New Delhi, May 15 -- Saudi Arabia's sovereign wealth fund became an "official tournament supporter" of the World Cup on Thursday and reaffirmed its commitment to invest heavily in sports despite notable retreats from other ventures in recent months.

In announcing the partnership, the kingdom's public investment fund (PIF) said sport was a "priority sector" and soccer was crucial to the "ongoing transformation of Saudi Arabia."

PIF announced this month that it was pulling the plug on future funding for LIV Golf, the breakaway tour that it has poured billions of dollars into, raising questions about its long-term plans for other sports after its enormous spending in recent years.

While the value of the World Cup deal, which covers North ...