boasts a singular investor in the yet-to-be-named entity — PIF, the Public Investment Fund of Saudi Arabia, one of the world’s largest sovereign wealth funds.headed by Saudi’s Crown Prince and de facto ruler Mohammed bin SalmanUnder the prince’s chairmanship, PIF has more than $600 billion in assets and has invested around the globe in companies that include Uber, Blackstone and Japan’s Softbank.
Newcastle, which qualified for the Champion League this year for the first time in two decades, is run by PIF’s governor Yasir Al-Rumayyan — who will be chairman of the new LIV-PGA entity,The Kingdom also revealed Monday the transfer of 75% of the ownership of four teams in the Saudi Football Club to PIF — including the Riyadh-based Al-Nassr Football Club, which signed fading Portuguese star Cristiano Ronaldo to a $200,000 million a year contract though 2025.
“PIF will initially be the exclusive investor in the new entity, alongside the PGA Tour, LIV Golf and the DP World Tour,” the release added.The fund’s financial statements aren’t public — as Gulf countries don’t typically publish information about their overall debts and assets.It has a 93% stake in the rebel league, and is responsible for 100% of its costs, though it’s unclear how that will change following its union with the PGA Tour and European DP World Tour.
Phil Mickelson, Dustin Johnson, Brooks Koepka and Bryson DeChambeau were all reportedly recruited to join LIV Golf with eight- or nine-figure contracts.With the merger, the Tour and LIV agreed to end all litigation between the two sides.PIF, one of the world’s largest sovereign wealth funds, is headed up by Saudi’s Crown Prince and de facto ruler Mohammed bin Salman.