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Boxing in Riyadh, LIV Golf, the Saudi Pro League and a 2034 World Cup — Saudi Arabia is spending its way to the centre of global sport. It's the largest nation-branding campaign in the world, and brands partnering with it face a reach-versus-reputation calculation.

Apple TV won exclusive US rights to Formula 1 in a reported $750m, five-year deal — moving the sport off traditional TV and onto a subscription it wants you to keep. The audience was the asset.