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LIV Golf Tour's Saudi PIF has large stake in "PGA Tour Fan Shop" and Fanatics
Posted on 6/13/22 at 5:16 pm
Posted on 6/13/22 at 5:16 pm
Pro Golf Weekly
The PGA Tour’s memo on Thursday, which announced the suspensions of players who teed it up in London, referred to Greg Norman’s breakaway tour as the “Saudi Golf League,” instead of by its name: LIV Golf Invitational Series.
This was a purposeful jab to make sure everyone knew that their competition was being funded by Saudi money.
With that virtuous flex, we decided to review the PGA Tour’s partners and take a peek behind the curtains – making sure they’re not hypocrites.
The first thing we found was off-the-charts ironic: the Saudi PIF (Public Investment Fund) – the same fund that is underwriting the LIV Golf tour – has a stake in the PGA Tour Fan Shop.
The PGA Tour Fan Shop is a white labelled Fanatics, a company now valued at $100 billion. In 2017, though, it had a valuation of $4.5 billion after receiving a $1 billion investment from Saudi PIF-backed SoftBank Vision Fund. The majority stakeholder, at 45%, is Saudi PIF, with 28% owned by SoftBank and 15% by Mubadala Investment Company (Govt of United Arab Emirates).
The PGA Tour’s memo on Thursday, which announced the suspensions of players who teed it up in London, referred to Greg Norman’s breakaway tour as the “Saudi Golf League,” instead of by its name: LIV Golf Invitational Series.
This was a purposeful jab to make sure everyone knew that their competition was being funded by Saudi money.
With that virtuous flex, we decided to review the PGA Tour’s partners and take a peek behind the curtains – making sure they’re not hypocrites.
The first thing we found was off-the-charts ironic: the Saudi PIF (Public Investment Fund) – the same fund that is underwriting the LIV Golf tour – has a stake in the PGA Tour Fan Shop.
The PGA Tour Fan Shop is a white labelled Fanatics, a company now valued at $100 billion. In 2017, though, it had a valuation of $4.5 billion after receiving a $1 billion investment from Saudi PIF-backed SoftBank Vision Fund. The majority stakeholder, at 45%, is Saudi PIF, with 28% owned by SoftBank and 15% by Mubadala Investment Company (Govt of United Arab Emirates).
This post was edited on 6/13/22 at 5:17 pm
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Posted on 6/13/22 at 5:18 pm to MrLSU
quote:
The PGA Tour Fan Shop is a white labelled Fanatics, a company now valued at $100 billion. In 2017, though, it had a valuation of $4.5 billion after receiving a $1 billion investment from Saudi PIF-backed SoftBank Vision Fund. The majority stakeholder, at 45%, is Saudi PIF, with 28% owned by SoftBank and 15% by Mubadala Investment Company (Govt of United Arab Emirates).
Posted on 6/13/22 at 5:19 pm to MrLSU
The pure and virtuous PGA TOUR better be careful mocking competition while sitting in that big glass house of theirs.
Posted on 6/13/22 at 5:20 pm to Jwho77
quote:
The pure and virtuous PGA TOUR better be careful mocking competition while sitting in that big glass house of theirs.
This public shaming done by the PGA and their lackeys was always going to blow up in their face.
Posted on 6/13/22 at 5:23 pm to MrLSU
Well well well
Posted on 6/13/22 at 5:24 pm to MrLSU
yeah but 9/11
Posted on 6/13/22 at 5:27 pm to MrLSU
Excuse the ripe odor of hypocracy emanating from the Press tent and the Golf Channel set.
Posted on 6/13/22 at 5:36 pm to MrLSU
But would the LIV guys play for Putin?
Because apparently that’s what matters most
Because apparently that’s what matters most
Posted on 6/13/22 at 5:41 pm to MrLSU
Brandel Chamblee and Eamon Lynch
Posted on 6/13/22 at 5:44 pm to Pedro
Fowler,Wolfe, and Kokrak must have gotten word the Saudi's own a sizeable chunk of PGA operations, and figured it didn't matter anymore. They've bolted to 54.
Posted on 6/13/22 at 5:58 pm to OchoDedos
Not surprised about Fowler or Wolfe, both have been floundering lately.
I wonder what going to happen to Fowler's many endorsement deals though?
I wonder what going to happen to Fowler's many endorsement deals though?
Posted on 6/13/22 at 6:35 pm to MrLSU
Hipocricy at its finest…..PGA tour
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Posted on 6/13/22 at 6:41 pm to MrLSU
I’ve been properly propagandized at this point. frick the PGA. LFG LIV.
Posted on 6/13/22 at 6:59 pm to MrLSU
6 months ago Monohan approved players for a tournament in Saudi Arabia backed by the saudi government. Now he wants to play the 9/11 card. So cringy.
Posted on 6/13/22 at 8:18 pm to BBONDS25
No way Norman doesn’t publicize this info next time he’s in front of a microphone.
Posted on 6/13/22 at 9:14 pm to MrLSU
Well, how bout that! Charles Barkley basically told Chamblee to shut the hell up about Phil tonight. Chamblee was dead silent.
Posted on 6/13/22 at 9:29 pm to zippyputt
And of course once they heard a different opinion, sorry Charles, we need to go and you are wrong. I'm starting to really fricking hate the Golf Channel.
Posted on 6/13/22 at 9:42 pm to pbro62
quote:
Hipocricy
Posted on 6/13/22 at 9:43 pm to SDwhodat
quote:
And of course once they heard a different opinion, sorry Charles, we need to go and you are wrong. I'm starting to really fricking hate the Golf Channe
Rich Lerner tells him they don’t have time to get into it like he’s gonna end it there and then throws in the Lebron leaving to start a rival league to the nba and ends the segment without letting him respond
These douchebags along with Monahan are really starting to make me hate them and care about this when I really didn’t before. Just shut the frick up about it and move on
Posted on 6/13/22 at 9:44 pm to SDwhodat
quote:
And of course once they heard a different opinion, sorry Charles, we need to go
They cut him off pretty quickly, didn’t they
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