Ibrahim, director of sport investment development at the ministry of investment, told AGBI the government was looking at deals related to cricket and American football. “We are exploring cricket right now, so you might see Saudi being one of the newest destinations for it,” he said. Saudi Arabia formally bids to host Fifa World Cup 2034 Riyadh to get a new 45,000-seat stadium Gulf countries vie to add Olympics to the trophy cabinet A string of news reports over the past year have indicated PIF is interested in buying a multibillion-dollar stake in the Indian Premier League, seen as international cricket’s most lucrative event. Saudi Arabia’s investments have boosted a wide array of sports once seen as niche or non-existent inside the country including golf, Formula 1, boxing, mixed martial arts, tennis, baseball, snooker, rugby and darts. But the sports play seems to be working in winning Saudi Arabia global soft power. A major survey of global media coverage by analytics consultancy Carma found Saudi Arabia is succeeding in creating “a sports-related narrative” around the world, including in the West where accusations of “sportswashing” are rife. It noted the rising popularity of the Saudi professional football league among television audiences, particularly in Indonesia and the US.
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