Earlier this week, when LIV Golf, backed by Saudi Arabia’s Public Investment Fund (PIF), and the PGA Tour agreed to merge, pending government approval, the news sent shockwaves not only throughout the golf world but the entire sports world, in part because the country will have its financial fingerprints all over the global game of golf.
PIF’s financial takeover of the PGA Tour is not the sovereign wealth fund’s only foray into the sports world. For instance, PIF bought an 80 percent stake in Newcastle United of the English Premier League in October 2021 and recently took majority control of four Saudi Pro League soccer clubs, including Cristiano Ronaldo’s club Al Nassr.