Loyalty counts for nothing, it seems

By Paul Gueorgieff

Loyalty counts for nothing, it seems

I was dumbfounded, like the rest of the golfing world, when it was announced that LIV Golf was merging with the PGA Tour and DP World Tour.

It came as a shock to everyone as there had not been one hint of it happening.

I was also disappointed. Very disappointed. 

I felt deeply sorry for the PGA Tour and DP World Tour players who remained loyal despite truckloads of money being offered to them. I respected that loyalty. Highly respected that loyalty.

But it became one of those unfortunate cases where money overrules simply because how big the number that follows the dollar sign is.

I suppose one day we’ll get over it. I suppose one day we might say how good LIV was for the game. I suppose.

The biggest argument against the involvement of Saudi Arabia is that all this money is simply sportswashing -- trying to look like good guys despite many alleged atrocities, including the murder of a United States-based journalist and the lack of rights for Saudi Arabian women. It was only five years ago that women were allowed to drive cars.   

Human rights organisation Grant Liberty said in 2021 that Saudi Arabia had spent at least $US1.5 billion on alleged sportswashing activities.

The partnership between the PGA Tour and LIV Golf is such a big deal that even American politicians want to know the details.

It was announced last month the executives of the PGA Tour, LIV Golf and Saudi Arabia golf interests had been asked to testify to an American political committee about the deal.

Senator Richard Blumenthal said in a statement: “Our goal is to uncover the facts about what went into the PGA Tour’s deal with the Saudi public investment fund and what the Saudi takeover means for the future of this cherished American institution and our national interest.

“Americans deserve to know what the structure and governance of this new entity will be. Major actors in the deal are best positioned to provide this information, and they owe congress — and the American people — answers in a public setting.”

I have no idea if this will amount to anything more than grandstanding but the comments were very pointed.

Details of what the PGA Tour and the DP World Tour will look like, when the merger kicks in next year, might ease my disappointment. I presume there will be mountains of cash.

But more important than cash is harmony. Hopefully harmony prevails.

All the money is coming from the Saudi Arabia’s public investment fund, which is the world’s largest sovereign wealth fund.

The fund is headed by Yasir Al-Rymayyan and the golf world is about to become very familiar with him. He is obsessed with golf and could well head the merger.

Al-Rumayyan now oversees an amazing portfolio of businesses. He’s chairman of Saudi Arabian petroleum and gas company Aramco and English soccer club Newcastle United, of which the investment fund acquired a controlling stake in 2021 for more than $US400 million. 

The fund also invested $US40 billion in the SoftBank Vision Fund which is the world’s largest technology-focused investment fund and $US3.5 billion was put into taxi service Uber. 

Oddly enough, Rory McIlroy, who has become the public face of the PGA Tour’s anti-LIV efforts over the past year, knows Al-Rumayyan. They played golf in Dubai a few years ago and McIlroy described him as an “avid” golfer. 

Interesting times are ahead.