It was always all about the money.
of the yet-to-be-named new company — spoke with the Tour’s employees and explained the rationale behind the decision.“We cannot compete with a foreign government with unlimited money,” Monahan said the Wall Street Journal reported. “This was the time….We waited to be in the strongest possible position to get this deal in place.”
ESPN reported that the PGA Tour had spent “tens of millions of dollars” in legal fees in its fights with LIV.On top of that, the PGA Tour had reportedly dipped into $100 million of its reserves to fund its upcoming schedule and events.Conversely, the Saudi Public Investment Fund — which owned and bankrolled LIV — is considered one of the world’s largest sovereign wealth funds with over $600 billion in assets.
Above Al-Rumayyan, the PIF is headed by Saudi Arabia’s Crown Prince and de-facto ruler Mohammad bin Salman, who was accused of ordering the killing of journalist Jamal Khashoggi.“He’s a very impressive man,” the star golfer. “Harvard Business School, runs 700 or 800 billions worth of dollars, and invested in a ton of different companies. He’s a very smart, impressive man.”
After mentioning his daughters by name, Monahan paused before continuing, per the Wall Street Journal.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Golf's PGA Tour and LIV merger is the latest power play by Saudi ArabiaObservers say the PGA Tour and LIV merger is the Saudis’ latest attempt to flex their influence across a breadth of American institutions and mine economic opportunities in spite of tense relations with the West in recent years.
Read more »
Golfers who remained with PGA Tour over LIV Golf to receive equity in new merged leagueThe PGA Tour is starting to formulate a plan to 'reward' golfers who remained loyal to the league over LIV Golf.
Read more »
After shock LIV Golf-PGA merger, what sports are next for Saudis?The Saudis’ Public Investment Fund has recently thrown mega bucks at the world’s best soccer players and reportedly made a run at WWE and Formula 1.
Read more »
Could PGA Tour-LIV merger impact Harding Park?'It's too soon to fully understand the structure or ramifications.' San Francisco officials are unsure how the PGA Tour's controversial merger with the Saudi-backed LIV Golf will impact The City-owned TPC Harding Park.
Read more »
The PGA Tour’s Antitrust Problem Isn’t Going Away With LIV MergerThe PGA Tour-LIV Golf merger stunned the golf world. But for an industry already under investigation by the Justice Department for antitrust violations, it might not stand up to federal scrutiny.
Read more »
Column: Farmers Insurance Open awaits waves from PGA Tour-LIV mergerParternership with divisive golf group has range of potential impacts for Tour stops, including San Diego
Read more »