No one in professional golf was more outspokenly against LIV Golf and its Saudi Public Investment Fund (PIF) backing than Rory McIlroy. The keyword in that last sentence is ‘was.’
Now that the PGA Tour has announced plans to merge with the PIF giving the Saudis an influential seat at the table of professional golf, McIlroy’s tune has changed quite a bit.
This isn’t to say that McIlroy has simply given up on his morals or even on board with the Saudis getting involved in professional golf.
It’s quickly reaching the point in the sports and entertainment world, and certainly in the finance world, that if you name something, chances are the Saudis are involved monetarily.
Rory McIlroy Recognizes The Saudi PIF Isn’t Going Anywhere
The PIF acquired preference shares in McLaren racing in F1 in 2021 before selling them off earlier this summer to Bahrain for a reported $498 million. The Saudi PIF – which has a total estimated assets value of $778 billion – also purchased Newcastle of the Premier League in 2021.
Those are just two noticeable-name examples, but the Saudi PIF portfolio is only growing, and its investment in professional golf is just the latest entry.
That’s the way McIlroy seems to be looking at the situation, not only because he’s a smart person, but because it’s the only way to look at things nowadays.
“You see everything else happening in the world, you see big private equity companies in America taking their money – the biggest companies in the world,” McIlroy told the ‘Off The Ball’ podcast.
“There’s a lot of whataboutism and all that stuff, but at the same time, if this is what is happening, then the way I’ve framed it is that the world has decided for me in a way.”
"They've played within the ecosystems of those other sports."
"They didn't try to buy the Premier League or F1."
Rory McIlroy spoke to @GolfWeeklyOTB's @nathanmurf & @MolloyJoe about his feelings on LIV Golf and the PIF.
Become a #FriendOfThePod ➡️ https://t.co/M0UD7TkSR4 pic.twitter.com/MuBIKe696I
— Golf Weekly (@GolfWeeklyOTB) September 6, 2023
McIlroy’s note about the PIF playing within the ecosystem of the sport is key. While the details of the PGA Tour – PIF merger are incredibly sparse at the moment, all signs for now point to the Saudis ‘playing by the rules.’
In fact, previously leaked framework suggests that the PGA Tour will have the final say on LIV Golf’s future. The Tour and PIF are planning to create a yet-to-be-named for-profit entity, but despite the Saudis reportedly set to invest upwards of $2 billion, the PGA Tour will have the head seat at the table.
While McIlroy may be accused of ‘giving up’ or being hypocritical with his statement that the world has forced his hand here, those accusations have no bearing because all he’s done is speak truth.
It may seem ridiculous to basically say ‘it is what it is’ when we’re talking about billions of dollars and a planned merger that may change professional golf as we know it, but it really is that simple.
