The LIV Golf Tour is a relatively new professional golf tour that was launched in 2021. It was founded by the Saudi Golf Federation, with the aim of promoting golf in the Kingdom of Saudi Arabia and showcasing the country as a top golfing destination.
The Saudi Golf Federation is a non-profit organization that was established in 2018. It is the national governing body for golf in Saudi Arabia, and is responsible for developing and promoting the sport in the country. The Federation is led by His Excellency Yasir Al-Rumayyan, who serves as its Chairman. Al-Rumayyan is also the Governor of the Public Investment Fund (PIF), which is the sovereign wealth fund of Saudi Arabia.
The Public Investment Fund (PIF) is the main financial backer of the LIV Golf Tour. The PIF is a key component of Saudi Arabia’s Vision 2030, which is a plan to diversify the country’s economy and reduce its dependence on oil. The PIF has been given the task of investing in strategic sectors that will help to achieve these goals, and sports is one of them.
The PIF has made several high-profile investments in sports in recent years, including the acquisition of a majority stake in Premier League football club Newcastle United. The PIF is also the majority shareholder in the Saudi Professional League, which is the top tier of professional football in Saudi Arabia.
In addition to the PIF, the LIV Golf Tour also has several other investors. These include Golf Saudi, which is a subsidiary of the Saudi Golf Federation, and the Golf Environment Organization (GEO), which is a non-profit organization that promotes sustainable golf.
The LIV Golf Tour has already attracted some big names in the world of golf, including former world number one, Justin Rose, and European Tour stalwart, Henrik Stenson. The Tour offers a total prize fund of $100 million, which is significantly higher than many other professional golf tours.
In conclusion, the LIV Golf Tour is owned by the Saudi Golf Federation, which is backed by the Public Investment Fund of Saudi Arabia. The PIF is the main financial backer of the Tour and has made significant investments in sports as part of Saudi Arabia’s Vision 2030 plan. The Tour also has other investors, including Golf Saudi and the Golf Environment Organization. With a total prize fund of $100 million, the LIV Golf Tour is already attracting some of the biggest names in golf and is set to become a major player in the world of professional golf.