All articles tagged with #public investment fund
Originally Published 3 months ago — by Eurogamer
Human Rights Watch criticizes the proposed $55 billion buyout of EA by Saudi Arabia's Public Investment Fund, highlighting concerns over the fund's links to human rights abuses and the use of state wealth for vanity projects, raising ethical questions about the involvement of Saudi interests in the gaming industry.
Originally Published 3 months ago — by GamesIndustry.biz
Electronic Arts is set to be acquired by a group of investors including the Public Investment Fund, Silver Lake, and Affinity Partners for $55 billion, in the largest all-cash sponsor buyout in history, with the deal expected to close in Q1 FY27. CEO Andrew Wilson will remain in his role, and the transaction involves a significant increase in PIF's stake in EA.
Originally Published 1 year ago — by Sports Illustrated
Saudi Arabia's Public Investment Fund is reportedly close to acquiring a 6% stake in PGA Tour Enterprises, valuing the company at around $12 billion. This move could mark a significant step towards resolving the ongoing conflict between the PGA Tour and LIV Golf, as it may lead to collaboration with the DP World Tour, potentially allowing LIV Golf players access to the European circuit. The deal is still subject to regulatory approval.
Originally Published 1 year ago — by Golfmagic.com
RBC is hesitant to renew its sponsorship of PGA Tour events due to uncertainties in men's professional golf, particularly the unresolved framework agreement between the PGA Tour and LIV Golf's backers, the Public Investment Fund of Saudi Arabia. This hesitation follows the departure of other major sponsors like Honda and Wells Fargo, raising concerns for PGA Tour officials.
Originally Published 2 years ago — by ESPN
The PGA Tour is nearing a multibillion-dollar deal with a group of U.S. sports team owners, including the Boston Red Sox and Atlanta Falcons, to create a new for-profit entity called PGA Tour Enterprises. The tour is also in talks with Saudi Arabia's Public Investment Fund (PIF), which is financing the rival LIV Golf League. If deals are reached with both Strategic Sports Group and the PIF, over $7 billion could be infused into PGA Tour Enterprises. The agreements aim to stabilize the sport amidst player defections and a federal antitrust lawsuit, but they still need to be scrutinized by the U.S. Department of Justice.
Originally Published 2 years ago — by New York Post
Masters champion Jon Rahm, who recently signed with the Saudi-backed LIV Golf, has stated that he will avoid public events until February and has been given strict instructions not to do interviews. Rahm's surprise move to LIV Golf, for a reported minimum of $300 million, is seen as another blow to the PGA Tour, which has lost several stars to the breakaway league enticed by lucrative paydays.
Originally Published 2 years ago — by CNBC
Fenway Sports Group, along with a coalition of U.S. sports investors called Strategic Sports Group, is in the final stages of negotiations to become co-investors in a potential deal between the PGA Tour and Saudi Arabia's Public Investment Fund (PIF). The consortium, which includes investors such as Wyc Grousbeck, Tom Ricketts, and Steve Cohen, has been selected after a thorough review of other offers. The PGA Tour aims to continue negotiations with the PIF in the coming weeks, as time is running out to finalize the deal by December 31. The deal has faced resistance from PGA Tour players and scrutiny from lawmakers concerned about Saudi Arabia's intentions.
Originally Published 2 years ago — by The Guardian US
The Senate's permanent subcommittee on investigations has issued a subpoena to Saudi Arabia's $700 billion sovereign wealth fund, the Public Investment Fund (PIF), after it refused to comply with voluntary information requests regarding its US dealings. The subpoena targets the PIF's US subsidiaries and is related to the group's proposed golf deal and other investments in the United States. Senators expressed concern over the lack of transparency and accountability of the PIF, which is seen as closely tied to Crown Prince Mohammed bin Salman. The hearing also delved into Saudi Arabia's human rights abuses, alleged involvement in the 9/11 attacks, and objections to its attempts to acquire national assets.
Originally Published 2 years ago — by Golf Channel
Yasir Al-Rumayyan, the governor of Saudi Arabia's Public Investment Fund, has declined a request to testify before the Permanent Subcommittee on Investigations, citing concerns of foreign sovereignty and international comity. Attorneys for Al-Rumayyan argued that he is an "inappropriate witness" due to being bound by the Kingdom's laws regarding the confidentiality of certain information. However, two U.S. District Court judges previously dismissed similar sovereignty concerns raised by Al-Rumayyan and the Public Investment Fund in an antitrust case. Senator Richard Blumenthal, who made the request, responded by stating that U.S. law exempts certain commercial activity from sovereign immunity and that typical investor activities should not be considered confidential information that would adversely affect Saudi Arabia. Blumenthal has given Al-Rumayyan a deadline to propose alternative dates for testimony or face potential legal action to compel compliance.
Originally Published 2 years ago — by Reuters
The Saudi Arabian Public Investment Fund (PIF) announced that its assets under management (AUM) have surpassed 2.23 trillion riyals ($594.43 billion) in 2022, compared to 1.98 trillion riyals in 2021. The PIF reported a total shareholders' return of 8% and established 25 companies in 2022. It also disclosed that 23% of its AUM were international investments, while 68% were local investments. The PIF is a key component of Crown Prince Mohammed bin Salman's economic agenda to reduce reliance on oil.
Originally Published 2 years ago — by Golf Channel
Jon Rahm takes a softer stance compared to other golfers regarding the PGA Tour's framework agreement with the Public Investment Fund of Saudi Arabia. Rahm believes that PGA Tour commissioner Jay Monahan deserves time to work through the details and that loyal players don't necessarily need to be compensated. While some players express anger and confusion, Rahm maintains faith in Monahan and believes that the best interest of the players is still at heart. The key issues to be resolved include compensation for loyal players and the reintegration of defectors back into the Tour. Rahm acknowledges the need for punishment but is unsure of the severity or whether the players who left even want to return.
Originally Published 2 years ago — by USA TODAY
The PGA Tour, Saudi Arabia's Public Investment Fund, and DP World Tour have signed a "framework agreement" that merges the three entities and creates a board to determine the future of LIV Golf. The new venture, referred to as NewCo, will be controlled by a Tour majority, with PGA Tour Commissioner Jay Monahan serving as CEO and Public Investment Fund governor Yasir Al-Rumayyan as chairman. The Public Investment Fund will also be a premier corporate sponsor, with its name as a title sponsor for at least one high-profile event.
Originally Published 2 years ago — by The Athletic
Speculation has arisen that Chelsea may be "cheating" football's financial fair play rules by selling their surplus stars for inflated fees to Public Investment Fund (PIF)-controlled Saudi Pro League clubs, which has invested with Chelsea's majority owner Clearlake Capital. PIF has recently bought majority stakes in the four biggest clubs in the Saudi Pro League, as well as pouring millions into other sports-related projects. Chelsea have declared their ultimate owners, but questions remain about whose money Clearlake is actually investing, which is where the questions about PIF come in.
Originally Published 2 years ago — by Golf Channel
Davis Love III, a five-time PGA Tour policy board member, has written an open letter to the Tour's commissioner and membership, calling for patience in the wake of the "framework" agreement between the Tour and the Public Investment Fund (PIF) of Saudi Arabia. Love expressed confidence in the Tour's decision-making process and emphasized the importance of player input in any future decisions. Players have criticized the secrecy of the agreement and the lack of player input.
Originally Published 2 years ago — by CBS Sports
Saudi Arabian clubs are in talks to sign several Chelsea players, including N'Golo Kante and Hakim Ziyech, which could provide a financial bailout for the club after a disastrous spending spree. The Public Investment Fund (PIF) is reportedly managing billions of pounds of assets, including those at Stamford Bridge, and is offering high salaries to lure top European players to the Saudi Pro League. The potential departures of these players could significantly reduce Chelsea's wage bill and provide breathing space for the club, which lost £121 million in the 2021-22 season.