NPR’s Leila Fadel speaks with Wall Street Journal reporter Andrew Beaton about reports that Saudi Arabia’s sovereign wealth fund is considering ending its financial backing of the LIV Golf tour.
LEILA FADEL, HOST:
Saudi Arabia’s sovereign wealth fund is considering ending its financial support for the startup golf competition LIV Golf. The Financial Times was first to report that. NPR has not independently verified this reporting. LIV Golf was founded in 2022 as a rival to the PGA Tour. With huge contracts and prize money, LIV Golf was able to attract some of the world’s top golfers. We’ve called up Wall Street Journal reporter Andrew Beaton, who wrote that LIV Golf is now facing, quote, “imminent closure.” Good morning, and thanks for being on the program.
ANDREW BEATON: Thanks so much for having me.
FADEL: So why do you say LIV Golf is on the verge of collapsing?
BEATON: Because this entire operation – its giant prize money, the giant contracts it’s handed out to get some of the biggest names in golf – is entirely underwritten by Saudi Arabia’s Public Investment Fund. And if – as they are weighing and on the verge of pulling back that funding, this operation simply can’t continue to exist, at least in its current form, if those spigots aren’t flowing.
FADEL: And what have tour officials, players said so far?
BEATON: So as of now, players have said they’re just operating under the assumption that they are continuing to play and that the leadership of PIF has told them at the beginning of the year that this would continue going. The CEO of LIV has said, we’re continuing on with the season. And in fact, an event in Mexico that is beginning today – that’s going to continue on as planned, seemingly. But, you know, the operations of LIV are different from the operations of Saudi Arabia’s Public Investment Fund. And if they’re considering pulling back the funding, that is really what’s the important part.
FADEL: And it just can’t continue without this money? There’s – the financial structure just doesn’t allow it?
BEATON: Yeah. I mean, the financial structure’s fairly simple. The entire operation is underwritten by Saudi Arabia. And everything that attracted the players – you know, these giant contracts, the giant purses that they play for in these tournaments are dependent on PIF because, as a simple matter of fact, LIV doesn’t make money. In fact, it hemorrhages money right now, which is – which makes it somewhat simple when you start to wonder why Saudi Arabia would be pulling back from this.
FADEL: I do want to ask about the bigger picture here – why Saudi Arabia has invested billions in sports in the first place in recent years. And that’s UFC, F1, LIV Golf. The country will also host the 2034 FIFA World Cup. What’s behind this strategy?
BEATON: You know, there’s a lot of different ways of looking at it. You know, the country has talked a lot about its Vision 2030 and diversifying its economy away from oil. Well, at the same time, critics of efforts such as LIV Golf have said that the country is using its money to invest in really popular things, like popular golfers or big sporting events, in order to whitewash its global reputation after accusations of human rights abuses, such as with Jamal Khashoggi, the journalist.
FADEL: Right. The journalist who was killed at the consulate in Turkey.
BEATON: Yeah. And so there’s a lot of different explanations. But there’s no question that they have gone all in on sports, and it’s been a big part of what their public-facing global efforts have become.
FADEL: Andrew Beaton is a reporter with The Wall Street Journal. Thank you for your time.
BEATON: Thanks so much for having me.
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