Saudi Arabian PIF investment fund close to sponsoring the Giro d'Italia maglia rosa

The Saudi Arabian Public Investment Fund (PIF) is close to agreeing a deal to sponsor the Giro d'Italia race leader's pink jersey, as races and teams continue to look to the Middle East for funding.

Italian website Tuttobiciweb reported PIF's interest on Saturday, three months after initial reports emerged in Italy about interest from PIF to buy the Giro d'Italia and the Turin football team, both owned by RCS Media Group owner Urbano Cairo.

The idea of Cairo selling his sport interests was quickly denied by the Italian company but Cyclingnews understands that a deal to sponsor the race leader's pink jersey is close to completion.

The PIF logo or another brand from their vast porfolio of companies could appeal on the iconic pink jersey in May, as the Grand Tour will take place from May 9 to June 1 with a Grande Partenza in Albania. A date for the presentation of the new-look maglia rosa has apparently been pencilled in for the week between the Tour of Flanders and Paris-Roubaix.

RCS Sport preferred not to comment when contacted by Cyclingnews. However, RCS Sport are apparently searching for a key sponsor for the pink jersey after Italian energy brand ENEL opted not to extend their sponsorship of the maglia rosa.

According to Italian business reports from 2023, the Giro d'Italia jersey sponsors pay at least four million Euro, with the Italian Grand Tour generating more than 60 million Euro in annual revenue and close to eight million Euro of profit.

Cyclingnews was told by one source that RCS Sport approached PIF more than 18 months ago and have also had talks with PIF company SURJ Sports Investments, which specialises in sports investments and could invest $270 million in the One Cycling project.

Depending who you listen to in the sport, the One Cycling project could finally be signed and announced within weeks, while others say it is in chaos and unlikely to happen without the approval of UCI President David Lappartient.

The Italian government led by right-wing Prime Minister Giorgia Meloni recently signed a memorandum of understanding with PIF to boost cooperation between Italian companies in the private sector and PIF and its portfolio companies and the sponsorship of the maglia rosa would help promote that investment.

The Saudi Public Investment Fund is one of the largest sovereign wealth funds in the world with total estimated assets of US$930 billion, but has often been accused of sportwashing.  

The PIF sports portfolio already includes LIV Golf, Premier League soccer club Newcastle United, investments in professional boxing and major sponsorship of men's and women's tennis and Formula 1. PIF recently took a stake in DAZN, the global loss-making sports streaming platform. Saudi Arabia won the race to host the 2034 men’s soccer World Cup and will broadcast the first-ever FIFA Club World Cup this summer.

Sports is part of the Saudi Arabian government's Vision 2030 diversification plan as the gulf nation moves away from traditional oil revenues. Critics have called the strategy a form of sports washing as Saudi Arabia looks to gloss over its human rights record.