DIRS.INFO The most relevant business & tech news

☆ PGA-LIV merger has caused confusion, says U.S. Open holder Fitzpatrick
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

[1/3] Jun 19, 2022; Brookline, Massachusetts, USA; Matthew Fitzpatrick poses with the US Open Championship Trophy after the final round of the U.S. Open golf tournament. "I just don't know what's going on. I don't think anyone knows what's going on. "Even though I guess it is confusing, it's pretty clear that nobody knows what's going on apart from about four people in the world." The U.S. Open begins on Thursday at the Los Angeles Country Club.

Persons: Matthew Fitzpatrick, Bob DeChiara, LIV, England's Matthew Fitzpatrick, Fitzpatrick, Amy Tennery, Pritha Sarkar Organizations: US, U.S, LOS ANGELES, PGA Tour, Los Angeles Country Club, Saudi Arabia's Public Investment Fund, U.S ., PGA, Saudi Public Investment Fund, Thomson Locations: Brookline , Massachusetts, USA, Los Angeles, New York

☆ Senator opens investigation into PGA Tour merger with Saudi-backed LIV Golf
▼ + stars: | 2023-06-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

PGA Tour logo during the third round of the Travelers Championship on June 24, 2017, at TPC River Highlands in Cromwell, Connecticut. WASHINGTON — A top Democratic lawmaker launched a probe on Monday into the planned merger of the PGA Tour and Saudi-backed LIV Golf. The agreement will require the approval of the PGA Tour policy board, according to a memo to players from Monahan. LIV Golf declined to comment on Blumenthal's letters. PGA Tour did not immediately respond to request for comment.

Persons: LIV Golf, Sen, Richard Blumenthal, Conn, Jay Monahan, LIV, Greg Norman, Blumenthal, Jamal Khashoggi, Monahan, CNBC's Organizations: WASHINGTON —, Democratic, PGA Tour, Saudi, Washington Post, Investigations, Private Investment Fund Locations: Cromwell , Connecticut, WASHINGTON, Saudi, American

☆ PGA Tour commissioner says Tour ‘couldn’t afford to keep battling Saudi Arabia,’ Wall Street Journal reports
▼ + stars: | 2023-06-11 | by ( Jacob Lev | ) edition.cnn.com time to read: +1 min

CNN —PGA Tour commissioner Jay Monahan told employees in a meeting on Thursday that it couldn’t “conduct a lengthy spending war against Saudi Arabia,” according to a report from The Wall Street Journal. “We cannot compete with a foreign government with unlimited money,” Monahan told employees, according to the Wall Street Journal. According to the Journal, Monahan told employees that the Tour had already spent $50 million in legal fees and had dipped into its reserves for $100 million to help pay increased purses in elevated events and other bonuses to players. “To characterize this agreement was made due to litigation costs and other use of reserves is an oversimplification,” a PGA Tour spokesperson told CNN on Saturday. “The PGA TOUR has never been a more valuable property and the Public Investment Fund (PIF) has recognized that value and the opportunity for ROI with their investment in the TOUR.”“Additionally, this transaction will make professional golf more competitive with other professional sports and sports leagues,” the Tour continued.

Persons: Jay Monahan, Monahan, ” Monahan, LIV, ” Organizations: CNN, PGA, Wall Street, PGA Tour, Saudi Arabia’s Public Investment Fund, Public Investment Fund Locations: Saudi Arabia, Ponte Vedra Beach , Florida, Saudi

☆ PGA merger with LIV a delicate balancing act, says board member Dunne
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - The PGA Tour faces a delicate balancing act in welcoming back LIV Golf players while also ensuring those who stayed loyal to the U.S.-based circuit "feel good" about their decision, PGA Tour board member Jimmy Dunne said. "We have to make sure that whatever it is that we finalise, that they feel good about their decisions (to remain on the PGA Tour)... I don't think it's going to be easy and I don't think we're all going to agree, but I think we can get there." Dunne, who helped broker the merger, also said the PGA Tour was ready to "walk away" if they felt there was anything that would have hurt the game. He added the Saudi Public Investment Fund (PIF) would not control the professional game, especially with PGA Tour Commissioner Jay Monahan installed as CEO of the new entity.

Persons: LIV, Jimmy Dunne, LIV Golf, Rory McIlroy, Dunne, didn't, Jay Monahan, Rohith Nair, Toby Davis Organizations: Tour, LIV Golf, PGA, Golf, Saudi Public Investment Fund, Thomson Locations: U.S, Saudi, Bengaluru

☆ Saudi Arabia's cold-blooded crown prince keeps winning
▼ + stars: | 2023-06-08 | by ( Joe Ciolli | ) www.businessinsider.com time to read: +3 min

The recent PGA-LIV golf merger is the latest example of growing Saudi influence on sports. Originally viewed as a deep-pocketed but unserious distraction from the PGA Tour, they effectively muscled into the picture through sheer financial willpower. The new PGA Tour might look a whole lot like the old one, except with a far wealthier outside party controlling the purse strings. And that's kind of been the Saudi strategy as Crown Prince Mohammed bin Salman has expanded his influence over multiple sports worldwide. Detailed below are the six recent high-profile examples of how the Saudi PIF keeps winning:

Persons: Mohammed bin Salman, LIV, Prince Mohammed bin Salman, Prince Mohammed's, Jamal Khashoggi, Saudi PIF Organizations: Saudi Public Investment Fund, Morning, PGA, LIV, PGA Tour, English Premier League team, Saudi, league, Prince, CIA Locations: England, Saudi, Saudi Arabia

☆ US luxury EV maker Lucid set to enter China market
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] Arizona Governor Doug Ducey speaks at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021. REUTERS/Caitlin O'HaraSHANGHAI, June 8 (Reuters) - U.S. luxury electric vehicle (EV) maker Lucid Group (LCID.O) is preparing to enter the world's largest auto market, its head of China operations Zhu Jiang said on Thursday. He declined to comment on any plans for local production. Zhu said the funding would help Lucid "bring the advanced EV technology and product experience to the industry and users globally at a faster pace." Lucid, like its peers, is battling mounting losses and tightening cash reserves amid recession fears and a price war sparked by market leader Tesla (TSLA.O).

Persons: Doug Ducey, Caitlin O'Hara SHANGHAI, Zhu Jiang, Zhu, Ford, Tesla, Peter Rawlinson, Zhang Yan, Zhuzhu Cui, Brenda Goh, Jamie Freed Organizations: Arizona, Lucid, REUTERS, Reuters, Baidu, HK, Saudi Arabia's Public Investment Fund, Air, Thomson Locations: Casa Grande , Arizona, U.S, China, Saudi

Concluding his visit on Thursday, Secretary of State Blinken told reporters he raised human rights issues with Saudi officials and "made clear that progress on human rights strengthens our relationship." "Human rights are always on the agenda of the United States - that’s who we are," he said during a news conference. But some rights advocates argue the golf deal shows the administration has chosen geopolitics over human rights. New York-based Human Rights Watch (HRW) says scores of human rights activists and dissidents are in prison or on trial in Saudi Arabia and that the repression "spiked" following Biden's visit last year. The list included prominent cleric Salman al-Odah, children of former spy chief Saad al-Jabri, human rights defender Mohammed al-Qahtani and aid worker Abdulrahman al-Sadhan.

Persons: Saudi Crown Prince Mohammed bin Salman, Joe Biden, Prince Mohammed bin Salman, Jamal Khashoggi, LIV, Antony Blinken, Blinken, Biden, Seth Binder, Prince Faisal bin Farhan, Sarah Yager, Salman al, Saad al, Mohammed al, Abdulrahman, Saad Ibrahim Almadi, Tess McEnery, Humeyra Pamuk, Simon Lewis, Arshad Mohammed, Don Durfee, Daniel Wallis Organizations: Saudi Crown, Al, Saudi Royal Court, REUTERS, Saudi, Public Investment Fund, North, MbS, PGA, East Democracy, Biden, Rights Watch, Saudi Foreign, U.S, Twitter, Thomson Locations: Jeddah, Saudi Arabia, Bandar, REUTERS RIYADH, WASHINGTON, U.S, Riyadh, Washington, United States, Yemen, New York, China, Israel, OPEC, Russia, Florida

☆ PGA Tour-LIV Golf merger is a major win for the Saudis — and Americans are slamming it
▼ + stars: | 2023-06-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

It's lured some of the biggest golf stars away from the PGA Tour with huge paychecks, spurring antitrust lawsuits with the American organization. "This is Saudi Arabia buying the PGA tour," sports talk show host Rich Eisen said in his broadcast after hearing the news. USA Today sports columnist Christine Brennan called the move "a total wimp-out by the PGA Tour. Glyn Kirk | AFP | Getty ImagesSocial media was rife with self-described golf fans vowing to never again watch the PGA Tour. Pro golfer Phil Mickelson, another member of the LIV Tour, tweeted "Awesome day today" in response to the news.

Persons: LIV Golf, that's, —, LIV, Saudi Crown Prince Mohammed bin Salman, It's, Jay Monahan, Rich Eisen, Pat Welter, it's, Christine Brennan, Tiger Woods, Glyn Kirk, Ron Wyden, Chris Murphy, Jamal Khashoggi, Saudi LIV, Monahan, Saudi Arabian Crown Prince Mohammed bin Salman, Jim Watson, Bryson DeChambeau, DeChambeau, Phil Mickelson, Jeffries, Yasir Al, Cristiano Ronaldo, Saudi Arabia's, Al Organizations: PGA Tour, Saudi, LIV Players, PGA, Saudi Arabia's Public Investment Fund, Saudi Crown, CNBC, Twitter, 150th, St, AFP, Getty, LIV, Washington Post, Amnesty, Saudi Arabian Crown, Saudi Embassy, Washington D.C, Saudi Foreign Ministry, CNN, Royal, Anadolu Agency, Getty Images Investment, Rumayyan, Nassr Football Club, Al Nassr Football Locations: Saudi Arabia, North Carolina, Saudi, Scotland, Oregon, Connecticut, American, Washington ,, Washington, videoconference, Riyadh, PIF, Portuguese

☆ Saudi Arabia's Public Investment Fund just reshaped professional golf with the PGA Tour-LIV merger. That's just the start
▼ + stars: | 2023-06-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The Saudi Public Investment Fund is a government-controlled fund that has $650 billion in assets under management, according to its most recent filing. A state-owned investment fund like the PIF is not unique. Critics of LIV Golf accused the Saudis of backing the new tour as a form of “sportswashing” its reputation. For example it’s not clear exactly how much it invested to start up LIV Golf. CNN has not been able to confirm that report, but what is known is that LIV Golf tournaments have been held on Trump Organization properties.

Persons: petro, LIV Golf, LIV, Yasir Al, Rumayyan, Cristiano Ronaldo, Karim Benzema, ”, Elon Musk, Jared Kushner, Donald Trump’s, Kushner, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, – CNN’s Coy Wire, Jack Bantock, Steve Almasy Organizations: New, New York CNN, Saudi, Saudi Public Investment Fund, Sovereign Wealth Fund, PGA, Soccer, Saudi Aramco, Newcastle United, Saudi Pro League, CNBC, Electronic Arts, EA, Activision Blizzard, Ticketmaster, Carnival Corp, Twitter, Washington Post, CNN, Trump Organization, US State Department, Congress Locations: New York, Europe, Saudi, English, Al, Saudi Arabia, al Qaeda

☆ PGA-LIV merger to lift golf to 'new heights,' benefiting these two stocks, Jefferies says
▼ + stars: | 2023-06-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The surprise merger announcement between the PGA Tour and the Saudi Arabia-backed LIV Golf league sent shockwaves through the sports world on Tuesday and could have big implications for two golf stocks, according to Jefferies. As part of the deal, the Saudi Public Investment Fund, or PIF, is prepared to invest billions in the new golf league, CNBC's David Faber reported Tuesday. Jefferies analyst Randal Konik said in a note to clients Tuesday that the combined league and additional cash should boost golf's growth. "We believe that this unexpected agreement holds immense potential to elevate the sport of golf to new heights. Jefferies highlighted both stocks as potential beneficiaries of the deal, but said Topgolf Callaway has more "asymmetric upside potential."

Persons: LIV, shockwaves, Jefferies, CNBC's David Faber, Randal Konik, Konik, Topgolf Callaway, Michael Bloom Organizations: PGA Tour, LIV Golf, Saudi Public Investment Fund, Callaway Brands, Acushnet Holdings Locations: Saudi Arabia, PIF, Titleist

☆ PGA Tour/LIV deal good for golf but rebels must pay, says McIlroy
▼ + stars: | 2023-06-07 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

"The people that left the PGA Tour irreparably harmed this Tour, started litigation against it," said McIlroy the defending Canadian Open champion. McIlroy was not tempted by the Saudi money and believes those players who stood with the PGA Tour should be compensated for their loyalty. This is the PGA TOUR, the DP World Tour and the PIF. "It's the PGA TOUR, DP World Tour and the Public Investment Fund are basically partnering to create a new company." That new company, McIlroy said, will be run by the PGA Tour with commissioner Jay Monahan acting CEO.

Persons: LIV, Rory McIlroy, McIlroy, Hall, Hall of Famer Phil Mickelson, Dustin Johnson, Brooks Koepka, That's, I've, LIV's, Jay Monahan, Frank Pingue, Steve Keating, Kirsten Donovan, Ed Osmond Organizations: TORONTO, PGA, Hall of Famer, Northern, Canadian, Saudi Arabia Public Investment Fund, Public Investment Fund, PGA Tour, Thomson Locations: Saudi, Toronto

An announcement by the PGA Tour declared a partnership with the Saudi-backed LIV Golf, as well as the DP World Tour, unifying the trio under a new, yet-to-be-named, commercial entity. An eight-time winner on the PGA Tour and the 2020 US Open champion, DeChambeau’s move was a huge coup for LIV Golf. Yet many of the game’s biggest stars stayed put, with several becoming outspoken critics of LIV Golf. The latter purportedly turned down a $700 - $800 million offer to join the breakaway series, according to LIV Golf CEO Greg Norman. “I do feel bad for the PGA Tour players because they were told one thing and something else happened.

Persons: Bryson DeChambeau, “, LIV, DeChambeau, DeChambeau’s, LIV Golf, Rory McIlroy, Tiger Woods, Greg Norman, CNN’s Kaitlan Collins, ” DeChambeau, it’s, Suhaimi Abdullah, Saudi Arabia’s, LIV Golf’s, Mohammed bin Salman, Jamal Khashoggi, Bin Salman, Quizzed, Collins, “ I’m, I’m, ” Bryson, Brett Eagleson, Maddie Meyer, ” Organizations: CNN, PGA Tour, Saudi Arabia’s Public Investment Fund, PGA, “, LIV, Sentosa Golf Club, Saudi, Congress, United, America, Getty Locations: Saudi, Singapore, Saudi Arabia, Washington, al Qaeda

☆ 'It does stink a little bit', DeChambeau feels for PGA Tour players after LIV merger
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +3 min

The sporting world was left stunned when the PGA Tour, DP World Tour and rival Saudi-backed LIV circuit ended their bitter two-year dispute and announced an agreement to merge and form one unified commercial entity. The most aggrieved players are likely to be those, like Tiger Woods, Rory McIlroy and Hideki Matsuyama, who turned down eye-watering sums from LIV Golf to remain loyal to the PGA Tour only to see the tours merge. "I do feel bad for the PGA Tour players because they were told one thing and something else happened, and our side, we were told one thing and it's come to fruition," DeChambeau told CNN. "It does stink a little bit from my perspective that the PGA Tour players are not necessarily winning. I think this is one of the saddest days in the history of professional golf," Chamblee said on the Golf Channel.

Persons: Bryson DeChambeau, LIV Golf, LIV, Jay Monahan, Woods, Rory McIlroy, Hideki Matsuyama, DeChambeau, it's, Yasir Al, Yasir, That's, Brandel, Chamblee, Nick Mulvenney, Peter Rutherford Organizations: U.S, PGA, Canadian, CNN, LIV, Public Investment Fund, Saudi, PIF, Thomson Locations: Saudi, Toronto

LIV had filed an antitrust lawsuit in the United States seeking punitive damages against the PGA Tour for its "tortious interference" with contracts with golfers. PGA Tour had countersued, making similar claims. PGA Tour and LIV have now signed a framework agreement that calls for investment banks M Klein & Co and Allen & Co to carry out a valuation analysis of the assets of LIV and PGA Tour, respectively. A new company will be created that will be majority-owned by the existing PGA Tour, which is a nonprofit. The U.S. Department of Justice had already been looking at the dispute between PGA Tour and LIV as part of a broad antitrust probe into professional golf.

Persons: LIV, PIF, Milana Vinn, Greg Roumeliotis, Matthew Lewis Organizations: PGA Tour, PGA, Klein, Co, Allen, WHO, Saudi Arabia's Public Investment Fund, Regulators, U.S . Department of Justice, Foreign Investment, Thomson Locations: Saudi, United States, New York

☆ Here’s how PGA Tour agreed to merge with Saudi-backed rival LIV Golf
▼ + stars: | 2023-06-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere’s how PGA Tour agreed to merge with Saudi-backed rival LIV GolfCNBC's David Faber sits down with PGA Tour Commissioner Jay Monahan and Yasir Al Rumayyan, governor of the Saudi Public Investment Fund (PIF), to break down how two golfing entities come in agreement to merge, to form a new, yet-to-be-named for-profit company.

Persons: LIV Golf, David Faber, Jay Monahan, Yasir Al Rumayyan Organizations: PGA, Saudi Public Investment Fund Locations: Saudi

☆ PGA Tour announces shock reconciliation with Saudi-backed breakaway LIV Golf
▼ + stars: | 2023-06-06 | by ( Jack Bantock | ) edition.cnn.com time to read: +3 min

CNN —The US-based PGA Tour is set to partner with the Saudi-backed breakaway LIV Golf, ending a feud that has dogged the men’s professional game for the past year. A spokesperson for the PGA Tour told CNN that the new relationship between the PGA Tour, DP World Tour and LIV Golf is not a merger, but “a partnership/creation of a new commercial entity.”The LIV Golf series, backed by Saudi Arabia’s Public Investment Fund (PIF), officially launched in June 2022, with participating players subsequently barred from competing in PGA Tour events. “After two years of disruption and distraction, this is a historic day for the game we all know and love,” said PGA Tour Commissioner Jay Monahan. In August 2022, the four-time major winner told CNN that LIV Golf had “ripped apart” the men’s game. Tiger Woods was also critical, arguing in July 2022 that players who joined LIV Golf had “turned their back on what has allowed them to get to this position.”Woods had been critical of players to join LIV Golf.

Persons: LIV, LIV Golf, Mohammed bin Salman, ”, Jay Monahan, Monahan, Yasir Al, PIF, Rory McIlroy, Tiger Woods, “, ” Woods, Richard Heathcote, Phil Mickelson, Mickelson Organizations: CNN, PGA, PGA Tour, Saudi Arabia’s Public Investment Fund, MBS, LIV Golf, Getty, Twitter Locations: Saudi, Saudi Arabia

☆ PGA Tour, European Tour and LIV announce merger
▼ + stars: | 2023-06-06 | by ( Frank Pingue | ) www.reuters.com time to read: +4 min

Additionally, the three organizations said in a joint news release that they will work cooperatively to allow a process for any LIV Golf players to reapply for PGA Tour and DP World Tour membership following the 2023 season. "After two years of disruption and distraction, this is a historic day for the game we all know and love," PGA Tour Commissioner Jay Monahan said in a joint news release. "We are proud to partner with the PGA Tour to leverage PIF's unparalleled success and track record of unlocking value and bringing innovation and global best practices to business and sectors worldwide." The PGA Tour had sought to fend off competition from LIV by barring PGA Tour players from participating in LIV tournaments. Some PGA Tour players took to Twitter to express their surprise having not been informed of the agreement before its announcement.

Persons: Hideki Matsuyama, Mike Segar, LIV, Jay Monahan, Yasir Al, Tour's Monahan, Phil Mickelson, Dustin Johnson, Brooks Koepka, Cameron Smith, Mickelson, Collin Morikawa, Mackenzie Hughes, we’d, Donald Trump, LIV Golf's, Liv Golf, Frank Pingue, Alex Richardson, Christian Organizations: Golf, Tour, LIV, Saudi Arabia Public Investment Fund, Public Investment Fund, PGA, Al, Rumayyan, Justice Department, Fame, Twitter, Liv, Thomson Locations: Augusta , Georgia, U.S, Saudi, Collin Morikawa ., Toronto

The PGA Tour, DP World Tour and one-time bitter rivals LIV Golf circuit announced a landmark agreement on Tuesday to merge. But Trump, who owns three courses on LIV Golf's 14-event schedule for 2023, celebrated the deal in a Truth Social post. "Great news from Liv Golf. The PGA Tour had responded by dramatically raising prize money for some events. The deal could also be seen as good for consumers, according to Steve Ross, a sport antitrust expert at Pennsylvania State University's law school.

Persons: Donald Trump, Yasir Al, LIV, Read, Jamal Khashoggi, Rumayyan, Richard Blumenthal, Chris Murphy, Trump, LIV Golf's, Liv Golf, PGA's, Seth Bloom, hasn't, Steve Ross, Nevena Simidjiyska, Diane Bartz, Echo Wang, Steve Keating, Tyler Clifford, Rosalba O'Brien Organizations: Trump National Golf Club, PGA Golf, Saudi Arabia Public Investment Fund, Liv, Department of Justice, Bloom, Pennsylvania State, Reuters, of Foreign Investment, Treasury, Fox Rothschild LLP, Thomson Locations: Washington, DC, USA, Sterling , Va, WASHINGTON, Saudi, Kingdom, American, United States, U.S

☆ PGA Tour agrees to merge with Saudi-backed rival LIV Golf
▼ + stars: | 2023-06-06 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +13 min

The PGA Tour has agreed to merge with Saudi-backed rival LIV Golf in a deal that would see the competitors squash pending litigation and move forward as a larger golf enterprise. With LIV Golf in the midst of its second, groundbreaking season, the PGA TOUR, DP World Tour and PIF will work together to best feature and grow team golf going forward. PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf and the DP World Tour. Separately, PGA TOUR Inc. will remain in place as a 501(c)(6) tax exempt organization and retains administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events, the administration of the competition and rules, as well as all other "inside the ropes" responsibilities, with Jay Monahan as Commissioner and Ed Herlihy as PGA TOUR Policy Board Chairman. The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.

Persons: LIV, LIV didn't, Yasir Al, Rumayyan, Jay Monahan, PIF, CNBC'S David Faber, LIV Golf, Brooks Koepka, Phil Mickelson, Bubba Watson, Monahan, Team Captain Brooks Koepka, Ricky Elliott, Osama Bin Laden, Donald Trump, nobody's, Trump, CNBC's David Faber, Jessica Golden, Kevin Durant, James Pitaro, LIV –, we've, Jay, Keith, Ed Herlihy, Herlihy, Jimmy Dunne, Keith Pelley Organizations: Nexstar, Nexstar Media Group, CW Network, CW, Wrestling, Endeavor Group, PGA Tour, CNBC, Saudi Arabia Public Investment Fund, PGA, European PGA, U.S, Team, Royal Greens, & Country Club, King Abdullah Economic, Saudi, CBS Sports, LIV, ESPN, Public Investment Fund, Al, Rumayyan, Strategic Alliance Locations: U.S, Saudi, Jeddah, King Abdullah, King Abdullah Economic City, Saudi Arabia, Los Angeles, RIYADH, PONTE, BEACH , Florida

PinnedThe PGA Tour and LIV Golf, the insurgent league bankrolled by billions of dollars from Saudi Arabia’s sovereign wealth fund, said on Tuesday that they had agreed to a merger, ending a bitter and costly fight for supremacy of men’s professional golf that had divided top players, everyday fans and corporate sponsors. Now, by merging with the PGA Tour, it has gained a foothold that guarantees it outsize influence in the game’s future. The PIF also will have right of first refusal on new investments in the merged tour, according to the statement announcing the merger. “Going forward, PIF will have the exclusive right to further invest in the new entity, including a right of first refusal on any capital that may be invested in the new entity, including into the PGA Tour, LIV Golf and DP World Tour.” The PGA Tour will appoint a majority of the board, the statement said, and hold a majority voting interest in the combined entity. In a memorandum to PGA Tour players on Tuesday, Monahan said the wealth fund would have a minority position in the new for-profit company that will control men’s golf.

Persons: LIV Golf, bankrolling LIV, “, PIF, LIV, Jay Monahan, we’ve, LIV . Monahan, Yasir al, Monahan, Brooks Koepka, Dustin Johnson, Phil Mickelson, LIV signees, Graeme McDowell, “ It’s, ” Organizations: PGA, Premier League soccer, Public Investment Fund, PGA Tour, ”, Public Investment, U.S Locations: Saudi, Riyadh, Saudi Arabia

DUBAI, June 5 (Reuters) - Saudi Arabia's sovereign wealth fund will take control of four of the kingdom's top soccer clubs including Al-Nassr, which Cristiano Ronaldo plays for, as the government revives a plan to privatise several state-owned sports clubs. All are in the top-flight Saudi Professional League, except Al-Ahli which is in the second-tier Saudi First Division. The privatisation plan, mainly focused on soccer clubs and launched by Saudi Crown Prince Mohammed bin Salman, allows companies and development agencies to invest in and take over clubs, SPA reported earlier on Monday. The kingdom aims for the revenue of the Saudi Professional League to increase to 1.8 billion riyals ($480 million) annually by 2030 from 450 million riyals. Saudi oil giant Aramco will own Saudi First Division club Al-Qadsiah, Third Division side Alula FC will be owned by the Royal Commission for Al-Ula while First Division club al-Diraiyah FC will be controlled by Diriyah Gate Development Authority.

Persons: Cristiano Ronaldo, PIF, Saudi Crown Prince Mohammed bin Salman, Ula, Ronaldo, Al Nassr, Lionel Messi, Jana Choukeir, Yousef Saba, Sriraj Kalluvila, Emelia Organizations: Al, Public Investment Fund, Twitter, Saudi Professional League, Saudi, Division, Saudi Crown, Second Division, NEOM, Saudi First Division, Alula FC, Royal Commission, First Division, Diraiyah FC, Diriyah, Development Authority, Investment, Premier League, Newcastle United, Reuters, Thomson Locations: DUBAI, Saudi, al, Ittihad, Al, Ahli, Hilal, Saudi Arabia, Portuguese, Argentina

☆ Middle Eastern investors are pouring money into US media, sports, and entertainment — here are the 9 most active players and their key leaders
▼ + stars: | 2023-06-05 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +10 min

Investors in Saudi Arabia, Qatar, and United Arab Emirates are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

Persons: Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, WME, Jimmy Finkelstein's, Abu Dhabi's, It's, Yasir Al, Rumayyan, Waleed bin Ibrahim Al Ibrahim, Sam Barnett, Peter Smith —, Christina Wayne, SRMG, Mohammed bin Salman, Alrashid, Johnny Depp, Jeanne du Barry, Sharon Stone, Bruno Mars, Luca Guadanigno, Vince McMahon's, Turki Al, Mohammed bin Abdulrahman bin Dayel, Mansoor bin Ebrahim Al, Mahmoud, Peter Chernin, Nasser Al, Germain, BeIN, Sheikha Al Mayassa bint Hamad, Khalifa Al, Vincent, Asghar Farhadi's Oscar, Nart Bouran, JAF, Jeff Zucker, Graydon Carter's, it's, Semafor, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Mansour, Sultan Ahmed Al Jaber Organizations: United, Sovereign, Saudi, Washington Post, Saudi Crown, Endeavor, UFC, IMI, Abu Dhabi Media Investment Corporation, Public Investment Fund, Saudi Aramco, Newcastle United, English football, PGA, MBC, Shahid, Netflix, Vice Media, Variety, MBC Group's, Antenna Group, Cineflex Studios, NBCUniversal International, Amazon, AMC, Saudi Research, Media, Publicly, Red Sea, Cannes, Penske Media Corporation, Bloomberg Media, Vince McMahon's WWE, country's General Entertainment Authority, Development, Cultural Development Fund, George Washington University, American University . Qatar Qatar Investment, Qatar Investment Authority, Providence, BeIN Media, Paris Saint, Miramax, Paramount, Doha Film, Doha Film Institute, H.E, Hollywood Reporter, United Arab Emirates Abu, Investment Authority, UAE, Abu, Abu Dhabi Investment Authority, Hollywood, Dubai Studio, Dubai Media City, National Geographic, BBC News, International Media Investments International Media Investments, National, CNN, Sky News Arabia, Reuters, JAF Communications, Grid, RedBird Capital Partners, Punchbowl News, New York Times, Manchester City, The, Abu Dhabi National Oil Company Locations: Saudi Arabia, Qatar, United Arab Emirates, UAE, Saudi, East, North Africa, Al Arabiya, Netherlands, Greece, Dubai, Jeddah, SRMG, Riyadh, Doha, Europe, Americas, ViacomCBS, Qatari, Thani, Abu Dhabi

☆ Saudi Arabia's PIF to acquire 30% of supermarket chain Tamimi Markets
▼ + stars: | 2023-06-01 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, June 1 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) plans to acquire a 30% stake in local supermarket chain Tamimi Markets Company, the kingdom's sovereign wealth fund said on Thursday. PIF, which has more than $620 billion in assets under management, said it signed a share subscription agreement to invest in Tamimi Markets. It said the transaction, which will involve a capital increase and subscription for new shares, aligns with the fund's strategy to enable the private sector and create Saudi national champions. "This investment aims to enable Tamimi Markets to realise its full potential, transforming it from one of the leading national grocery chains to a major regional chain," PIF said in an emailed statement. Reporting by Hadeel Al Sayegh; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: PIF, Hadeel Al Sayegh, David Goodman, Jason Neely Organizations: Saudi, Public Investment Fund, Tamimi Markets Company, Thomson Locations: DUBAI

☆ EV maker Lucid to raise about $3 billion from Saudi's PIF, others
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

PIF, which owns more than 60% of the company, has agreed to buy 265.7 million shares in a private placement for about $1.8 billion, Lucid said in a statement. The rest will be raised from a public offering of 173.5 million shares of common stock. The private placement implies a price of about $6.80 per Lucid share, compared with the stock's Wednesday close of $7.76. Lucid's cash and cash equivalents had dropped to $900 million at the end of the first quarter, from $1.74 billion in the previous quarter. Bank of America Corp (BAC.N) is acting as the book-running manager for the public offering and Lucid intends to use the net proceeds from both the public offering and the private placement for general corporate purposes.

Persons: Lucid, Sherry House, Kanjyik Ghosh, Akriti Sharma, Devika Organizations: Saudi Arabia's Public Investment Fund, Bloomberg News, Bank of America Corp, Thomson Locations: Saudi, Bengaluru

☆ EV maker Lucid announces $3 billion raise from Saudi public wealth fund and stock offering
▼ + stars: | 2023-05-31 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Electric vehicle maker Lucid announced plans to lay off 1,300 workers, 18 percent of its workforce, as part of a restructuring plan. Lucid Group said on Wednesday that it is raising about $3 billion through a new equity offering, with the majority coming from the Saudi fund that controls the luxury electric-vehicle maker. Lucid said that about $1.8 billion of the total will come from a private placement of stock with Saudi Arabia's Public Investment Fund (PIF). The remainder will be raised through a public offering of new shares that commenced Wednesday, the company said. Lucid had about $3.4 billion in cash and about $700 million in available credit lines as of March 31, according to its most recent report.

Persons: Lucid Organizations: Electric, Lucid, Saudi, Saudi Arabia's Public Investment Fund Locations: Newark , California

Search resuls for: "PIF"

25 mentions found