LIV Golf is scrambling amid Saudi funding questions. Will the kingdom’s stake in other sports last?
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Saudi Arabia's Public Investment Fund (PIF) is reportedly considering withdrawing funding from LIV Golf, sparking uncertainty about its investments in other sports. The potential exit has significant implications for golf and other sports partly bankrolled by Saudi Arabia.
Saudi Arabia's Public Investment Fund (PIF) is considering withdrawing funding from LIV Golf, a rebel golf league launched in 2022. The move has sent shockwaves through the golf industry and raised questions about PIF's investments in other sports. PIF has invested heavily in Saudi soccer, acquiring 75% stakes in four top clubs and spending hundreds of millions on player acquisitions. The fund's strategy for its wide range of investments over the next five years was released without mentioning sports directly. Despite this, a source familiar with PIF's thinking said it remains committed to sports. The sale of a 70% stake in Al Hilal to Kingdom Holding Company was announced, valuing the club at $373 million. Saudi Arabia is also set to host the men's World Cup in 2034, a project bankrolled by the government.
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