Saudi Wealth Fund Scales Back LIV Golf Amid Financial Strain
The Public Investment Fund, Saudi Arabia's sovereign wealth fund, is expected to reduce its support for the controversial LIV Golf series as it faces mounting financial pressures.
Saudi Arabia's influential sovereign wealth fund, the Public Investment Fund (PIF), is set to scale back its involvement with the LIV Golf series as the fund faces increasing financial pressures. Yasir Al-Rumayyan, the head of the PIF, had been a driving force behind the launch of the breakaway golf league, which has drawn criticism and controversy for its ties to the Saudi government.
The PIF's decision to back away from its LIV Golf commitments comes as the fund grapples with a range of financial challenges, including the impact of global economic headwinds and the ongoing COVID-19 pandemic. The fund, which has assets under management estimated at around $600 billion, has been forced to reevaluate its investment priorities and tighten its belt in response to these mounting pressures.
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The LIV Golf series, which launched in 2022, has faced significant backlash from the traditional golf establishment, including the PGA Tour, which has banned players who have participated in the rival league. The series has also been criticized for its alleged ties to the Saudi government's efforts to
Source: The New York Times
