Saudi Arabia has barged into the sports industry. Fans often fear change will ruin something that they love. But restricting investment on the grounds of national security or morality is an own goal
have seen plenty of surprises this summer. Carlos Alcaraz won Wimbledon, ending years of domination of tennis by the trio of Novak Djokovic, Roger Federer and Rafael Nadal. In golf the victors of theOpen and Britain’s Open were outsiders who were given odds of winning of 1% or less. On August 6th the all-conqueringwomen’s football team crashed out of the World Cup after Sweden scored a winning penalty. The ball crossed the goal line by only a few millimetres..
Do not imagine that this is a modern version of Arab royals buying racehorses that catch their eye. Saudi Arabia’s plan is state-backed and more systematic than that. The kingdom views sport as a way to reinvest oil revenues and catalyse reform at home by creating a bigger services industry and boosting tourism.is a volatile strongman, but he is also overseeing some liberalisation, including of women’s rights.
Many of these new investors see digital disruption as an opportunity. Revenues are in jeopardy, as viewers abandon traditional television, and in America “cut the cord” on cable packages that bundle sports. For old media firms this is a nightmare: Disney is looking for an investor to take a stake in, its huge, declining sports network. For nimble owners of teams and brands, digital disruption holds the promise of reaching audiences directly, with a more immersive, interactive experience.
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