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Among the proposals is for Monahan to be CEO of a new for-profit company in which PIF, the PGA Tour and European tour pool commercial business and rights.
And of course, I would particularly like to call out the PIF, who have not only been a committed investor but really an incredible strategic partner.
Around the same time, Brazilian meatpacking giant BRF agreed to enter a joint venture with PIF-backed Halal Products Development Company, days after another PIF subsidiary, SALIC, acquired a 10.7-percent stake in BRF, according to the Reuters news agency.
Source: https://www.newsamericasnow.com/strategic-partners-a-look-at-burgeoning-saudi-brazil-trade-ties/
As part of the deal, Saudi Arabia's Public Investment Fund (PIF), which has bankrolled LIV Golf, would serve as the exclusive investor.
Source: https://www.heraldlive.co.za/sport/2023-12-21-arrogant-tour-chiefs-doing-a-bad-job-says-hovland/
Before PGA and PIF officials began negotiating, Roger Devlin, chairman of a UK-based public housebuilding company Persimmon PLC, sent an email that popped into Dunne’s inbox in early December.
Source: https://fortune.com/2023/07/11/senate-golf-pga-tour-saudi-arabia-uk-businessman-emails-antitrust/
Calls for it to be re-examined initially sprung from a legal dispute between the PGA Tour and the breakaway LIV Golf organisation, backed by Saudi Arabia’s PIF.
Following the acquisition, a PIF statement read: “The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports.”
In a similar arrangement in July, Saudi Arabian Mining Co (Ma’aden) and the Saudi Public Investment Fund (PIF) acquired 10% of Brazilian Vale’s base metal unit, while U.S. investment firm Engine No. 1 acquired 3%.
Source: https://www.shorenewsnetwork.com/2023/09/10/us-saudi-arabia-in/
In June, the PGA and DP World Tours announced they had a ‘framework agreement’ to merge with the Saudi Arabian Public Investment Fund (PIF), which has pledged $2bn (£1.6bn) of support to LIV.
In June the world of sport was left in shock, after the PGA Tour announced they were set to end their feud with a deal with PIF and the DP World Tour.
Source: https://www.mirror.co.uk/sport/golf/phil-mickelson-pga-tour-liv-31778461
In this scribe’s eyes, it’s only a matter of time before the PIF makes a wave in the West, even if it’s not a massive one right away.
Source: https://awfulannouncing.com/wwe/winners-losers-wwe-merger-endeavor-ufc.html
“PIF cannot have it both ways: if it wants to engage with the United States commercially, it must be subject to United States law and oversight,” Blumenthal said.
The golf world has been waiting to hear from Tiger Woods ever since the blockbuster news involving the PGA Tour and the Saudi’s PIF merger.
The PIF, independent states where according to Reuters up to half of the world’s tuna is sourced, was crucial in forcing Japan’s apparent retreat.
The PIF warned that contaminating the Pacific could harm the fishing that its economies depend on.
The report reiterates claims from earlier this week, talking about Newcastle's agreement with fellow PIF owned clubs to do deals with one another.
“We also anticipate advancing our negotiations with PIF in the weeks to come,” the board said in the email to tour membership.
Whereas the temptation could have been there to go bigger, as the PIF have with, say, the Saudi Pro League or LIV Golf, the club have adopted a more considered approach rather than playing up to the inaccurate 'richest club in the world' moniker.
With its estimated reserves of more thasn £500bn, PIF can afford to spend big.
Source: https://www.theguardian.com/world/2023/jun/10/saudi-arabia-golf-takeover-strategy