10/29/2024
It appears the biggest purse strings in boxing are being tightened.

Photo Credit: Matchroom Boxing
Saudi Arabia has long held a fascination with the global sports and entertainment scene, spending billions on ambitious initiatives across multiple sports. From English football clubs to major golf tournaments, the kingdom has strategically funded ventures with the intent of positioning itself as a sports powerhouse. But Saudi Arabia’s ventures into boxing, which have shown similar ambitions, are now facing increased scrutiny and potential scale-backs as the kingdom realigns its spending priorities. In light of recent announcements and economic shifts, there is growing speculation about whether Saudi Arabia’s investment in boxing will persist or face substantial cuts.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has been at the heart of the nation’s international spending spree for the past decade. With assets totaling $930 billion, the PIF transformed from a modest state holding company into a dominant global investor. Through high-profile investments, like $45 billion in SoftBank’s Vision Fund and $20 billion in Blackstone’s infrastructure fund, the PIF has become one of the Gulf’s most active sovereign wealth funds.
However, the PIF is now scaling back its international ambitions, shifting focus toward the domestic economy as oil revenues show signs of decline. On October 29, PIF governor Yasir al-Rumayyan stated at the Future Investment Initiative conference in Riyadh that the fund plans to decrease its international investments to 18–20 percent from the previous 21 percent, down significantly from a peak of 30 percent in 2020. Despite this shift, al-Rumayyan reassured the audience that the dollar amount invested internationally would continue to grow as the PIF aims for $2 trillion in assets by 2030. This recalibration underscores a commitment to enhancing the domestic economy while also signaling potential cutbacks in international sporting investments, including boxing.

Photo Credit: Matchroom Boxing
Saudi Arabia’s boxing investments began as part of Riyadh Season, an annual state-managed sports and entertainment festival initiated by Turki Alalshikh, Chairman of the General Entertainment Authority (GEA). In April 2024, Alalshikh announced partnerships with both the World Boxing Council (WBC) and the World Boxing Association (WBA), signifying a deep commitment to elevating the sport within Saudi Arabia and globally. High-profile bouts, such as the first undisputed heavyweight title fight of the four-belt era between Oleksandr Usyk and Tyson Fury, have taken place in Riyadh. In addition, the kingdom recently hosted its first boxing event outside Saudi Arabia, a title fight featuring Terence Crawford in Los Angeles.
Alalshikh’s vision for boxing goes beyond traditional partnerships, extending to a proposed new league featuring 200 fighters across 12 weight divisions. This ambitious project was meant to transform boxing, which Alalshikh has described as a “broken” sport, plagued by lackluster matchups and structural issues. Alalshikh’s plans include buying out BoxRec, the boxing statistics site, as part of a wider strategy to reshape boxing’s ecosystem. Despite Alalshikh’s extensive ambitions, there has been significant pushback, especially from key industry players in the United States.
The Saudi foray into boxing, while lucrative for some, has not been universally well-received. Top Rank, one of the premier boxing promotions in the U.S., has expressed doubts about Saudi ambitions, with senior executive Carl Moretti reportedly dismissing the Saudi Boxing League as a “pipe dream.” This sentiment underscores a broader concern among established promoters who fear Saudi investments could disrupt traditional boxing markets.

Photo Credit: Matchroom Boxing
Controversy surrounding Alalshikh’s approach reached a new peak following reports of a massive financial loss after the Los Angeles Crawford-Madrimov event. Top Rank CEO Bob Arum suggested that Alalshikh’s venture outside of Saudi Arabia may have been a miscalculation, buttressed by reports that the event was a financial disaster. Following Arum’s remarks, some industry leaders, including Eddie Hearn of Matchroom Boxing, voiced support for Alalshikh. Yet Arum’s critique, combined with reported budgetary limits from higher-ups, hints that the kingdom’s boxing investments may have overstepped their intended scope.
While Alalshikh’s ambitions in boxing remain bold, the PIF’s domestic shift complicates the outlook for Saudi-backed boxing events. As PIF executives tighten budgets, there is evidence that sectors such as boxing, golf, and other global sporting investments could be impacted. The fund recently reduced its holdings in U.S.-listed stocks, decreasing its stake in companies like BlackRock and selling off shares in Carnival and Live Nation. More restrictive mandates on fund managers have also emerged, with the PIF insisting that future investments align with Saudi Arabia’s domestic objectives.
This new phase of fiscal prudence has already affected PIF’s sports investments; for instance, the fund scaled back investments in LIV Golf, an international venture that received widespread attention. As the PIF seeks to balance international returns with commitments to domestic projects, boxing may soon face a similar reevaluation.

Photo Credit: Matchroom Boxing
Despite these potential setbacks, Riyadh Season remains a central figure in the global boxing scene. In the last two months, Riyadh Season has hosted major bouts and established partnerships with promotional companies like BOXXER, further amplifying Saudi Arabia’s presence in the sport. Riyadh Season has partnered with major boxing promotions, such as Golden Boy and Top Rank, to stage events that bring international talent to Saudi Arabia and bolster the kingdom’s reputation in the boxing world. Alalshikh’s drive to establish Riyadh as a global boxing hub has been unwavering, evident in partnerships that ensure Riyadh Season branding across international fight cards and promotional materials.
However, Saudi executives and foreign bankers suggest a new realism is taking root, with tightened budgets and projects scaled back or delayed. As Riyadh Season’s budget comes under pressure, it is likely to prioritize high-visibility events at home over less profitable international ventures.
The big question remains whether Saudi Arabia will sustain its high-profile boxing investments amid PIF’s recalibrated priorities. The answer may lie in the strategic balance between Riyadh Season’s international ambitions and PIF’s goal of strengthening the domestic economy. As the kingdom prepares to host major events like the 2030 Expo and the 2034 FIFA World Cup, resources may be redirected toward these national milestones, putting boxing investments at risk of reductions.
For now, Alalshikh and his Riyadh Season team appear committed to boxing, with several high-stakes events lined up and a robust network of partnerships across the industry. However, the pivot toward domestic spending suggests that Saudi Arabia’s boxing investments could soon be tempered by financial pragmatism. As the kingdom navigates this delicate balancing act, one thing is clear: the future of Saudi boxing is no longer as certain as it once seemed.
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