Saudi SWF merges golf outfit with US rival

golf

The US’s leading professional golf tournament announced on June 6 it would merge with a rival owned by Saudi Arabia’s sovereign wealth fund.

The deal combines the US PGA Tour and its European counterpart, the DP World Tour, with the Liv tournament, which is owned by Saudi Arabia’s Public Investment Fund (PIF). These will form “a new, collectively owned, for-profit entity”, according to a joint press release.

The PIF “will make a capital investment into the new entity to facilitate its growth

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