Let’s start with a pop quiz. What connects Cristiano Ronaldo, ATP (the governing body of men’s professional tennis), Newcastle United Football Club, LIV Golf (a men’s professional golf tour), and Formula E? If you have even a passing interest in sports, the answer is obvious: The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund. The PIF holds a 75 per cent stake in Al Nassr — the Saudi football club in whose eye-popping colours Cristiano Ronaldo is now frequently seen peacocking about. It is the primary financier of LIV Golf and the majority shareholder in Newcastle United. In the...