Sports
Spoelstra: No need to penalize Ball any further
Erik Spoelstra supports no further penalties for LaMelo Ball after flagrant foul.
ESPN News1 min read
Sports
LIV Golf potential shutdown offers 'significant blow' to Saudi PIF
TL;DR
LIV Golf is facing a potential shutdown as Saudi Arabia's sovereign wealth fund may cut its support, with an announcement expected soon. The league has incurred significant losses since its inception five years ago, and external factors like the war in Iran could influence this decision.
We have a new report to add to the growing pile of them over LIV Golf potentially shutting down: With a reported "emergency" meeting for LIV execs in New York City, there's also more from a new article by the Financial Times.
"Saudi Arabia's sovereign wealth fund is on the verge of cutting its support for LIV Golf," it reads. "An announcement on the future of the kingdom's involvement in LIV, which has racked up huge losses since being set up five years ago, could come as soon as Thursday."
That would be stunning and could lead to the league folding. Earlier in the day, there was a report that the war in Iran was a factor that could lead to a declaration of Force Majeure "to pull the plug."
This from the article:
The demise of LIV would represent a significant blow to the kingdom's near $1tn Public Investment Fund, which has invested about $5bn in the tour, and to its governor Yasir al-Rumayyan, a keen golfer who was the key figure in its rise.
The deliberations come as PIF announced a new five-year investment strategy on Wednesday that will narrow its focus as it reprioritises spending.
The sovereign wealth fund unveiled the strategy as it takes stock of a decade-long spending splurge at home and abroad.
It just seems more doom and gloom for the league as the day has gone on, although, as Sergio Garcia said on Wednesday, he hasn't heard anything definitive.
This article originally appeared on For The Win: LIV Golf could fold as Saudi fund cuts support
Q&A
What financial losses has LIV Golf incurred since its establishment?
LIV Golf has racked up huge losses since it was set up five years ago, leading to concerns about its sustainability.
How might the war in Iran affect LIV Golf's future?
The ongoing war in Iran could lead to a declaration of Force Majeure, which might prompt LIV Golf to shut down operations.
When is the announcement regarding LIV Golf's future expected?
An announcement about the future of LIV Golf and Saudi Arabia's involvement could come as soon as Thursday.