All articles tagged with #pif
A Financial Times report suggests Sergio Garcia's outburst at the 2026 Masters accelerated the Saudi Public Investment Fund's decision to pull funding from LIV Golf, though discussions were already underway; the PIF, focusing on domestic commitments, reportedly used the incident as a catalyst to end its LIV financing, with internal talks having begun prior to Garcia's incident.
A Financial Times report links Sergio Garcia’s Masters meltdown—where he damaged the tee box and later snapped his driver—to the Public Investment Fund’s decision to cut LIV Golf’s financing, underscoring the league’s financial strain as it seeks new investors for 2027.
EA’s $55 billion take-private by a Saudi-led consortium including the PIF has ignited worker fears that creative direction and company culture could bend to Saudi interests, a concern amplified by allegations of “pixelwashing” and human-rights issues. Anonymous employees describe a widening exec–staff divide, worry about future layoffs or project cancellations to service a JP Morgan‑backed $20 billion debt, and note that vested stock may cushion some but not all. EA says there will be no immediate layoffs and vows continued investment, but many staff remain skeptical about the deal’s long-term impact on their jobs and on what gets greenlit.
LIV Golf canceled its planned 2026 Michigan championship, making the Indianapolis event (Aug. 20-23) the de facto season finale; amid loss of funding from the PIF, potential bankruptcy, unpaid contractors, and a pending PGL lawsuit, LIV’s future is uncertain as star players depart and talks with the PGA Tour/DP World Tour surface.
BC Partners’ credit arm is leading talks with a group of investors to lend LIV Golf money after Saudi Arabia’s Public Investment Fund pulled funding. No deal is finalized as discussions continue, with LIV Golf already preparing for a potential US bankruptcy filing and seeking an alternative cash lifeline.
A Saudi-led consortium led by the Public Investment Fund, with Silver Lake and Affinity Partners (led by Jared Kushner), completes a $55 billion cash acquisition of Electronic Arts, delisting the stock from Nasdaq. The deal, one of the largest leveraged buyouts ever, funds roughly $20 billion of debt via JPMorgan, and analysts expect EA to focus on its strongest franchises to service the debt while navigating potential IP and workforce implications.
Electronic Arts has been fully taken private by a consortium of investors—the Public Investment Fund of Saudi Arabia (PIF), Silver Lake, and Affinity Partners—for $55 billion, delisting its stock and paying shareholders $210 per share. The record-breaking all-cash deal ushers EA into a new chapter, but the future of certain studios and projects remains uncertain even as 2026 sports titles (Madden 27, FC 27, NHL 27, Star Wars Zero Company) and other planned releases are expected to proceed under the new ownership.
EA was taken private in a $55 billion deal led by Saudi Arabia’s Public Investment Fund, with Silver Lake and Jared Kushner’s Affinity Partners as investors; about $36B in equity and $20B in debt financing from JPMorgan, closing on August 4, 2026. EA will remain headquartered in Redwood City and preserve creative control, with no immediate layoffs promised.
Renowned golf journalist Alan Shipnuck says LIV Golf may have already held its final 2026 event as funding from Saudi Arabia’s Public Investment Fund winds down; with New Orleans postponed and a seven-week lull, the league is scrambling for new investors, and Front Office Sports has raised questions about having enough funds to finish the year. Whispered that Valderrama could be LIV’s last stop for now, while players push to keep the circuit alive despite $10 million purses, highlighting a need for a major pivot for 2027 and a market-driven fate.
Saudi Arabia ordered a temporary freeze on payments to strategy advisers, management consultants, and law firms across ministries and the Public Investment Fund as it weighs the economic impact of the Iran war; the order covers existing contracts and halts new consulting work until the end of June, with possible exemptions and some firms continuing short-term assignments, while the finance ministry says most invoices are paid within contractual terms.
LIV Golf is launching a roadshow to raise $250–$350 million from investors to recapitalize and pursue profitability after the PIF ends funding after 2026, with Ducera Partners guiding the effort and a new independent board in place; plans include expanded team-based events and potential bankruptcy steps as part of the restructuring.
LIV Golf is reportedly laying groundwork for a potential U.S. bankruptcy filing as a last resort if it cannot raise new funds after Saudi Arabia's Public Investment Fund ends funding at the close of the 2026 season; the league is seeking options, including new investors, while the fate of its star players and the league’s future remains uncertain as the season concludes in August.
LIV Golf is reportedly preparing to file for Chapter 11 bankruptcy in the United States if it cannot secure new funding after Saudi Arabia’s Public Investment Fund ends its support post-2026; the tour is weighing a relocation of its headquarters to the U.S. to exploit more favorable bankruptcy laws while it seeks alternative investors, following billions invested by the PIF to lure top players.
Rory McIlroy says LIV Golf’s future is uncertain as the Saudi backer PIF withdraws support, admitting he was wrong about a quick resolution; he notes funding tied to geopolitics has left LIV precarious and expects next year’s schedule to look very different, with players possibly leaving or returning to their former tours, while declining to know LIV’s deals. The move underscores that the PGA Tour and DP World Tour’s stance appears vindicated for standing their ground.
Rory McIlroy says he was wrong to oppose a PIF-backed LIV Golf path to unite the sport, as the PIF will stop funding LIV after this year and LIV leadership changes add uncertainty, though he still views reunification as the best outcome for golf.