Saudi Arabia has been spending hundreds of millions of dollars snapping up international soccer stars in recent months, including legendary players like Cristiano Ronaldo and Karim Benzema, to boost the rosters of its Saudi Pro League. It's not the first time we've seen a country spend a lot of money to try to build up a domestic sports league, but it does have some key differences to previous attempts like we've seen in China, or in the US with Major League Soccer. For a start, the kingdom is spending a lot of money, opening up thorny questions about competition worldwide and Financial Fair Play rules in Europe, specifically. More importantly, it's also doing this at a governmental scale, with the kingdom's sovereign wealth fund and state-owned oil giant taking active roles. So what exactly is Saudi Arabia trying to accomplish and will it succeed? And what does this huge influx of money mean for soccer in the rest of the world? On this episode, we speak with Michael Caley and Mike Goodman, co-hosts of the Double Pivot Podcast, to discuss the big business of football and why turning a profit is not always the primary goal.

Saudi Arabia has been spending hundreds of millions of dollars snapping up international soccer stars in recent months, including legendary players like Cristiano Ronaldo and Karim Benzema, to boost the rosters of its Saudi Pro League. It's not the first time we've seen a country spend a lot of money to try to build up a domestic sports league, but it does have some key differences to previous attempts like we've seen in China, or in the US with Major League Soccer. For a start, the kingdom is spending a lot of money, opening up thorny questions about competition worldwide and Financial Fair Play rules in Europe, specifically. More importantly, it's also doing this at a governmental scale, with the kingdom's sovereign wealth fund and state-owned oil giant <a href="https://www.bloomberg.com/news/articles/2023-06-05/benzema-set-to-receive-reported-300-million-for-saudi-move">taking active roles</a>. So what exactly is Saudi Arabia trying to accomplish and will it succeed? And what does this huge influx of money mean for soccer in the rest of the world? On this episode, we speak with Michael Caley and Mike Goodman, co-hosts of the <a href="https://twitter.com/doublepivotpod">Double Pivot Podcast</a>, to discuss the big business of football and why turning a profit is not always the primary goal.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

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On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

Why Saudi Arabia Is Spending Millions on Soccer Stars

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/fac4252c-9311-4fd3-ac0b-b0290154bc00/transcript

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