reported that LIV had notified all employees and players<\/a> that the league would be without the PIF\u2019s considerable financial assistance at the conclusion of this season, which is scheduled through the end of August.<\/p>\nSports Business Journal first reported Wednesday that Yasir Al-Rumayyan, the chairman of the PIF who helped launch LIV along with Greg Norman, will step down from his role with the league. In a corresponding move, LIV announced that it had appointed investment bankers Gene Davis and Jon Zinman to the board to \u201chelp guide the league through its next phase.\u201d<\/p>\n
The PIF confirmed through a spokesperson that it would fund LIV only through the remainder of the season: \u201cThe substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF\u2019s investment strategy. This decision has been made in light of PIF\u2019s investment priorities and current macro dynamics. The LIV Golf Board has created a committee of independent directors to evaluate strategic alternatives for its future beyond LIV\u2019s funding horizon.\u201d<\/p>\n
\u201cLIV Golf has substantially grown the game globally through its transformational and positive impact. It has forever changed the game of golf for the better,\u201d the statement continued. \u201cPIF remains committed to deploying capital internationally in line with its investment strategy, including its substantial current and future investments in various sports as a priority sector.\u201d<\/p>\n
Now on the LIV board, Davis is the chairman and CEO of PIRINATE Consulting Group that specializes in \u201cturnaround management, merger and acquisition consulting, restructuring and strategic advisory services,\u201d while Zinman is the founder and managing member of JZ Advisors, boasting \u201cexpertise in driving financial and operational transformation for companies navigating complex reorganizations,\u201d according to a LIV press release. <\/p>\n
While seeking new financial partners, LIV has touted its year-over-year increases in revenue, sponsorship and ticket sales. The league is committed to the team model and is reviewing options for team equity sales.<\/p>\n
LIV is scheduled to play next week at Trump National D.C.<\/p>\n","protected":false},"excerpt":{"rendered":"In the wake of the Saudi Public Investment Fund backing out of LIV Golf at the end of…\n","protected":false},"author":2,"featured_media":641020,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[566],"tags":[64,63,755,85],"class_list":["post-641019","post","type-post","status-publish","format-standard","has-post-thumbnail","category-golf","tag-au","tag-australia","tag-golf","tag-sports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/641019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=641019"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/641019\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/641020"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=641019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=641019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=641019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}