Saudi Arabia's public fund to withdraw LIV Golf funding
Key takeaways
- Public Investment Fund cites "current macro dynamics" as it slashes funding for breakaway golf tour.
- The PIF launched LIV Golf in 2022 as a rival to the established US PGA Tour, which has organized professional golf across North America since 1968.
- It followed similar billion-dollar Saudi sports investments across Formula 1, boxing, snooker, tennis, e-sports and football, with PIF purchasing a majority stake in Premier League club Newcastle United in 2021.
Why this matters: an international story with cross-border implications worth tracking.
Public Investment Fund cites "current macro dynamics" as it slashes funding for breakaway golf tour. LIV isn't the only casualty of changing Saudi "investment priorities" amid economic turmoil and war in the Middle East.
https://p.dw.com/p/5D6Yg The Saudi PIF launched LIV Golf as a rival to the established US PGA Tour [FILE: Jul 29, 2022]Image: Peter Foley/UPI Photo/Newscom/picture alliance Advertisement Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), confirmed on Thursday that it will be cutting funding for its breakaway LIV Golf tour at the end of the current golf season, citing a change in investment strategy and "current macro dynamics" amid the ongoing conflict in the Middle East.
The PIF launched LIV Golf in 2022 as a rival to the established US PGA Tour, which has organized professional golf across North America since 1968.