The bottomless pit has a bottom. LIV exit part of Saudi shift ahead of 2034 World Cup

May 3, 2026 — The PIF’s exit from LIV Golf was not just about value but marked the first major step in a broader strategic shift by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), to redirect billions from global investments to domestic priorities ahead of the 2034 FIFA World Cup. This shift, announced in March 2026, involves a strategic reboot for 2026–2030, reducing aggressive global spending to a more conservative, domestic-focused approach. The PIF, chaired by Crown Prince Mohammed bin Salman, has already impacted other sports under its umbrella. In golf, the PIF’s withdrawal from LIV Golf has led to cancellations of 10 Asian Golf Tour events and the WTA Finals in Saudi Arabia. In football, the PIF is divesting from clubs like Al-Nassr and Al-Hilal, with Al-Nassr reportedly next to be sold. The Saudi Arabia Formula 1 Grand Prix has also been cancelled due to geopolitical tensions. Meanwhile, Saudi Arabia secured hosting rights for the 2034 FIFA World Cup, with an estimated $45 billion allocated for football infrastructure alone, including 15 new stadiums. The PIF’s recalibration aligns with Vision 2030, a national transformation project launched by bin Salman a decade ago. While ambitious projects like Neom and ‘The Line’ have been scaled back, the focus remains on delivering for the 2034 World Cup. Saudi Arabia’s sportswashing efforts—using investments in sports to improve its global image—have been redirected toward self-sustainable investments. The PIF is now prioritizing grassroots sports, esports, and targeted athlete development programs, including a $370 million sports city in Dammam and a $12 billion gaming district in Qiddiya. The goal is to produce homegrown Olympic medallists through AI-driven scouting and specialized training facilities like the Mahd Sports Academy.