Jon Rahm resolves his dispute with European tour as LIV Golf faces loss of Saudi funding
TL;DR
Jon Rahm has settled his financial dispute with the European tour, allowing him to compete in future events. Meanwhile, LIV Golf faces uncertainty as it loses its Saudi funding source, which could impact player contracts and event purses.
Key points
- Jon Rahm resolved his dispute with the European tour.
- LIV Golf is losing its chief financial backer, Saudi Arabia's sovereign wealth fund.
- Saudi Arabia has invested $5 billion in LIV Golf over five years.
- Rahm plans to participate in upcoming European tour events.
Mentioned in this story
O'Neil makes a pitch for LIV's value
O'Neil took questions from a LIV media official for 28 minutes inside the tennis building at Trump National Golf Club outside Washington before answering reporters' questions for 17 minutes. Behind him was a screen with the names of six sponsors, four of which are owned or backed by the PIF: Maaden, Riyadh Air, Roshn Group and Aramco. O'Neil mentioned sponsorships, ticket sales, television contracts and the league's global footprint as reasons for optimism that it could secure funding. The league plans to take its 13 franchises to market, and O'Neil said those teams would be offered to potential buyers with players in place. “The way the process will typically work — I may be getting ahead of myself — is that we're going to create a business plan, we're going to lock arms with the players, we will go to market and raise money on a top level, and then we will get investors in teams in that order,” O'Neil said. “The players on the team should be locked in.” Rahm acknowledged that players might have to accept less money to keep the league going. “I do believe that for the business plan to change, whatever they're coming up with, there will need to be some concessions on (players') part, yeah,” he said. \\\_ AP golf:
Q&A
What was the dispute between Jon Rahm and the European tour?
Jon Rahm's dispute with the European tour involved fines for playing in conflicting events, which he refused to pay until reaching an agreement.
How much funding has Saudi Arabia provided to LIV Golf?
Saudi Arabia's sovereign wealth fund has invested $5 billion in LIV Golf over five years, including $1 billion on player contracts.
What are the implications of LIV Golf losing Saudi funding?
The loss of Saudi funding could lead to reduced player purses and potentially impact the viability of LIV Golf moving forward.
What events does Jon Rahm plan to participate in after his settlement?
Jon Rahm plans to play in European tour events this fall, including the Spanish Open, unless family commitments interfere.
