A Saudi Arabian sovereign wealth fund divested from LIV Golf after pumping more than $6B into the PGA's controversial rival

A timeline of LIV Golf, the PGA Tour's primary rival

In 2021, the rival professional league LIV Golf Investments was unveiled. It was a move that reshaped men's professional golf. This Sports Illustrated Timeline dives into the twists and turns occurring since the announcement. Learn what star players left the PGA for LIV. Also, get details about the mutual agreement outlined in 2023, which has yet to come to fruition.

Saudi Arabia began investing in international sports in the mid-2010s

The country's Crown Prince Mohammed bin Salman has argued that embracing sports and tourism will diversify the Saudi economy away from a dependency on oil. Critics argue the events are being used to distract from the regime's human rights violations.

As oil revenues decline, many Gulf States are investing in professional sports through sovereign wealth funds

Gulf States—including the United Arab Emirates, Qatar, and Saudi Arabia—have invested tens of billions of dollars in professional sports, owning high-profile soccer clubs like Paris Saint-Germain and Manchester City. Many of these investments have been characterized as an increase in these countries' soft power, or global cultural influence, in Western countries, where the Middle East remains relatively misunderstood.

Why LIV Golf athletes are allowed to play in the Masters

The Masters isn't operated by the PGA Tour, so its ban on LIV golfers doesn't apply to the tournament. This explainer unpacks all the thorny particulars of that strange arrangement.

How tax breaks power the PGA Tour, a nonprofit organization

When the PGA was formed in 1916, its primary objective was to grow the game of golf, so it was established as a nonprofit. When the PGA Tour split off in 1968, that nonprofit status stayed. But as revenue jumped past $1B, questions began to arise. This "Outside the Lines" investigation from 2013 dives into their tax records and details how much the PGA actually gives to charity.

The majority of the world's sovereign wealth funds are controlled by nations in Asia and the Middle East

Norway operates the world's single largest sovereign wealth fund, but Asian and Middle Eastern countries operate the rest of the top 10 largest SWFs. The Middle East alone accounts for more than $5T of the world's entire sovereign wealth.

In the UK, foreign sovereign wealth funds can claim diplomatic immunity

In 2025, a court in London found that sovereign wealth funds and their executives can claim diplomatic immunity in legal cases, given the funds' foreign ownership and their role in the private sector. The ruling furthered speculation about the ethics of these funds, particularly from countries accused of human rights violations.

How one supplement company cost a short seller $1B

Pershing Square, a hedge fund founded and run by Bill Ackman, put short positions on Herbalife in 2012, because it believed the company was a pyramid scheme. Ackman's longtime rival and legendary investor Carl Icahn began buying Herbalife shares, causing the stock price to rise—ultimately hurting Pershing Square's short position.

Student protests over endowments

College students across the country are urging their universities to divest from a range of companies—some tied to business in Israel, others linked to climate change. But what does “divestment” actually mean when it comes to billion-dollar endowments? In this episode of Planet Money, the hosts break down how endowment divestment works, and why its impact might not be as straightforward as protesters hope.

Gladys Heldman was a key promoter of pro women's tennis

The photo of the Original Nine holding up their $1 bills after signing their contracts is an iconic image in both the sport and the women's liberation movement. Gladys Heldman isn't in that photo, but she was the promoter behind the tournament and the subsequent Virginia Slims Circuit. This WTA Tennis article dives into her life and her unforgettable contributions to women's tennis.

Red Lobster lost $11M on endless shrimp promotions—but its real estate holdings were what dragged it to bankruptcy

Golden Gate Capital, a PE firm, bought Red Lobster in 2014 for $2.1B. Golden Gate then sold Red Lobster's real estate, more than 500 storefronts, which generated $1.5B in revenue and helped finance the PE firm's acquisition of the company. Analysts say increased debt, high rent costs, and low equity put Red Lobster in an impossible position, leading to its 2024 bankruptcy filing—although the shrimp bill probably didn't help.

The controversial 'Peloton Wife' ad from 2019 cost the company more than $1B in market value

The 2019 ad of a man gifting his wife a Peloton exercise bike sparked a wave of controversy, with some calling the ad sexist and fatphobic. The ad's backlash decreased the company's market value by $1.6B.

A Texas billionaire created the first team-focused pickleball league

Steve Kuhn is on a mission to make pickleball the next big global sport, starting with Major League Pickleball, his team-focused pickleball league. He's turned his property, named Dreamland, into an expansive center for the sport.

In 2024, the league signed a 11-year deal with Disney, Amazon, and NBC Universal

The $2.2B deal was widely applauded in the media, but the Players Association questioned how the NBA arrived at the valuation and why the deal gives players less than 10% of total revenue compared to the NBA’s 50%.

What happens to golf balls after they're used?

With over 1 billion golf balls produced annually, an estimated 300 million to 1.5 billion are lost worldwide. On average, thousands of balls are left behind on each course, often ending up in ponds, forests, and beaches. While many golf courses recover and reuse some of these balls, studies suggest countless remain unretrieved.

In 2024, US private equity posted an 8.1% return

Tracked by Cambridge Associates, 2024 performance saw limited partner distributions overtake contributions for the first time in years. Cambridge Associates, a leader in the space, typically uses a 2.0x+ MOIC (Multiple on Invested Capital) as a benchmark for top-quartile PE fund success.

The World Football League, the most disastrous sports league ever

In the mid-1970s, a group of investors attempted to compete with the dominant National Football League. This short video highlights the league's intriguing innovations and speedy downfall. The investors dubbed their project the World Football...

Ray Dalio started his career as a golf caddy in Long Island

When Dalio was 12 years old, he worked as a golf caddy at the Links Golf Club. That's where he heard about the stock market for the first time and decided to invest in Northeast Airlines—the only stock he knew that was selling for less than $5 a share. Dalio ended up tripling his profit and became fascinated with the stock market—ultimately laying the foundation for his legendary career as a hedge fund manager.

The market share of institutional investors in the US housing market is less than 1%

Institutional investors have drawn negative media attention for their purported role in limiting housing supply and driving housing unaffordability. This report separates myth from fact in the nuanced discussion around institutional investors' role in the US housing market.

See every brand that LVMH owns

LVMH is arguably best known for owning luxury fashion and jewelry brands like Tiffany & Co., Fendi, and Louis Vuitton. But the parent company also owns a variety of brands in other categories, such as beauty supply store Sephora and the hotel group Belmond.

The 1967 war was the first use of oil as a geopolitical weapon

Following the June 1967 Arab–Israeli war, Saudi Arabia, Kuwait, Iraq, Libya, and Algeria embargoed oil shipments to the US, UK, and West Germany. While the move did not have a large impact, it reshaped global oil flows, and foreshadowed OAPEC's later actions.

'Moneyball' author Michael Lewis believes sports betting is a problem for young men

The noted journalist and author of "Moneyball," "The Big Short," and "The Blind Side" has now fixed his discerning eye on the sports-betting industry. In this interview, he explains why he sees sports betting as a problem for American society, especially boys and young men, and why he believes the government needs to regulate the nascent industry more seriously.

The Giving Pledge was a movement started by Warren Buffett, Bill Gates, and Melinda Gates

The Giving Pledge was started to encourage the world’s richest individuals to donate most of their wealth either during their lives or in their wills. Buffett has committed to donating 99% of his money.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

S&P 500 stocks that have increased their dividends for 25 consecutive years are called 'dividend aristocrats'

Dividend aristocrats are considered the best of the best on the S&P 500—all with market capitalizations above $3B, more than $5M in daily trading volume, and consecutive dividend growth for a minimum of 25 years. Some examples of dividend aristocrats are Coca-Cola, Procter & Gamble, and Walmart.

Spotify took 18 years to reach profitability; 70% of revenue goes to rights-holders

The music streaming company lost revenue for years as it sought to grow, but once it went public, investors pushed the company to expand into podcasts, cut costs, and prefer passive mood listening via algorithmic curation to increase value. Users have mixed feelings about using it.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Take a 3D tour of the Hajj, Islam's annual pilgrimage to Mecca, undertaken by over 1.5 million Muslims.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

A pickleball's loud 'pop' sound can reach 120 decibels, which is equivalent to a hammer hitting a nail

Prince's sexually explicit 1984 track 'Darling Nikki' attracted the ire of the Parents Music Resource Center, an advocacy group that inspired the Parental Advisory sticker, even though the song ends with a Christian message.

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

One of the most famous portraits ever taken is 'Afghan Girl' (1984) by Steve McCurry, yet the subject Sharbat Gula went much of her life without being identified or benefitting from the image's success.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

The Great Salt Lake's distinct dual coloration results from high-salinity organisms that only live in the northern portion and produce a purple protein.

Apollo astronauts left items in the moon's 'toss zone,' including golf balls, family photos, and bags of human waste, to make room for lunar rocks.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Iran's Revolutionary Guard Corps is independent of Iran's regular army and is one of the most powerful and influential military-political organizations in the Middle East.

Hotels in Cannes, the glamorous city on the French Riviera, hire hawks to ward off seagulls during the city's famous film festival.

Poison ivy was sent to Europe in the 1600s as an exotic, ornamental oddity, where it was purposefully grown in the English royal gardens at Kew, the Faculty of Medicine in Paris, and a few other locations.

NBA superstar Victor Wembanyama spent the 2025 summer training with monks in central China to enhance his body and mind.

Artificial coral reefs have been 3D printed from nontoxic, biodegradable terracotta clay, which coral polyps have used as a foundation for rebuilding marine ecosystems.

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.