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

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.

Exploring why the PGA Tour's rivalry with LIV seems to have cooled

This analysis by Dan Wetzel suggests that LIV's initial threat to the PGA Tour's dominance in golf has faded, with several golfers leaving LIV to return to the PGA Tour.

Sovereign wealth funds in the Middle East and Asia surged after the 2008 financial crisis.

Greg Norman, before LIV Golf

In 1994, Greg Norman was enjoying success as a pro golfer. But the Australian wanted to see more opportunities for global players like himself, leading him to found the World Golf Tour. Read this Sports Illustrated deep dive on Norman's failed golf league and the lesson he learned that would help him launch and become CEO of LIV Golf in 2021.

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.

Because of their size, sovereign wealth funds create anxiety about foreign undermining of financial systems

Across the board, sovereign wealth funds have an immense amount of capital, and, therefore, influence in global financial markets. Critics argue that this influence could enable a foreign country to harm another country's financial market by either investing adversely in competitive markets or by withholding critical capital.

Explore the PGA Tour's tax filings

The PGA Tour has been a nonprofit since it split from the PGA of America in 1968 and is required by law to publicly file its Form 990. This ProPublica interactive explores the publicly available tax information about the PGA Tour, including reports of first-class flights and notable sources of revenue.

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.

The story behind the PGA's civil war

In the 1960s, there was a war brewing within the PGA between the golf pros and the touring pros. Eventually, tensions boiled over into courtrooms, leading to the creation of a new league. This Golf.com article provides a deep history of the war, with in-depth interviews with key players in the negotiations.

Abu Dhabi operates 6 different sovereign wealth funds—one of which is the most active SWF in the world

Abu Dhabi, the capital district of the United Arab Emirates, manages its own funds distinct from those held by the United Arab Emirates federal government. Like other SWFs in the Middle East, the funds are secretive, but they are estimated to be worth about $1.8T altogether. Mubadala, one of Abu Dhabi's SWFs, became the most active fund in the world in 2024, deploying nearly $30B.

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.

Norway operates the largest SWF in the world—managing more than $2T in assets

The fund is considered the gold standard SWF because of its transparency around investments, politically independent governance, and strong ethical boundaries that serve as the backbone of the investment philosophy. For example, fund managers will not invest in coal, tobacco, or nuclear weapons, because these investments are considered harmful to humanity.

Written by 26 sovereign wealth funds in 2008, the 'Santiago Principles' provide generally accepted principles for fund management and governance

Sovereign wealth funds are not regulated, but many of the funds voluntarily follow the Santiago Principles (though, to a varying extent). Some of the principles include transparent financial objectives, clear accountability structures, regular performance reviews, and annual auditing.

In 2025, sovereign wealth funds invested more than $66B into artificial intelligence

Developing artificial intelligence, both from a hardware and software perspective, is time and resource-intensive. Sovereign wealth funds, particularly those in the Middle East, have heavily invested in critical AI infrastructure, like data centers.

The number of billionaires in Saudi Arabia is projected to increase by 183% by 2031

Countries in the Middle East and Asia are projected to have some of the largest economic expansions by 2031, including within their billionaire populations. The global average growth projection for billionaires is 26% between 2026 and 2031.

Analyzing the PGA Tour's leaderboard

In 2007, the PGA Tour introduced the FedEx Cup, marking the first time men's pro golf had a playoff system. This PGA Tour interactive shows the Cup standings year-to-date, along with video and news updates. Click on a player's name and get a detailed page about their career, including total wins, scorecards from recent matches, and what clubs are in their bag.

Jack Nicklaus' legendary 'rebuttal'

In August 1968 then-Secretary of the PGA Leo Fraser unleashed a verbal attack on star golfer Jack Nicklaus, the latest in a series of public barbs in the war between the PGA and its touring pros. Read this Sports Illustrated essay penned by Nicklaus, published two weeks after Fraser's attack, where he sets the record straight and lobbies for support.

The majority of capital in private equity funds is provided by institutional investors

The individuals who invest this initial capital are called the firm's limited partners. Private equity firm LPs include sovereign wealth funds, university endowments, high-net-worth individuals, and more.

Examining golf's problems with race

In 1961, the PGA removed the "Caucasian-only" membership clause, marking the last major professional sports organization to desegregate. But unlike other sports, golf didn't see an influx of Black players following the change. This article from The Ringer's Lex Pryor examines golf's complicated history with race and gender, showing both the progress made and the challenges that remain.

China operates multiple different sovereign wealth funds, primarily backed by profits from a trade surplus

Unlike other countries that primarily use profits from natural resources, China's sovereign wealth funds are fueled by the country's mounting trade surplus. Among the two largest are the State Administration of Foreign Exchange (SAFE) fund and the Chinese Investment Corporation (CIC). China also operates the Silk Road Fund, a strategic investment initiative that backs infrastructure creation in developing countries.

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.

PetSmart and Hilton are among 10 of the most famous leveraged buyouts in history

Some of the most famous leveraged buyout deals include Blackstone's 2007 acquisition of Hilton Hotels, in which Blackstone took the then-public company private and then returned it to the public markets in 2013. A British PE firm bought PetSmart for $9B in 2014—one of the most expensive leveraged buyouts since 2007.

Nearly half of billionaires planned to increase exposure to direct private equity investments in 2026.

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.

Alaska's sovereign wealth fund pays people to live in the state through an annual dividend

While the US doesn't operate a federal sovereign wealth fund, several states run SWFs—the most well-known being the Alaska Permanent Fund. Unlike most SWFs, the Alaska Permanent Fund sends cash payments averaging roughly $1.2K each directly to Alaskan residents each year.

Some Ivy Leagues are worth billions of dollars, managing massive endowments to support their operations and investing donations for long-term growth rather than spending them.

The story behind the formation of the original PGA

The early 1900s saw a surge in golf courses across America, and there was a need for a national organization of golf professionals to help promote and grow the sport. This history explores how department store heir Rodman Wanamaker organized a luncheon that led to the formation of the PGA of America.

10 ways that Saudi Arabia violates human rights

This article outlines the ways Saudi Arabia is violating human rights. Saudi Arabia is among the world’s top executioners, employing torture both while in police custody and as a punishment following unfair trials. In addition, Saudi Arabian...

See a database of large companies owned by private equity firms

The Private Equity Stakeholder Project tracked more than 200 companies owned by private equity with more than 7,000 employees. Companies on the list include J. Crew, Jersey Mike's Subs, Barnes and Noble, Panera Bread, and Tropical Smoothie Cafe.

One $100 investment in the Medallion Fund skyrockets over time

The Medallion Fund, the famously secretive quant fund that invests billions of dollars for the partners and employees of a single firm with a legendary track record, has trounced the market for more than three decades. While its results are an extreme outlier, this visualization showcases the power of compound interest.

In 2012, Bill Ackman's hedge fund, Pershing Square, took a $1B short position against supplement company Herbalife after discovering that 82% of the company's distributors never made a profit, calling it a true pyramid scheme.

Pension funds' allocations to risky, alternative investments increased by 25% between 2001 and 2021

The portion of pension funds' risky investments, including alternative investments such as private equity, increased from 14% in 2001 to 39% in 2021. Analysts say private equity investments have delivered higher returns than traditional assets like stocks and bonds. Increased investment in private equity has also given pensions a way to recover from the 2008 financial crisis without necessarily investing more money.

Pickleball's popularity has created a power struggle

The sport's sudden rise has led to a tumultuous landscape with battles over governance, court space, and player rights. This Sports Illustrated deep dive examines the competing billionaires vying for control, the conflicts over court usage and noise disputes, and how a second proposed Hall of Fame is dividing the sport.

In the early 2000s, Warren Buffett invested $1M in an index fund to show that passively managed investments would outperform hedge funds—making the point that actively managed funds are not worth the management fees they charge.

Porsche briefly made Volkswagen the most valuable company in the world in 2008

In the wake of the 2008 global financial crisis, hedge funds began placing short positions on German automaker Volkswagen. Around the same time, Porsche began acquiring a majority stake in Volkswagen, which decreased the amount of available shares, or the "stock float." Porsche then announced that it owned more than 74% of the company, prompting short sellers to realize they had placed more short positions than were logistically possible given that less than 6% of the company's shares were available to trade. In what is largely recognized as the biggest short squeeze in history, Porsche made $10B, and hedge funds lost more than $30B.

Check out a compilation of golf's greatest shots, from Jack Nicklaus hitting the flag in 1972 to Tiger Woods' iconic chip at the 2005 Masters.

Explore a tool that shows how much stake large asset managers, including BlackRock, hold in public companies.

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.

Family offices have been increasing their allocations to private credit

Private firms that manage family fortunes have been investing more in alternatives like venture capital and real estate, impacting the wider financial world.

Activist investors use large ownership positions to influence companies

By holding large ownership positions, which often come with leveraged access to a company's board or the ability to force a shareholder vote, activist shareholders can change a company's corporate governance, leadership, and overall direction. Critics argue that activist shareholders hurt companies in the long term by prioritizing short-term higher shareholder returns over sustainability and growth efforts.

In 2023, BlackRock founder Larry Fink turned from an outspoken champion of the 'environmental, social, and governance' framework to a critic.

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.

Some institutional investors are growing wary of private equity, as certain investments underperform traditional market indices

Private equity often attracts investors who can afford to tie up capital for long periods of time in exchange for higher returns than traditional investments. For many years, private equity at least tracked with the S&P 500 in terms of returns to investors, but in 2024 and 2025, it underperformed and posted declining returns.

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...

See every brand that LVMH—the world's largest luxury goods holding company—owns, from luxury fashion and jewelry brands like Tiffany & Co., Fendi, and Louis Vuitton to beauty supply store Sephora and the hotel group Belmond.