Saudi Arabia’s PIF invests in World Athletics track league amid changing market

The GIST: Days after deepening its commitment to women’s tennis, Saudi Arabia is considering yet another significant sports investment. The country’s Public Investment Fund (PIF) is reportedly in talks with track & field’s international governing body World Athletics (WA) about investing more than $600M to manage WA’s commercial rights.

• The deal could recalibrate the track landscape, which was once dominated by WA’s Diamond League but has been upended in the past year with the arrival of several competing leagues. But if PIF is able to boost the commercial value of the Diamond League and entice athletes to participate the way it did in golf, the league could return to the top of the podium.

The investments: The PIF has invested in global sports properties spanning men and women’s golf, tennis, fighting sports, soccer, and F1. Moreover, Saudi Arabia has landed hosting rights for major competitions like the WTA Finals and the 2034 FIFA men’s World Cup. The PIF also has a minority stake in sports streamer DAZN, which focuses on fighting sports and women’s soccer.

The track circuit: Historically, WA faced little competition against its Diamond League, which was the premier professional track circuit outside of the Olympics. But that’s quickly changing with the arrival of Grand Slam Track (GST), Athlos, and RunGP, which have all garnered media and sponsorship interest.

• GST recently signed a media rights deal with the CW and NBC Sports, while Diamond League events will (controversially) air on paid streaming service FloSports. But if the PIF gains ownership of the Diamond League’s commercial rights, the league could garner new global media partners and potentially see new events hosted in Saudi Arabia.

Zooming out: In the past, the sport of track hasn’t allowed for much athlete branding and promotion outside of the Olympics, meaning money’s been left on the table. But with Saudi investment, WA and its Diamond League could offer improved prize offerings and media exposure that could entice athletes to reconsider the league. On your marks.