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The Street
The Street
By Colin Salao The sports world was stunned on June 6 by the sudden announcement of the merger between the PGA Tour and European Tour with Saudi Arabia’s Public Investment Fund, which had already backed the LIV Tour. Saudi Arabia’s focus on sports dates back to 2016 when it first assembled its Saudi Vision 2030 program in an attempt to diversify the country’s economic investments under its Crown Prince Mohammed bin Salman. The Saudi Arabian Oil Company or Saudi Aramco is the world’s largest supplier of oil, profiting $161.1 billion in 2022 alone. And it’s mostly owned by the state. DON’T MISS:…
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