PUTTING ASIDE(暂且不论) the exorbitant(过高的，离谱的) salaries, the silliness of the “Golf but louder” slogan and the din(喧嚣，嘈杂声) of pop music on the fairway, there was always something a bit plucky(有勇气的，胆大的) about LIV Golf. Saudi Arabia, a country that looks like a bunker but has no golfing tradition, was attempting to disrupt one of the world’s most snooty(傲慢的，自大的) sports. Predictably, its attempt ended in failure. Last month the Public Investment Fund (PIF), Saudi Arabia’s $900bn sovereign-wealth fund, pulled the financial plug(切断资金支持). In the coming days LIV Golf is expected to file for bankruptcy(申请破产).
暂且不论那高得离谱的薪酬、“高尔夫，但更响亮”这一口号的愚蠢，以及球道上流行音乐的喧嚣，LIV高尔夫总带着几分莽撞的勇气。沙特阿拉伯，这个看起来像沙坑却毫无高尔夫传统的国家，竟试图颠覆世界上最傲慢的运动之一。不出所料，它的尝试以失败告终。上个月，沙特阿拉伯9000亿美元的主权财富基金——公共投资基金（PIF）——撤回了资金支持。未来几天，LIV高尔夫预计将申请破产。
It is not just golf, though. The PIF has led a wave of investment by the kingdom over the past five years in football, tennis, boxing, martial arts and motor racing, plus e-sports (as video-game tournaments are known). Its ambition was impressive. Many accused Muhammad bin Salman, the Saudi crown prince, of “sportswashing(体育洗白，利用体育改善国家形象)” his country’s thuggish(残暴的，暴徒般的) reputation by pouring petrodollars(石油美元) into athletes’ pockets. They missed the point(没有抓住要点), at least partly. The PIF hoped to use the thrill of sport to make young Saudis more active, as well as hosting marquee(重要的，招牌的) events to attract tourists and diversify its oil-soaked economy(依赖石油的经济).
不过，这不仅仅是高尔夫的问题。过去五年，PIF引领了沙特王国在足球、网球、拳击、武术和赛车，以及电子竞技（即视频游戏锦标赛）领域的一波投资浪潮。其雄心令人印象深刻。许多人指责沙特王储穆罕默德·本·萨勒曼，通过将石油美元塞进运动员口袋来“洗白”国家残暴的名声。他们至少部分地误解了。PIF希望利用体育的激情让沙特年轻人更活跃，同时举办大型赛事吸引游客，并使依赖石油的经济多元化。
Now, however, physical sports are in the relegation zone(降级区，垫底位置). The PIF’s recently published strategy for 2026-30 mentions the word “sports” only seven times in 50-odd(50多，五十左右) pages—on six occasions prefixed(加前缀的) by “e-”. At a time when private-equity firms and other investors are pouring so much money into sporting franchises that some perceive a bubble, what can be learned from the Saudis’ retreat?(在私募股权公司等投资者向体育特许经营权投入巨资、以至于有人认为存在泡沫之际，从沙特的撤退中能学到什么？)
然而现在，实体体育已处于降级区。PIF最近发布的2026-30年战略中，在50多页里仅七次提及“体育”一词——其中六次带有“电子”前缀。在私募股权公司和其他投资者向体育特许经营权投入巨资、以至于一些人认为存在泡沫之际，从沙特的撤退中能学到什么？