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Media Deals

Sovereign wealth funds are investing across sports and gaming as valuations soar.

Why it matters: The influx of foreign capital is defining who controls and profits from America's cultural exports.

State of play: Saudi Arabia's Public Investment Fund is poised to take nearly full ownership, 93.4%, of Electronic Arts for $55 billion, including debt, the Wall Street Journal reported.

If completed, the deal would be the largest leveraged buyout in history and make the PIF the majority owner of one of America's biggest gaming companies.

The PIF also owns Savvy Games Group, which acquired esports organizers ESL and FACEIT in 2022 for about $1.5 billion and mobile game developer Scopely in 2023 for $4.9 billion.

In sports, the Qatar Investment Authority acquired a minority stake in Monumental Sports & Entertainment, owner of the Washington Wizards and Capitals. India's Mittal family recently joined the Boston Celtics ownership group.

The PIF has also backed LIV Golf, the upstart league that has poached PGA Tour players and held tournaments in Saudi Arabia, the U.S. and elsewhere.

WWE and the Kingdom of Saudi Arabia agreed to a $1 billion partnership in 2018. Riyadh was selected as the first location of WrestleMania outside the U.S.

Between the lines: The PIF was created in 1971 but took on a new mandate in 2018 to help diversify Saudi Arabia's economy from oil. Under the government's Vision 2030 plan, the PIF is building up new industries across 13 sectors, including entertainment, leisure and sports.

The plan is viewed as both financial and cultural, generating long-term returns for the economy and bringing entertainment to the country's young population.

The big picture: Fandom has become a global asset class, offering financial stability through multiple revenue streams. Gaming provides scalable IP and licensable technology. Sports deliver live engagement and lucrative media rights.

"Live sports is one thing that still gets people to tune in," PwC partner Bart Spiegel says. "It commands high advertising rates. The prevalence of online gambling, especially here in the U.S,. where legalization process is unfolding, continues to keep people engaged."

Yes, but: Foreign investment in U.S. leagues remains limited, with only the NBA and the NHL allowing these types of investors, says Eric Menell, global head of media and communications investment banking at JPMorgan.

"There has been much more U.S. investment into international sports, primarily in soccer, than the other way," Menell says. "But over time, as valuations continue to increase for U.S. sports leagues, they need to think about the next evolution of their ownership rules."

What's next: Expanding abroad is a key growth strategy for leagues. The NFL played games in Berlin, London, Dublin, Madrid and São Paulo this year, and the NBA is planning games in Europe and a Europe-based league.

London has emerged as a key hub for U.S. sports, hosting NFL and MLB games.

"Like any other company, they need to demonstrate market growth and the fan base in the U.S. is somewhat saturated," says Stephen Feline, London & Partners' director of North America.

Foreign money comes for America's sacred pastimes

TikTok scrutiny is an exception to typical media deal reviews

Hollywood's new money comes from Gulf investors

American creators chase global clout and cash

U.S. demand for foreign films and shows hits all-time high

Global investors are buying into American fandom

Sovereign wealth funds are acquiring stakes in U.S. sports and gaming.

Illustration of a basketball in a basketball hoop with an earth for the basketball

Dealmaking

Gaming

Media

Sovereign wealth funds are investing across sports and <a class="gtmContentClick" data-vars-link-text="gaming" data-vars-click-url="https://www.axios.com/2025/09/30/gaming-industry-reckoning-ea-private" data-vars-content-id="f231c8d4-3ea6-40e4-90bf-825744bfe751" data-vars-headline="Global investors are buying into American fandom" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/09/30/gaming-industry-reckoning-ea-private" target="_self">gaming</a> as valuations soar.Why it matters: The influx of foreign capital is defining who controls and profits from America&#x27;s cultural exports.

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