All articles tagged with #saudi public investment fund
Rory McIlroy defended the PGA Tour, saying those who decline to return from LIV “don’t want to play here” and that such a choice “says something about you.” He noted LIV is pursuing alternative funding amid the Saudi fund’s pullback and that bridges would be needed for potential reintegration, while acknowledging some LIV players may continue competing outside the PGA Tour and that any decision should strengthen the sport overall.
LIV Golf’s CEO signaled that Saudi-backed funding could end after the 2026 season, with the league insisting it will run through 2026 while future support remains uncertain; eight tournaments are left in the current season as the organization pursues a long-term plan.
Lucid Motors named Silvio Napoli, an industry outsider and former CEO of Schindler Group, as its new CEO to replace interim leader Marc Winterhoff. Napoli will relocate to the U.S. as the company also confirms a fresh $750 million runway: $550 million from the Saudi Public Investment Fund and $200 million more from Uber, which will increase its Gravity SUV order to 35,000 for robotaxi use (up from 20,000). The automaker has struggled with production volumes, cut about 12% of its workforce, and is betting on the Cosmos and Earth EVs later this year.
The PGA Tour and Saudi-backed LIV Golf are in active discussions about a proposed merger, one year after announcing their intention to join forces. The talks, involving key figures like Rory McIlroy and Tiger Woods, have intensified with frequent meetings. While financial terms are mostly agreed upon, the focus is now on player-related decisions. The merger, if completed, could significantly alter professional golf, despite backlash from players and lawmakers.
Electric vehicle startup Lucid (LCID) has secured a $1 billion investment from Saudi Public Investment Fund (PIF) affiliate Ayar Third Investment Co. The funding will support the launch of Lucid’s first electric SUV, the Gravity, later this year. The investment comes as Lucid aims to accelerate deliveries, reduce costs, and boost sales following a net loss of $653.8 million in Q4. Despite the financial challenges, the company ended the quarter with over $4.3 billion in cash equivalents and investments. The Gravity SUV is expected to enter production later this year, with hopes of sparking momentum for the company.
Tiger Woods expressed openness to the Saudi government's Public Investment Fund (PIF) being an investor in the PGA Tour, despite ethical concerns raised by some players. The PGA Tour has already agreed to a $3 billion deal with Strategic Sports Group, potentially making the PIF deal unnecessary. The money from SSG could mean $930 million in equity distributed to players, with an additional $600 million in recurring grants. Some players see a potential deal with LIV Golf backers as a unification for the two golf leagues, but others question the need for it.
Jon Rahm, who recently joined LIV Golf for over $400 million, is not allowed to make public appearances until February, according to a report. The move comes as LIV Golf, backed by the Saudi Public Investment Fund, has become a major rival to the PGA Tour and has signed several top golfers. While it is unclear whether the restriction is self-imposed or imposed by LIV Golf, Rahm's departure from the traditional golfing world may have prompted the decision.
LIV Golf, backed by the Saudi Public Investment Fund, struggled to secure major broadcast deals, leading to questions about the future of the upstart league. Last week's agreement between LIV and the PGA Tour raises questions about the future of the league. Even if the deal gets through antitrust regulators, it's unclear whether LIV will exist beyond this year. The most important question hanging over this new PGA-LIV entity is whether the former brand will exist at all. Last year, much of the controversy surrounding LIV focused on criticism the Saudis were continuing their 'sportswashing' campaign through golf.
The Saudi Public Investment Fund is reportedly planning to create a compensation fund for PGA Tour loyalists who turned down millions to remain with the PGA instead of joining LIV Golf. The amount of compensation has yet to be determined. Meanwhile, LIV Golfers will reportedly be able to keep the money they were paid. The PGA Tour and PIF have merged, causing controversy among players, but the hope is that having top players from both sides will move golf forward.