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All articles tagged with #pif

Saudi Arabia launches Ceer, its first homegrown EV brand with the Exobot duo
technology18 days ago

Saudi Arabia launches Ceer, its first homegrown EV brand with the Exobot duo

Ceer, Saudi Arabia’s first domestically produced automaker backed by the Public Investment Fund and Foxconn, unveils the Exobot sedan and SUV on an 800V platform with a tri‑motor setup delivering over 1,100 hp, 112 kWh packs and roughly 310–373 miles of range (NEC/NEF cycles). The cars feature falcon-wing doors, transparent lower door panels, halo cooling, and a 48-inch digital cockpit with OTA updates. The plan calls for seven models by 2030 and about 35,000 jobs by 2034, with production in King Abdullah Economic City as part of Vision 2030’s local‑factory push (Saudi Made).

via Ars Technica|
#ceer#ev#exobot
Mickelson’s 0.23% LIV stake surfaces as bankruptcy unfolds
business28 days ago

Mickelson’s 0.23% LIV stake surfaces as bankruptcy unfolds

Sportico reports Phil Mickelson owned a 0.23% stake in LIV Golf when it filed for Chapter 11, a detail surfaced in LIV’s 128-page bankruptcy filing showing a ownership split led by the Public Investment Fund (99%+ through PIF and affiliates) with 0.23% attributed to Mickelson as a current player. The revelation adds to LIV’s ongoing restructuring under BC Partners and raises questions about the fate of that stake and Mickelson’s future in golf after limited play in 2026, despite his past prominent role and joining bonus.

via Golfmagic|
#bankruptcy#business#liv-golf
Mickelson Revealed as LIV Golf's Hidden Shareholder in Bankruptcy Filing
business29 days ago

Mickelson Revealed as LIV Golf's Hidden Shareholder in Bankruptcy Filing

LIV Golf’s Chapter 11 filing lists a 0.23% stake held by a 'current player'—identified by sources as Phil Mickelson—making him LIV’s unnamed shareholder, while ownership sits at about 98.48% for the Public Investment Fund and 1.05% for Performance54; the document outlines a proposed restructuring that would shift roughly 52.5% of ownership to players and details how pre-bankruptcy agreements would be handled as LIV pursues a reimagined tour.

via Sportico.com|
#bankruptcy#business#chapter-11
LIV Golf Files for Chapter 11, Plans Player-Owned Restructuring
business1 month ago

LIV Golf Files for Chapter 11, Plans Player-Owned Restructuring

LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey, after facing a looming Saudi PIF funding cliff and attempting to raise up to $350 million. The company struck a restructuring support agreement with BC Partners and will seek court approval to reorganize, with PIF providing about $49.6 million in debtor-financing to keep operations afloat. The plan envisions the venture becoming majority-owned by its players, with BC Partners Credit and other minority investors financing the post-bankruptcy structure. LIV continues talks with players and remains focused on a fan- and player-owned ownership model as it pursues a transformative path beyond the current upheaval.

via CNBC|
#bankruptcy#bc-partners#business
LIV Golf Reboots With Chapter 11 Shield, Player Equity and New Investor
business1 month ago

LIV Golf Reboots With Chapter 11 Shield, Player Equity and New Investor

LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey, entering a court-supervised restructuring funded by a $49.6 million debtor-in-possession loan from the Saudi Public Investment Fund after it pulled long-term funding. A new investor, BC Partners, is lined up to back the league’s next phase as LIV shifts to a sustainable, player-centric model that returns commercial rights to players and offers equity, with prize purses, field sizes, and formats reworked to be between PGA Tour and DP World Tour levels. The move aims to build a lasting global golf business and a framework for growth with more national-identity teams and a broader field, while the players gain greater earning potential.

via BBC|
#bankruptcy#bc-partners#business
LIV Golf on the Brink: Bankruptcy Looms as 2027 Revival Plans Falter
business1 month ago

LIV Golf on the Brink: Bankruptcy Looms as 2027 Revival Plans Falter

LIV Golf is reportedly nearing Chapter 11 as a promised $300M lead investor fails to materialize, pushing a leaner 2027 circuit; the Saudi PIF plans a $100M debtor-in-possession loan to facilitate bankruptcy, while the league negotiates settlements with players like Bryson DeChambeau and Jon Rahm who face three options: stay with a reduced payout in a 10-event LIV 2.0, walk away with a partial payout, or fight in bankruptcy court for full recovery.

via essentiallysports.com|
#bankruptcy#bryson-dechambeau#business
LIV Golf Cuts Most Staff as It Promises a Lean 2.0 Revival
leagues1 month ago

LIV Golf Cuts Most Staff as It Promises a Lean 2.0 Revival

LIV Golf informed the majority of its U.S. and U.K. employees that their jobs will end in early September as funding from Saudi Arabia’s PIF ends and the tour pivots to a leaner “LIV 2.0” plan. The company filed a WARN notice, aims for roughly 10 events per year, and targets profitability within three years, while pursuing new funding—about $250–$350 million—with a term sheet tied to a backer identified by reports as BC Partners’ credit arm—to keep LIV operating beyond 2026.

via Sportico.com|
#bc-partners#layoffs#leagues
LIV Golf Cuts Staff While Pursuing Investor Lifeline
business1 month ago

LIV Golf Cuts Staff While Pursuing Investor Lifeline

LIV Golf plans to lay off most of its staff next week after the Public Investment Fund signaled it would end funding after this season, pushing the league to seek new investors; a BC Partners term sheet suggests a possible path forward, but executives warn bankruptcy or drastic restructuring may be needed as funding dwindles. Most employees will leave by Sept. 1, with a small group remaining during a transition to ‘LIV 2.0’ as the league pursues a lean 2027 10-event schedule with player equity. The upheaval follows vendor lawsuits, threats from the DP World Tour over fines, and uncertainty over PGA Tour recourse for LIV players.

via The New York Times|
#business#investors#layoffs
Hatton optimistic LIV Golf will roll on next season amid funding squeeze
sports1 month ago

Hatton optimistic LIV Golf will roll on next season amid funding squeeze

Tyrrell Hatton says LIV Golf is expected to continue next year despite layoffs as the circuit seeks about $350m in funding after losing backing from Saudi Arabia’s PIF; a potential new backer has been identified but no funding is confirmed, and LIV has begun cutting staff. Hatton will finish the year on the DP World Tour, while Ryder Cup captain Luke Donald hopes the strongest LIV players are in contention for the team; the ongoing uncertainty has complicated Ryder Cup qualification decisions, including consideration of awarding LIV points.

via BBC|
#funding#liv-golf#pif
Garcia's Masters Meltdown Accelerates Saudi LIV Funding Exit
sports1 month ago

Garcia's Masters Meltdown Accelerates Saudi LIV Funding Exit

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.

via Awful Announcing|
#liv-golf#masters#pif
EA's Saudi takeover sparks culture, job-security fears amid debt-fueled expansion
business1 month ago

EA's Saudi takeover sparks culture, job-security fears amid debt-fueled expansion

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.

via Game Developer|
#business#ea#layoffs