Why Saudi Arabia Is Betting Big On Soccer And Cristiano Ronaldo
September 8, 2023
159,186
2,297
406
1.70%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
Cnbc Episodes Around September 8, 2023
See what was published immediately before and after this episode.
Chapters
YouTube Description
as posted by the channelSoccer in Saudi Arabia has entered a new era — the era of having global superstars play on Saudi turf.
The 31-year-old Brazilian soccer star Neymar just became the latest addition to the now star-studded Pro League, which also includes five-time Ballon d’Or winner Cristiano Ronaldo.
"Cristiano Ronaldo and Neymar are among the most popular players in the world," said Fahad Nazer, spokesperson for the Saudi Embassy in the U.S., in an interview with CNBC. "This is what we're doing by bringing household names like that to the Saudi league. We are elevating the level of play."
Saudi Arabia's sovereign wealth fund, the Public Investment Fund, is the financial vehicle driving these high-priced transactions. Saudi Arabia's de facto leader, Crown Prince Mohammed bin Salman, chairs the PIF board.
In June, the PIF took over the country's four major domestic clubs: Al-Ittihad, Al-Nassr, Al-Hilal and Al-Ahli.
"Saudi Pro League is the top men's professional soccer league in Saudi Arabia." said Stefan Szymanski, professor of sport management at the University of Michigan. "So, like most countries, they have a national league that is popular, and people follow. And what's happening here is that the government, through the investment fund, is channeling money into the clubs so that they can acquire players."
Saudi Arabia's love for soccer is not limited to the domestic league. In 2021, the PIF bought a majority stake in the English soccer club Newcastle United. Critics argue that Saudi Arabia is using sports to distract from human rights abuses in the country, a term known as "sportswashing." The Saudi government is notorious for its crackdown on dissent and harsh punishments for criminals, including executions.
"Sportswashing is essentially synonymous with trying to cleanse image and reputation," said Simon Chadwick, professor of sport and geopolitical economy at the Skema Business School. "And clearly, Saudi Arabia is a country that, over recent decades, has had a particular reputation. Often not a good one. In some cases, very negative."
Watch the video above to find out why Saudi Arabia is doubling down its investment in professional soccer and more.
Chapters:
Produced and Edited by: Anuz Thapa
Narration by: Jordan Smith
Animation: Jason Reginato and Josh Kalven
Supervising Producer: Jeff Morganteen
» Subscribe to CNBC
» Subscribe to CNBC TV
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news
Follow CNBC on LinkedIn
Follow CNBC News on Facebook
Follow CNBC News on Twitter
Follow CNBC News on Instagram
#CNBC
Why Saudi Arabia Is Betting Big On Soccer And Cristiano Ronaldo
Guests & Subjects Covered
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.