Thread by @YomSean

No, Saudi Arabia and @PIF_en did not literally "buy" professional golf with the @PGATOUR and @livgolf_league. It's worse than that. Here's where Mideast aficionados and sports fans can learn from each other. 🧵

1/ In the West, professional golf isn't like football or other sports. Golfers aren't paid by teams. They're "independent contractors." @PGATOUR sanctions events where they compete to win cash prizes. (Not same body as @PGA, the US certifying org that sets game standards)

2/ @livgolf_league last year🖕this old-school monopoly. Paid $$ to PGA golfers to "compete" in new exhibitions with fake teams. Farcical sports-washing. Only American TV network to broadcast them was CW (Beverly Hills 90210 reboot channel)
awfulannouncing.com/golf/cw-bump-l…

3/ Dueling lawsuits commenced! PGA *sued* not just LIV but PIF and chairman Al-Rumayyan (lol). Claimed "interference" with PGA contracts with players (who aren't employees). LIV/PIF claimed PGA was classic closed monopoly in need of federal trust-busting.
wsj.com/articles/compe…

4/ Recently behind-the-scenes, PGA/PIF executives (minus players, sorry Tiger!) resolved their feud with this cockamamie "merger" idea. PGA gets what it wants: end all LIV events, fan faves like @PhilMickelson return, etc. PIF paying mad $$ for...
si.com/golf/news/with…

5/ Involvement. *That's* Saudi endgame. Too risky/expensive to OWN a Western sport. Better to prep for a post-oil world where rents bring high margins. Post-2017 MBS purge, @PIF_en seeks high-value returns not cash reserves. Thus buying/dumping Tesla, etc
forbes.com/sites/qai/2022…

6/ So it's worse than @PIF_en buyout of @NUFC or @AlNassrFC_EN where #Ronaldo plays. Those returns are smaller. B/c there *are* no golf teams to buy. Think margins. Now all PGA Tour commercial rights (ads, TV, licensing, media of Arnold Palmer)...

nytimes.com/2023/06/07/spo…

7/ Become controlled by for-profit firm "NewCo" led by PIF/PGA. **EVERYONE GETS PAID.** PGA events (where LIV golfers will compete) will pay more, look splashier, get better sponsors. Like Raytheon, which PGA *nixed* prev b/c of its Saudi missile sales:

golfweek.usatoday.com/2023/05/12/pga…

8/ So Saudi Arabia and @PIF_en didn't buy pro golf. It financially scared PGA's outdated monopoly (with own ugly history of racism, classism, etc.) into going into *business* with it while revamping existing structure. PGA regulates, makes $. PIF invests, makes more $.

9/ Lesson for MENA wonks: this isn't old-school oil-rentierism. These guys are not putting surplus $$ into London flats. They're reconfiguring capitalistic structures of mass leisure consumption far outside the Arabian political economy. Sports is a lab for this experiment.

10/ Lesson for sports fans: it's not about where the Saudi $$ lands, it's HOW. If consuming anything with @PIF_en taints you, never use Uber. Or renewable energy like wind.

They can invest in these things thanks to financial markets. Capitalism!

thenationalnews.com/business/energ…