SRJ Sports Investment Co., a vehicle created up by Saudi Arabia’s sovereign wealth fund, has acquired a minority stake in the Professional Fighters League with plans to create a regional tournament for martial arts.
As part of the deal, the kingdom will host PFL events, and support the development of the development of PFL’s Middle Eastern arm, which will launch next year, according to a statement Wednesday. SRJ didn’t reveal the size of the investment, but an earlier report by the Financial Times said it would be $100 million.
The Public Investment Fund launched SRJ earlier this month as part of its efforts to accelerate the sports industry in Saudi Arabia. The company is part of the kingdom’s strategy to invest billions in global sports teams, players and tournaments as it seeks to boost its international soft power, attract tourists and diversify its oil-dependent economy.
“Today marks a new milestone for SRJ as we make our inaugural investment,” said SRJ Chairman Bander Bin Mogren. “SRJ is shaping a new era of sports in Saudi Arabia.” The PIF, as the wealth fund is known, acquired the British football team Newcastle United in 2021 and is set to become one of the most important investors in golf globally if its LIV golf tournament completes a merger with the US’s PGA Tour. The kingdom has recently spent hundreds of millions of dollars to get some of soccer’s biggest stars to join its domestic league. It’s also exploring a joint bid to host the 2030 FIFA World Cup.
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