Saudi Arabia’s sovereign wealth fund, assets near $1 trillion
Saudi Arabia is expanding Riyadh Air as part of Vision 2030, aiming to turn the capital into a global aviation hub and reduce reliance on oil. The first Dreamliner deliveries have begun, with a plan to connect Riyadh to over 100 destinations and boost passenger capacity while expanding airport capacity to support this growth.
LIV Golf faces financial uncertainty as Saudi PIF funding is reported to be winding down after this season. Executives warn remaining 2026 events could be in flux, with Bedminster deemed most likely to proceed. The tour is actively seeking new investors while exploring ways to sustain its team-based format.
The Farms Golf Club has revoked Phil Mickelson’s membership after an employee reported nonconsensual and inappropriate contact. The club conducted an independent investigation and says the action is decisive. Mickelson has not commented beyond a statement that any misunderstanding has been cleared up as he attends to a private family health matter.
The PGA Tour has unveiled a two-track, merit-based system with a Championship Series and a Challenger Series. The plan, announced ahead of the Travelers Championship, introduces promotion and relegation, a match-play format for the Tour Championship, and multi-million dollar purses across both tracks. Official rollout is set for the 2028 season.
Culture secretary has said she is minded to intervene in the Paramount-WBD merger on public-interest grounds, triggering regulatory scrutiny by Ofcom and the CMA. A final decision has not been taken; Paramount and WBD face a response deadline, with potential timelines extending into Q3 2026.
Prediction markets have seen a surge in notional volume in June as FIFA World Cup excitement sustains trading on Kalshi, Polymarket, and Rothera. International platforms report sustained high open interest and volumes, while regulators monitor market integrity amid heightened activity.
Lucid Motors has denied bankruptcy or going-private reports. It says liquidity remains strong enough to fund operations into 2027, with AlixPartners reviewing the business to improve execution and focus on the Gravity SUV. The firm has undergone leadership and workforce changes amid ongoing restructuring.
The Genesis Scottish Open at The Renaissance Club has a star-studded field, including Rahm and six other LIV players, as DP World Tour and PGA Tour co-sanctioning shapes a reshape of the Rolex Series. The event is amid talks on a new two-tier PGA Tour schedule, with promises of exemptions and鈥? changes that could redefine national Opens.
Bryson DeChambeau has incurred a two-shot penalty for inadvertently improving the area of his intended backswing on the fifth hole at Royal Birkdale. Lucas Herbert and Sam Burns share the Open lead after a record-tying second round of 62, while DeChambeau remains five under and potentially out of contention.
The PGA Tour, DP World Tour and Asian Tour have formalised a multi-year alliance through 2029, with some events co-sanctioned again and pathways for Asian players to reach European and Challenge Tour events. The move follows LIV’s weakened position after Saudi funding shifts, and prompts reactions from players such as Rory McIlroy.
LIV Golf is confronting a funding shortfall after the Saudi Public Investment Fund withdraws backing at year-end. The league is seeking about $260 million, with Indianapolis likely to host upcoming events and Michigan deemed unlikely. Investors’ decisions will shape LIV’s 2027 viability.
Newcastle United has appointed Matthias Jaissle as head coach to succeed Eddie Howe. Jaissle, 38, arrives from Al Ahli with a track record of high‑intensity, attacking football and a trophy‑laden spell in Asia. The club aims to rebuild after a difficult 2025-26 season and a flurry of summer departures.
Electronic Arts has been taken private in a $55 billion deal led by Saudi Arabia's PIF, with Silver Lake and Affinity Partners. The move delists EA from Nasdaq and adds $20 billion in debt. Analysts expect a focus on core franchises and potential cost-cutting. Regulators approved the deal, and governance implications are under scrutiny.
Lucid Motors has postponed the Cosmos midsize EV to the second half of 2027 as part of a broader leadership overhaul and cost-cutting plan. The company reports a Q2 loss of about $1.26 billion with liquidity of roughly $3 billion and is tightening governance, cutting thousands of jobs, and delaying product launches to fix quality and manufacturing issues.
LIV Golf has signed an agreement with a lead investor approved by its board to fund the league beyond 2026, pledging to make players majority equity holders and to reduce to a 10-event calendar from 2027. CEO Scott O’Neil has said the transaction aims to close in September and that multiple parties have shown interest as minority investors.
Multiple recalls target GM’s brake-by-wire system and Kia’s Occupant Detection System, affecting over 1 million vehicles. NHTSA investigations link spindle fractures to loss of braking in several models. Recalls will replace faulty components and advise seating adjustments to minimize risk.
LIV Golf has announced staff reductions as it seeks a new lead investor to fund a revamped LIV 2.0 after Saudi PIF ends its backing. The move follows the 2026 season’s end and a canceled Detroit finale, with a timetable that hinges on securing capital and obtaining player buy-in.
LIV Golf has filed for Chapter 11 bankruptcy in New Jersey, initiating a court-supervised restructuring. The move follows the withdrawal of Saudi investors’ funding after the 2026 season and aims to rebuild the league around a player-owned model and a shorter future schedule.