There’s some great shopping going on these days in and around the Inalpi Arena in the south of Turin. Tennis rackets are offered at special prices, a separate stand sorts the best sports books, and of course a tournament in Italy cannot miss an official pasta sponsor who provides visitors with sample packages. One stand, however, is present with a different intention. It can be found in the main hall behind modern wooden paneling: the so-called PIF lounge, which at first glance is not as inviting as the other stands. Which, among other things, has to do with the fact that it’s not about selling – it’s about buying.
It is quite unusual for the Saudi Arabian sovereign wealth fund (Public Investment Fund, PIF for short) to present its own stand to the tennis public in Turin. For years, sportswashing was considered a collective term for the behavior of all sorts of countries that try to improve their image by investing in sporting events. Saudi Arabia, for example, wanted and wants to use this to cover up allegations of questionable handling of basic human rights. But most of the time the whole thing was difficult to grasp, the PIF was something abstract that was making deals in the back rooms with some sports officials. But now there is this lounge, which you can look into through wooden paneling just a few meters from the center court, into one of the largest sports washers in the world.
The Sovereign Wealth Fund Institute estimates the PIF’s financial assets at $930 billion
Such a stand in the middle of the big event at the end of the tennis season fits into the image that Saudi Arabia and its investment arm PIF like to see spread: a country that is increasingly opening up and is therefore now also advertising through its financial vehicle. You can read about the numerous projects in which the fund is involved on the Internet. For example, if you want to understand what lies behind the government’s expansion goal called “Vision 2030”, unlike a few years ago, you no longer need any investigative research, just a few clicks. Even if the really crucial shareholdings in large corporations like Facebook of course remain under wraps. Fund analysts from the American “Sovereign Wealth Fund Institute” estimate the PIF’s financial assets at $930 billion; You can do a lot with that, including in the world of sports. Which brings you to the part you don’t learn anything about in the lounge.
The omnipresence of the PIF at the season finale is of course no coincidence. An organization that operated in the shadows of the investment world has now become the proud namesake of the world tennis rankings. In golf as the founder of the LIV Tour, in football as the owner of Newcastle United and the four largest clubs in the Saudi league: the PIF now appears everywhere not only as a financier in the background, but also with its name. And he also wants to expand his presence in tennis, which also affects the Turin location.
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With the upcoming edition of the ATP Finals 2025, the contract for the organizer in northern Italy will expire, and the successor has long been a matter of discussion behind the scenes, which will be advertised again over several years. According to media reports, Saudi Arabia’s sovereign wealth fund is one of the competitors: the WTA women’s finals are already taking place in Riyadh, and a men’s tournament is still being sought. The so-called Six Kings Slam, which was played a few weeks ago as a show tournament with record prize money, is not intended to be a permanent solution. Instead, the desired solution would obviously be a tournament in the Masters series, the ATP category below the four Grand Slams – or the annual final, which would then be an excellent event Road to Riad could sell.
The prize money is expected to increase from 15 to 25 million US dollars
However, it is possible that in the future the road will not lead to a desert state after all – but rather to northern Italy. The Milan business newspaper Il Sole 24 Ore reported a few days ago about a counteroffer that the ATP and its boss Andrea Gaudenzi are said to have received. In collaboration with the government, the Italian Tennis Association (FIT) wants to develop a plan to bring the final tournament to Milan. A new hall is currently being built there for the 2026 Winter Olympics: the ice hockey competitions, among other things, will take place in the new Santa Giulia district in front of 16,000 spectators, but later possibly also the most important tournament of the year for the ATP.
Financially, the Italians’ numbers sound tempting: the license fees for the tournament are to rise from the current 18 to 30 million US dollars, and the prize money is to increase from 15 to 25 million US dollars. It would be a noticeable jump, which will probably also be necessary to convince the ATP and its Italian chairman not to move on to Saudi Arabia after 2025. However, it is still unclear whether the Italian government will actually make the funds available. They can make promises in Rome, as the Ryder Cup proved last year. At that time, major financial commitments were made to the European tour in order to bring the most important golf tournament in the world to the Italian capital. However, not all of them were adhered to, it is said today.
At the WTA finals there was sometimes a yawning emptiness
In any case, it is clear that there is no reason to even think about moving just out of interest in the sport. Tennis is currently experiencing an unprecedented boom in Italy, not only due to the success of world number one Jannik Sinner. Countless tournaments in the smaller Challenger tournament series take place in Italy throughout the year and are usually well attended, as is the tournament in Turin. This is now considered one of the annual highlights in the Italian sports calendar; this year, according to the organizer, all sessions over eight days are completely sold out.
The images of a full arena and the outstanding atmosphere that arises, especially during Sinner matches, will also be noticeable at the ATP and other parties involved: from the title sponsor – a Japanese chemical company – to the pasta advertiser, everyone benefits from sold-out halls. And last but not least, the PIF will also resonate with the atmosphere that thousands of people spread when they pass the beautiful lounge every day. These images are in stark contrast to, among other things, the tournament that the sovereign wealth fund organized in Riyadh last week and which was a failure from the viewer’s perspective: At the WTA finals there was sometimes a yawning emptiness in the spectator stands.
