Alan Shipnuck

So the whole situation is so volatile.

But

If you're paying attention, this was always going to be a thing.

And then, of course, in April, when the PIF dropped this five-year strategic plan, they made it very clear they were reducing their discretionary spending.

And it wasn't just live golf, right?

PIF was going to underwrite Tom Brady's flag football league.

That went away.

Snooker is a huge sport in Europe and parts of the Middle East.

And Saudi Arabia has sponsored the Snooker Masters.

And they had a 10-year deal, and they canceled that after two years.

They're selling one of their soccer teams in the Saudi league the PIF owns.

So sports is consolidating, I think, around F1, around, you know, English Premier, like some of these mega franchises.

But sort of the vanity projects, the gambles, the let's take a flyer on this, like those are going away.

For decades, there were no professional sports activities in Saudi Arabia.

It was only when MBS seized power and there was a young, restless population.

He's like, we got to distract these people.

And so then it was like, let's bring on the sports.

And so they just said yes to everything.

And now as time has gone by, they've seen what works, what doesn't, what people care about, what's losing billions of dollars every year.

And so...