The reasons for hoovering up these assets are pretty clear 1. They need to diversify their economy as oil & gas has no future 2. Their population is very very young, so they need to give them entertainment (that's how western governments keep working people away from politics - give them sport! And drugs!). 3. Sport washing. I do think it's ironic that people in the west can moan about this. The UFC and WWE are owned by a scummy company. As is F1. As are most Premier League sides, or NFL, MLB clubs. It is what it is and money talks and this ain't gonna stop.
Yes, diversification and offering up bread & circuses is very much a part of Saudi's playbook right now. As for the sportswashing, the term is not nuanced enough to explain the depth of Saudi's sports strategy. Goes beyond reputation laundering.
However, there is a difference between sports leagues being owned by authoritarian regimes with political agendas (and no institutions to hold them accountable) and capitalist entities running sports leagues, which is part and parcel of corporate American greed and capitalism. They might complement each other but they are not one and the same.
Yea different motivations. It works though, when I was a kid growing up in the UK we wanted to go on holiday to Spain, Greece or Turkey. But my boys (9 and 12) want to go to Yas Island!!
I honestly think the analogy of them buying sports leagues like PGA tour or F1,buying soccer teams like Newcastle or hosting sporting events because oil and gas will have no future is a stupid analogy,as much as we love sports,that industry which even if they invest in it heavily (it is impossible that they own it completely) barely generate billions of dollars,they generate trillions of dollars from oil and gas,there is no comparison
Not sure what you mean? They are diversifying their economy (sport/entertainment/arts are just one strand, they are also buying up property, and buying into large western companies). Why? Because Oil and Gas has no future! Why? Because of global warming. In case you haven't noticed the world is moving rapidly to renewables like electric cars.
Saudi has already hosted some of the biggest boxing bouts in the last few years (Joshua/Ruiz and Usyk/Joshua) and is likely to continue doing so, since boxing promoters like Arum and Hearn can't get enough of them. That is honestly one of the easier sports for them to influence. But boxing has been a broken, corrupt sport for a long time and I am not sure how much that will interest Saudi longterm.
Great read
Thank you!
The reasons for hoovering up these assets are pretty clear 1. They need to diversify their economy as oil & gas has no future 2. Their population is very very young, so they need to give them entertainment (that's how western governments keep working people away from politics - give them sport! And drugs!). 3. Sport washing. I do think it's ironic that people in the west can moan about this. The UFC and WWE are owned by a scummy company. As is F1. As are most Premier League sides, or NFL, MLB clubs. It is what it is and money talks and this ain't gonna stop.
Yes, diversification and offering up bread & circuses is very much a part of Saudi's playbook right now. As for the sportswashing, the term is not nuanced enough to explain the depth of Saudi's sports strategy. Goes beyond reputation laundering.
However, there is a difference between sports leagues being owned by authoritarian regimes with political agendas (and no institutions to hold them accountable) and capitalist entities running sports leagues, which is part and parcel of corporate American greed and capitalism. They might complement each other but they are not one and the same.
Yea different motivations. It works though, when I was a kid growing up in the UK we wanted to go on holiday to Spain, Greece or Turkey. But my boys (9 and 12) want to go to Yas Island!!
I honestly think the analogy of them buying sports leagues like PGA tour or F1,buying soccer teams like Newcastle or hosting sporting events because oil and gas will have no future is a stupid analogy,as much as we love sports,that industry which even if they invest in it heavily (it is impossible that they own it completely) barely generate billions of dollars,they generate trillions of dollars from oil and gas,there is no comparison
Not sure what you mean? They are diversifying their economy (sport/entertainment/arts are just one strand, they are also buying up property, and buying into large western companies). Why? Because Oil and Gas has no future! Why? Because of global warming. In case you haven't noticed the world is moving rapidly to renewables like electric cars.
Saudi has already hosted some of the biggest boxing bouts in the last few years (Joshua/Ruiz and Usyk/Joshua) and is likely to continue doing so, since boxing promoters like Arum and Hearn can't get enough of them. That is honestly one of the easier sports for them to influence. But boxing has been a broken, corrupt sport for a long time and I am not sure how much that will interest Saudi longterm.