Saudi Arabia’s influence in golf has been increased by a deal
The Merger of LIV Golf and the Saudi State PGA Tour: A Combined Investment Management and Corporate Social Responsibility (Seminar Presentation)
LIV Golf gained a foothold that guarantees it outsize influence in the game’s future, due in part to the fact that the PGA Tour has dominated men’s professional golf in the United States for a long time. The new golf organization was announced before it even had a name, and is being led by a governor of the Saudi state entity that bankrolls LIV.
The merger represented the most stunning success to date of Saudi Arabia’s ambition to become a player in global sports. Its billion-dollar play for control of golf seemed to be a plan to seize control of the sport in the United States, unlike its purchase of a soccer team or its sponsorship of events.
The initial investor in the blended operation is the Public Investment Fund, along with the established tours such as the DP World Tour and LIV. Jay Monahan, the PGA Tour commissioner, is expected to be the new group’s chief executive, with Yasir al-Rumayyan, the wealth fund’s governor, installed as its chairman.
In a joint statement on Tuesday, the wealth fund and the PGA Tour said the former rivals would “implement a plan to grow these combined commercial businesses, drive greater fan engagement and accelerate growth initiatives already underway.”
