Saudi Arabia closes in on deal to create new cycling league

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DealsSports

Reuters exclusively reported that Saudi Arabia-backed sports fund SRJ was in exclusive talks to back a new cycling league, which Reuters also exclusively reported was in the works back in October.  The country is targeting yet another sport to upend in the wake of previous investments in golf, football and Formula One. The story was also picked up by ESPN. 

Market Impact

If successful, the deal would mark Saudi Arabia’s first significant involvement in cycling after pouring billions into other sports worldwide such as football, motorsports and martial arts. Sports is one of the pillars of the government’s Vision 2030 economic diversification plan.

Article Tags

Topics of Interest: DealsSports

Type: Reuters Best

Sectors: Sports

Regions: Middle East

Countries: Saudi Arabia

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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