"LIV Golf announced Thursday that it has established a new independent board that will attempt to keep the league afloat utilizing a 'diversified, multi-partner investment model.' In other words, a model that doesn't include PIF."
"PIF Governor Yasir Al-Rumayyan no longer will serve as LIV Golf chairman, another unmistakable signal that the Saudi sovereign wealth fund worth an estimated $1 trillion is cutting ties with financially troubled LIV."
"LIV Golf was supposed to be a key component in Saudi Crown Prince Mohammed bin Salman's 'Vision 2030' plan to diversify the kingdom's economy away from oil."
"PIF has invested more than $5 billion into LIV Golf since it was launched in 2022 and is reportedly spending $100 million."
LIV Golf has announced the establishment of a new independent board to sustain the league without the financial backing of the Saudi Public Investment Fund (PIF). PIF Governor Yasir Al-Rumayyan will no longer serve as chairman, indicating a significant withdrawal of support. LIV Golf was intended to be part of Saudi Arabia's Vision 2030 but has struggled to gain viewership and sponsorship. Despite efforts to merge with the PGA Tour, no agreement was reached, leading PIF to refocus on less costly initiatives after investing over $5 billion in LIV Golf.
Read at Los Angeles Times
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