The very fact that Saudi Arabia, under the guise of its sovereign wealth fund, the, can all but buy pro golf raises many questions, both moral and financial. What does the merger mean for players and fans? Who’s next in the PIF’s sights? And are American sports powerless to prevent them muscling in on US franchises?
Brooks Koepka let PGA for LIV’s $150 million offer — just one of many big-money deals PIF gave golfers.Terrence Burns, a sports consultant and Chairman and CEO of T.Burns Sports Group, told The Post that the origin of any investment is, ultimately, irrelevant — and the PGA Tour and LIV Golf merger is living proof of that.
Some jubilant Newcastle fans seemingly couldn’t care less as the PIF takeover has increased expenditure on new players and management and led to a dramatic improvement in the team’s fortunes. It’s why they’ve paid the Spanish and Italian Football Associations big money to play their respective Super Cup events in the country.— the second-best team in the Saudi soccer league — on $215 million a year deal .
Meanwhile, the Saudis and the PIF are getting richer too, as oil revenues show no sign of drying up despite the Saudis recentlySaudi’s state-owned oil company Aramco, for example, benefited hugely from the spike in fuel prices following Russia’s invasion of Ukraine and last year posted record profits of $161 billion. The largest annual profit ever recorded by an oil company, it’s triple that of Exxon’s $56 billion and four times that of Shell and Chevron .
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