The Saudi Arabian Public Investment Fund, a wealth fund controlled by Crown Prince Mohammed bin Salman, is among the largest sovereign wealth funds in the world with total estimated assets of €580 billion. In sport, they most notably own Newcastle United Football Club in the Premier League, and established the LIV Golf tour last year. According to the press release, PIF will make a capital investment into a new “for-profit entity” with the PGA and DP World Tours.
In the PGA Tour press release, Monahan said there was a “good-faith effort” to look at team golf but it has not been explained how the LIV Golf teams would continue. For the PGA Tour defectors, there will be a “fair and objective” process for players who want to reapply for membership.Rory McIlroy has backed the new entity.
McIlroy was keen to distinguish between LIV Golf and the PIF, admitting: “It’s not LIV. I still hate LIV. I hope it goes away and I would fully expect that it does.
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