Saudi-Backed LIV Golf’s Merger With The PGA Tour Merger Could Herald An Influx Of Foreign Money In U.S. Sports
deadline.comAs the shockwaves continue to reverberate from Tuesday’s news of the planned merger of Saudi-backed LIV Golf and the PGA Tour, it appears likely that a lot more foreign money will soon start to flow into U.S.
sports. That was the consensus on a panel of sports media veterans assembled Thursday at Gabelli Funds’ 15th annual Media and Entertainment Symposium in New York.
CAA Sports Co-Head Michael Levine, Sal Galatioto and Forbes editor Michael Ozanian said the notion of Saudi Arabia buying its way into the sport of golf — while controversial in many quarters — is a sign of the global appeal of sports properties, whose value has continued to appreciate.
Galatioto noted that the four major U.S. sports leagues — the NFL, NBA, NHL and Major League Baseball — have no explicit provisions barring ownership of teams by overseas entities.
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