If Saudi Arabia wants to use the game of golf as a way for them to get to where they want to be, and they have the resources to accelerate that experience, former U.S. Open champion and recent LIV signing Graeme McDowell said at the pre-event press conference this week, I think were proud to help them on that journey.. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. But LIV Golfs success in drawing in some of golfs biggest names has raised concerns about the future of the sport. My client is committed to full compliance with FARA, and in an era of unprecedented enforcement and out of an abundance of caution, they have registered regarding their performance of public relations services for LIV Golf, the global sports league, said David Laufman, a partner at Wiggin and Dana who previously oversaw FARA enforcement at the Justice Department and advised Gitcho Goodwin on whether to register as a foreign agent. Winning UK show would mean bigger house - Ghetto Kids, Utah schools ban Bible for 'vulgarity and violence', Holly's 'speech on Phil' and PM 'wants tax cut', British Vogue editor Edward Enninful steps down, Parents clash in Pride protest at US primary school, Three Israeli soldiers killed near Egypt border. Can sci-fi films teach us anything about an AI threat? Crackdown on intellectuals, clerics and reformists, A rare insight into Hitler's private life. Mr. al-Rumayyan, in this case, suggested raising the panels views and decision to the funds board, led by the crown prince. Disney, Uber, Facebook and Starbucks are just some of the companies to have received hundreds of millions of pounds from PIF, which owns 80% of Newcastle. The PIF, which is Crown Prince Mohammed bin Salmans chosen vehicle to drive an ambitious economic agenda to wean the economy off oil, manages about $620 billion in assets and aims to grow that to over $1 trillion by 2025. "It is really a domestic tool for local investment and transformation of the Saudi economy. Simultaneously, Lucid said that it entered into an agreement with an affiliate of Saudi Arabia's Public Investment Fund, Ayar Third Investment Company, which states that PIF will acquire . As long as athletes are willing to trade their integrity and moral obligation for profit, Saudi Arabia will continue to enjoy unmatched propaganda success. Gitcho Goodwin, the firm led by longtime political operatives and top Ramaswamy advisers Gail Gitcho and Henry Goodwin, registered retroactively over the weekend as foreign agents for the Saudi-funded LIV Golf league. Its investigation is continuing. As part of the Kingdom of Saudi Arabia's transformative Vision 2030 programme, several landmark giga-projects were established to increase non-oil revenue to more than SAR 417 billion by 2023 as part of Saudi's diversification strategy. After the kingdom's Public Investment Fund was allowed to buy an 80% stake in Newcastle . Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Go big or go easy? State resources are directed to feed the PIF and state assets are being sold to raise cash for the PIF.". Most of the money came from abroad, and the Saudi documents say that other Persian Gulf states also invested. She is the author of three books, including "The Education of Brett Kavanaugh." Over the past six years, these have increased substantially. So moments after the players hit their first LIV shots, the tour dropped the hammer. The DP World Tour, formerly known as the European Tour, is closely aligned with the PGA Tour, and it imposed fines and suspensions on its players who appeared at LIV events. These risks have been flagged and detailed in the investment memo, including the risk of the Principal having limited experience in private equity and the inability for Affinity to provide any quantifiable investment track-record for their founding team. Lucid will also sell 173 million shares in a public offering. See here for a complete list of exchanges and delays. The Public Investment Fund ( PIF; Arabic: ) is the sovereign wealth fund of Saudi Arabia. Who is Saudi Crown Prince Mohammed bin Salman? After the kingdom's Public Investment Fund was allowed to buy an 80% stake in Newcastle United, Mr Khashoggi's fiance, Hatice Cengiz, called the takeover "heart-breaking". The PGA Tour is planning to eliminate the cut at some of its events beginning in 2024, a shift that LIV has openly relished. It signed a 10-year, $650 million deal for a Formula One motor racing event, established a long-term partnership with WWE and hosted some of the biggest boxing showdownsin recent memory, with more expected to take place this year. In the team event, four-man squads effectively contest a separate competition for a separate prize pot. It has also paid $370,000 to the firm HHQ Ventures including former Rep. Benjamin Quayle (R-Ariz.) to lobby on its behalf, according to Lobbying Disclosure Act filings. As a result Saudi Arabia, the second-biggest oil producer in the world, expects a budget surplus for the first time in 10 years and will likely be able to pump even more money into the PIF. VideoA rare insight into Hitler's private life, Why the city that never sleeps is slowly sinking. Days before the Newcastle United takeover, a court upheld a 20-year prison sentence handed to Saudi-American aid worker Abdul Rahman al-Sadhan for writing satirical tweets criticising the authorities. Lucid Motors skidded lower on Thursday after the Tesla rival said it would raise $3 billion, mostly from Saudi Arabia's sovereign wealth fund. Henry Goodwin previously advised Bobby Jindals 2016 presidential campaign. Read about our approach to external linking. A spokesman for Liberty Strategic Capital said the firm has a diverse investor base including U.S. insurance companies, family offices, sovereign wealth funds, and other institutional investors.. Saudi Press Agency, via Agence France-Presse Getty Images. That is one fewer round than a typical PGA Tour workweek, but it pays a lot more money. As a subscriber, you have 10 gift articles to give each month. A motion filed in the US in December, to dismiss the al-Jabri case against the crown prince, alleged that of $19.7bn allocated by the Saudi authorities to combat . The biggest stars contend their earnings should be more commensurate with their status in the game, and they have pointed out how the best players in other sports earn far more than golfers do. Nesma was founded in 1979 by Saleh Al-Turki, who stepped down as president and chair in 2018 when he was appointed mayor of Jeddah by royal decree. But within days, the board had passed a resolution approving the deal, documents show. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Saudi Arabia has faced criticism regarding many human rights violations against women and the LQBTQ+ community, on top of the controversy surrounding the government's murder of U.S.-based . It has also led human rights activists and organizations to accuse the Saudi-backed event of sportswashing a term used to describe the practice of investing in sports events to polish a controversial countrys image on the international stage and to distract from accusations of human rights violations. The human rights charity pointed to Saudi Arabia's poor treatment of women, use of the death penalty and anti-LGBT stance as examples of poor human rights. Both firms agreed to open regional offices in Riyadh, which the Saudi government says it will soon require of any international company doing business with the kingdom. Why is Saudi Arabia so important for oil? But as the PIF, and the authoritarian leader behind it, become ever more powerful, some observers are getting worried. The PGA Tour the organizer of the main professional golf tours responded by issuing suspensions to the 17 players who signed on to participate, barring them from competing in PGA events. The explanation for the absence of any American institutional investors in Mr. Kushners fund was that he would like to avoid media attention, the written responses said. The Saudi documents obtained by The Times say that in return for its investment, the Saudi fund would receive a stake of at least 28 percent in Mr. Kushners main investment vehicle. His work has appeared in The New York Times, The Guardian, Foreign Policy, as well as on docuseries such as HBO's "Real Sports.". The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. If any additional discussions about the deal took place, they were not reflected in the documents and correspondence obtained by The New York Times. Saudi Arabia, the GCC's largest economy, has ramped up tendering on its Public Investment Fund (PIF . The Saudi bet on Lucid follows a challenging few months for the company as it grapples with macroeconomic headwinds and a Tesla-triggered price war. The schedule includes three events at courses controlled by former President Donald J. Trumps family keeping the league close to one of its greatest political patrons as well as a tournament at Real Club Valderrama, the Spanish course that hosted the Ryder Cup in 1997. But Robert Weissman, president of the nonprofit group Public Citizen, called Mr. Kushners relationship with the Saudis extremely troubling, arguing that his stance toward the kingdoms leadership as a senior adviser makes the business partnership appear even more to be both a reward to, and an investment in, Kushner.. This investment aims to form a strategic relationship with the Affinity Partners Fund and its founder, Jared Kushner, the letter said. Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. But days later the full board of the $620 billion Public Investment Fund led by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler and a beneficiary of Mr. Kushner's support . Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. In 2019, Karen Young, a senior researcher at Columbia University's Center on Global Energy Policy, noted that the PIF's new role in the Saudi economy was "unprecedented" in a report for the Washington-based Project on Middle East Political Science. In 2016, the fund first made global headlines for investing $3.5 billion (3.1 billion) into ride-sharing company, Uber. This position represents 1.14% of the fund's portfolio and is . The relationship with the campaign wasnt the only one to end for Gitcho Goodwin. LIVs critics, which include some of the worlds best players, have labeled it an unseemly money grab that is diminishing golf as a sporting test. OVERVIEW: The other companies owned by Newcastle's buyers. (The LIV Golf Investments CEOis Greg Norman, the Australian golf icon.). For 2023, the league signed a deal with the CW Network to broadcast its events in the United States. What should Newcastle do in new era? The Saudi fund agreed to invest twice as much and on more generous terms with Mr. Kushner than it did at about the same time with former Treasury Secretary Steven Mnuchin who was also starting a new fund even though Mr. Mnuchin had a record as a successful investor before entering government, the documents show. Both Mr. Kushners and Mr. Mnuchins funds treated the Saudi fund as a cornerstone investor, the Public Investment Fund documents say, offering the Saudis a discount on the standard 2 percent asset management fee for private equity firms as well as a cut of the firms 20 percent share of any fund profits, known as carried interest. At the Masters, contested in April, Koepka and Mickelson tied for second place. The Saudi-financed, controversy-trailed LIV Golf series has been the talk of mens golf since its launch last year. In 2020, that deal collapsed. The five-member board investment committee evaluating Mr. Kushners proposal referred to it with the code name Project Astro. The industry leader for online information for tax, accounting and finance professionals. In LIVs first year tournaments were shown online and on lesser-watched streaming services in much of the world. A panel member identified in the minutes as Dr. al-Mojel possibly Ibrahim al-Mojel, the chairman of the Saudi Industrial Development Fund, who holds a Ph.D. from Stanford asked before the June 30, 2021, meeting about the justification for investing in Mr. Kushners fund. "What's very interesting is that the Reuben brothers [another part of the Newcastle takeover group] are also investing very heavily in renewable resources," he says. Can sci-fi films teach us anything about an AI threat? But many know the leagues commissioner: Greg Norman, the two-time major tournament winner who spent years fuming over the PGA Tours structure. In a press announcement, Lucid said its majority owner, Public Investment Fund (PIF), would buy another 265 million shares for about $1.8 billion. However, over the course of its work, it learned that the Public Investment Fund the sovereign wealth fund of Saudi Arabia that finances LIV occasionally oversaw its public relations activities., The firm also cited recent court filings in which representatives for the Public Investment Fund called the fund inextricably intertwined with the [Saudi] government such that the Public Investment Funds objectives may be indistinguishable from Saudi Arabias interests. The panel was led by Yasir al-Rumayyan, a Harvard Business School graduate who is also chairman of Saudi Aramco, the state-owned oil giant. "They are trying to diversify their economy away from oil and gas revenues," says football finance expert Professor Simon Chadwick, who is director of Eurasian Sport at Emlyon Business School. It is not, however, thought to be the kind of deal that has the CW paying an enormous rights fee to LIV. It also underscores the kingdoms commitment to altering its domestic and international perception without any obligation to advancing human rights. That may be changing. Some people have argued that investing in small parts of big companies is not the same as buying a majority stake in a Premier League club. Thanks to the global energy crisiscaused by the Russian invasion of Ukraine, oil prices have increased substantially. Crown Prince Mohammed bin Salman of Saudi Arabia with Jared Kushner, a close ally during the Trump administration, and Ivanka Trump.CreditJonathan Ernst/Reuters. The series, which Saudi Arabias sovereign wealth fund bankrolled with at least $2 billion, has presented itself as an opportunity to reinvigorate golf through rich paydays, star players, team competition and slick marketing. "It has been reported in recent weeks that the SEIC [the newly established SaudiEgyptianInvestment Co, owned by the PIF] has bought, or invested in, Egyptian companies. The LIV Golf Invitational is a breakaway series made possible by the largesse of Saudi Arabias Public Investment Fund that has managed to attract some of the biggest names in golf with enormous financial incentives, including major championship winners Phil Mickelson and Dustin Johnson, as well as Ryder Cup standouts like Ian Poulter, Sergio Garcia and Lee Westwood. please click OK, I Accept. Before committing $2 billion to Mr. Kushners fledgling firm, officials at a fund led by the Saudi crown prince questioned taking such a big risk. VideoA rare insight into Hitler's private life, Why the city that never sleeps is slowly sinking. State resources are directed to feed the PIF, According to the fund's publicity materials, UK's Financial Times describes as a "shopping spree. How many Russians have left during war - and who are they? British Prime Minister Rishi Sunak wants to cut taxes by as much as 2 pence in the pound before the next national election which is expected in 2024, the Telegraph newspaper reported. No player, the arbitrators noted, suggested that he had given up his independence by signing up to onerous (albeit remunerative) obligations to LIV.. In late March Lucid announced plans to lay off hundreds of workers amid production problems. But the tournament organizers have taken no steps to ban LIV players explicitly. Phil Mickelson was the biggest name to join LIV Golf, but his comments about its Saudi backers raised eyebrows, and pushed him to at least one apology. Women's rights activists have not been the only people detained as part of a crackdown against critics in Saudi Arabia, where political parties, trade unions and independent human rights groups are banned. The Affinity principal would like to avoid media attention at this time. Video, A rare insight into Hitler's private life, spare capacity to help lower prices by increasing supplies, PM defends Saudi trip despite human rights record, among the countries carrying out the most executions, The other companies owned by Newcastle's buyers, allegedly tortured and sexually harassed by interrogators, original sentence was upheld at an appeal, according to international human rights organisations, Amnesty International has said were grossly unfair trials, His sister, Areej, said he was "brutally tortured" before his conviction, More than 100,000 people have reportedly been killed in the fighting, UN experts say both sides in the conflict may have committed war crimes, the death penalty is a possible punishment for same-sex sexual conduct, a court sentenced a Yemeni blogger to 10 months in prison and then deportation, LGBTQ+ fans hope Saudi deal is a sign for change, Winning UK show would mean bigger house - Ghetto Kids, Utah schools ban Bible for 'vulgarity and violence', Holly's 'speech on Phil' and PM 'wants tax cut', British Vogue editor Edward Enninful steps down, Parents clash in Pride protest at US primary school, Three Israeli soldiers killed near Egypt border. When someone essentially asked Johnson ahead of the Masters this spring to compare Orange County National Golf Center, where LIV had just held a tournament, to Augusta National, he replied: I dont think you could have those in the same sentence, other than I played there last week and Im playing here this week.. The PIF - which has an 80% stake in the club, as part of a three-party consortium - is a sovereign wealth fund chaired by Mohammed bin Salman, the Crown Prince of Saudi Arabia, the man who a. But Prince Mohammed took control of the fund when he rose to power in 2015 and he is its paramount decision maker. Rights organisations say many do not receive fair trials in Saudi Arabia, an allegation the government rejects. Some of the players who have signed up for LIV, and even many who have not, believe the PGA Tour offers many golfers a raw deal. Mr. al-Rumayyan, the panel chairman and top executive of the Saudi fund, appeared to concur, according to the minutes. An assistant editor in Sports, he helps direct coverage of soccer, the Olympics and international sports. She is a 2012 Mitt Romney alum. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. There have been regular calls to boycott Saudi Arabia because of the country's well-documented history of human rights abuses. Newcastle fans celebrating at the club's stadium after hearing their club has been taken over, An offshore wind farm off the coast of Blyth, near Newcastle, Mohammed bin Salman visited the UK, and then-Prime Minister Theresa May, in March 2018, A rare insight into Hitler's private life. The responses, apparently prepared by staff of the Saudi fund, argued that the promised Riyadh office of Mr. Kushners firm, Affinity, would help the Saudis capitalize on the capabilities of Affinitys founders deep understanding of different government policies and geopolitical systems.. We registered with FARA as working for LIV Golf because it was the right thing to do under US law: if Vivek Ramaswamy wants to fire us for that, thats up to him. And if the investor is a government, there may well be 'non-financial' interests involved too. The BBC is not responsible for the content of external sites. The federal government has sought more disclosure in recent years around these arrangements while members of Congress have tried to curb foreign influences on elections. And it signals a concerning escalation in Saudis tactics. It is among the largest sovereign wealth funds in the world with total estimated assets of US$ 620 billion ( 514 billion). Shares fell more than 13% to $6.72 in pre-market trading after closing at $7.76 on Wednesday. Whats all the hubbub, and how can you watch it? The CW is not exactly known for sports programming, but CBS, NBC and ESPN (which is owned by Disney, which in turn owns ABC) have enormous contracts to show PGA Tour competitions. Their far wealthier neighbors from the Gulf have taken to shopping for bargains to invest in, part of what the UK's Financial Times describes as a "shopping spree.". At least four of the women were allegedly tortured and sexually harassed by interrogators. The takeover of Newcastle United in a 300m deal has been nearly universally welcomed by the club's supporters. LIV has argued in court papers that the tour pressured broadcasters not to do business with the rebel league. A spokesman for the Saudi fund declined to comment on its investment process. We use cookies to improve your experience on our site and to His best-known deal was the $1.8 billion purchase of the office tower at 666 Fifth Avenue in Manhattan, in 2007; the buildings mortgage became a crippling liability when the recession hit the next year. That all changed around 2015 when Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, often simply called MBS, began to consolidate the kingdom's wealth under his own name. Department officials have been especially interested in whether the PGA Tours threats of discipline undermined the integrity of golfs labor market and in the ties between the tour and the organizers of major tournaments. Dozens of human rights defenders, intellectuals, academics, clerics and reformists have also been arrested since 2017, merely for exercising their right to freedom of expression, according to international human rights organisations. He helped negotiate a series of agreements, called the Abraham Accords, opening diplomatic relations between Israel and other Arab monarchies. In April, an arbitration panel in London upheld the DP World Tours right to punish players, a decision that will affect the European roster for this years Ryder Cup, which will be contested this autumn in Italy, and for years to come. Lucid Motors tumbled more than 13% after revealing plans to raise billions from its biggest investor. Prince Mohammed signaled that he favored closer relations between Israel and the Arab monarchs of the Persian Gulf, which was also one of Mr. Kushners priorities while in the Trump administration. Tiger Woods, who rebuffed a nine-figure offer from LIV, has denigrated the league's approach to competition and complained that its players turned their back on what has allowed them to get to this position. Rory McIlroy has been a fearsome critic, and Jon Rahm, who won the 2023 Masters, said earlier this year that he thought the PGA Tour was making the necessary changes to adapt to the new age, and I think its better for everybody.. Late last year, Amnesty International expressed concern about the Saudi Arabian takeover ofNewcastle United, seeing it as a way of "sportswashing" away human rights abuses. Gitcho Goodwin was contracted to work for LIV through 50 State LLC and P2 Public Affairs, two subsidiaries of the consulting conglomerate GP3 Partners, which counts Phil Cox as one of its leaders. Bryson DeChambeau, Brooks Koepka, Patrick Reed and Cameron Smith are among the players who appear to have received multimillion-dollar inducements to surrender their PGA Tour careers.
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