Newcastle United chairman Yasir Al-Rumayyan breaks silence on £2.4bn PIF problem

Newcastle United's chairman Yasir Al-Rumayyan has broken his silence amid reports he was 'furious' at the latest PGA-LIV golf development.

In June 2023 it was announced Saudi Arabia's Public Investment Fund's LIV would merge with the established PGA Tour, putting to bed the rivalry and poaching that had built up since the former's creation.

But the two have been locked in discussions ever since, surpassing the initial framework agreement deadline of December 31.

Now, a consortium of U.S sports owners- which includes Liverpool owners Fenway Sports Group- have agreed to invest $3bn (£2.4bn) into the PGA Tour to create PGA Tour Enterprises- a deal which is thought to have scuppered PIF's plans. The deal is also said to have left Al-Rumayyan furious.

The Newcastle United and LIV Golf chairman has now broken his silence since reports of the fresh deal broke.

A letter written by Al-Rumayyan to LIV players, obtained by Golfweek, spoke about the future of the tour and PIF's investment.

"Yesterday's announcement of the formation of PGA Tour Enterprises is consistent with PIF's longstanding passion to grow the game," wrote Al-Rumayyan. 'PIF continues to discuss and evaluate the possibility of a future investment that benefits the greater game of golf.

"PIF remains committed to investing in and supporting LIV and the team golf format that has brought new energy and so many new fans to the game around the world.

'The game of golf is only beginning to fulfill its potential. This is the vision we had when LIV was created, and today that is more alive than ever. LIV has transformed the sport, and we will continue to grow the game globally, expand its fanbase, elevate its platform, and maintain incredible momentum."

Al-Rumayyan appears optimistic about LIV's golf future amid fears the new PGA Tour Enterprises will dilute any PIF involvement.

In the partnership announcement it stated PGA Tour Enterprises allows for co-investment from PIF in the future, "subject to all necessary regulatory approvals."

PIF has owned 80% of Newcastle United since 2021, with Yasir Al-Rumayyan serving as chairman ever since the takeover.