Saudi Arabia makes big purchases: billion-dollar dispute in the Gulf ends with a sensation

Saudi Arabia buys big
Billion dispute in the Gulf ends with a sensation

Saudi Arabia continues its shopping spree in world sports. The conflict between the LIV Tour, financed by Saudi millions, and the US golf tour PGA has been settled – with a merger. Instead of meeting in court, a joint organization is now emerging.

The dispute between the major golf organizations PGA Tour and DP World Tour and the LIV Tour, financed from Saudi Arabia, has surprisingly been settled. In a joint press release, the parties announced that they had reached a “groundbreaking agreement to unify the sport of golf” and that they would work together in the future. Accordingly, a Saudi Arabian sovereign wealth fund (PIF, Public Investment Fund), which was previously involved in the LIV Tour, is now also a shareholder in a new joint organization.

“After two years of disruption and distractions, this is a historic day for the game we all know and love,” said PGA commissioner Jay Monahan, who will become chief executive officer of the new trading company. PIF boss Yasir Al-Rumayyan gets the post of chairman. US reporter Dan Rapaport tweeted that the PGA Tour pros knew absolutely nothing about this, anonymously quoting the words “Shocked and confused” and “Disgusted. They didn’t tell us anything.”

With the agreement to work together in the future, all pending legal disputes between the parties involved were ended by mutual agreement. In addition, after the 2023 season, opportunities should be created for players to return from the LIV Tour to the PGA Tour or the DP World Tour.

The LIV tournaments have been criticized since their debut in June 2022 because of the millions invested from Saudi Arabia. The background is that the country, which has been criticized for human rights violations, is trying to improve its image with lucrative sporting events. Numerous top golfers followed the call of money and switched to the competing series – including the German Martin Kaymer. The US PGA Tour had barred professionals participating in the competitive competition.

Now the Saudi state fund PIF is part of a new company that is supposed to bundle the tours’ business. A name for the new organization, which also aims to further promote the team format introduced by the LIV Tour, is yet to be announced.

Phil Mickelson, one of the LIV tour’s biggest stars, tweeted, “Today is a good day” – then glossed over replies that it’s only a good day for those who condone “state-sponsored terrorism” and “bloody money”. would.

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