On Tuesday, golf’s two major circuits, the PGA Tour and DP World Tour, announced a surprise merger with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) – and in effect the Saudi-backed LIV Golf.
Here’s a timeline of events for how it got to this point, almost one year to the day from when LIV's inaugural tournament teed off.
January 2020: The Premier Golf League, which took root as the World Golf Series in 2014, solidifies its format: 48 players in 12 four-man franchises, competing in 54-hole events with shotgun starts and no cuts. PGA Tour commissioner Jay Monahan informs its players that they will not be allowed to compete on both circuits.
November 2020: DP World Tour and PGA Tour announce strategic alliance designed to bring together a global golf schedule with increased purses.
October 2021: Greg Norman confirms he will be CEO of LIV Golf Investments, with PIF its majority stakeholder. The fund commits to underwriting 10 events on Asian Tour. Norman, who some 30 years previously attempted to set up a world tour, will be commissioner of Saudi-backed golf league, LIV Golf.
November 2021: Monahan sends PGA Tour members memo outlining huge increases in purses – an obvious attempt to convince players to stay. The tour’s total purse for the year, for 2022, will increase from $367 million to $427m.
February 2022: In an interview with Golf Digest while contesting the Saudi International, Phil Mickelson rails against the distribution of wealth on the PGA Tour and says it paves a path to other tours. Later that month, inflammatory remarks made by the then six-time major champion to golf author Alan Shipnuck are made public. Mickelson had said signing on with LIV would represent a “once-in-a-lifetime opportunity to reshape how the PGA Tour operates”. Players lash back at Mickelson and major sponsors drop him, prompting the American to apologise and announce an indefinite leave from the game.
March 2022: LIV Golf announces schedule for inaugural season, with the June 9 tournament at Centurion, just outside London, launching an eight-event campaign. The prize money will total $255m. The individual competition – to feature 54 holes, no cuts, shotgun starts – will run alongside a team format. Monahan says the PGA Tour is "moving on" and that "we always will be focused on legacy, not leverage." Norman later says 19 of world’s top 100 players have signed up for LIV’s opening event. Under PGA Tour rules, players will need approved releases to compete. Norman calls the PGA Tour an “illegal monopoly”. LIV then announces first field, with Dustin Johnson headlining despite previously pledging loyalty to PGA Tour.
June 9, 2022: Mickelson signs on at LIV Golf days before first event begins at Centurion. Less than one hour before the first tee shot is struck, the PGA Tour tells its 17 members participating that they will be suspended from their circuit if competing in LIV. LIV Golf labels it “vindictive”. Later that month, Monahan gives press conference signalling major changes to PGA Tour schedule, including an autumn series offering $20m purses.
July 2022: DP World Tour issues $125,000 fines to members competing on LIV without approved releases. It also bans players from participating in three co-sanctioned events with PGA Tour, but Ian Poulter, Justin Harding, Brendan Grace and Adrian Otaegui are later permitted to contest Scottish Open after awarded a temporary reprieve through UK court. Later that month, LIV announces 14-event schedule for 2024.
August 2022: Eleven LIV players file antitrust lawsuit against the PGA Tour, claiming unlawful monopoly and restraint of trade. However, LIV lands a heavy blow in the stand-off after reports emerge Cam Smith, the previous month's Open winner and current world No 2, will move to the breakaway tour, earning $100m. Monahan later announces seismic overhaul of tour's schedule, after considerable input from Tiger Woods and Rory McIlroy. The revised programme will include 12 “elevated” events – soon to be called designated events – with most purses rising to $20 million. It ensures the top players compete at the same time at least 17 times each year. Monahan reiterates that LIV members would not be free to return to the PGA Tour.
September 2022: PGA Tour files counterclaim lawsuit against PIF and LIV Golf.
November 2022: At the DP World Tour Championship in Dubai, McIlroy calls for Norman to end the "stalemate" in professional golf. In the US, Woods says the Australian "has to go" so the tours can move forward.
December 2022: Augusta National announces LIV golfers can play in the 2023 Masters, making it the first major to rule on their eligibility. The other three majors – US PGA Championship, US Open, Open Championship – soon follow suit.
January 2023: PGA Tour files a motion to add PIF to its countersuit against LIV Golf - for allegedly interfering with contracts with players who joined LIV.
March 2023: Monahan announces plans to go ahead with designated-events schedule. Eight tournaments become limited fields, with no cut. Top 50 players in previous season’s FedEx Cup rankings gain entry. News is met with mixed reaction from tour pros, especially the rank-and-file who express concerns with earning ability.
April 2023: DP World Tour wins arbitration case against LIV Golf. Fines and suspensions, issued for playing in last year’s LIV London event, upheld. LIV golfers had until now been playing in DP World Tour tournaments, but many resign their DP World Tour memberships and are therefore ineligible for this year’s Ryder Cup. However, Mickelson, Brooks Koepka and Patrick Reed excel at Masters – tied-2nd, T2, T4, respectively – to prove emphatically that competing on the less competitive LIV Golf would not hamper members’ chances of winning the game’s biggest events.
May 2023: Koepka wins 2023 PGA Championship, the first LIV golfer to capture a major championship (and PGA Tour event). Now a five-time major winner, his latest victory arrives less than a year after he signed with LIV. Kopeka, though, plays down the win as a triumph for the Saudi-backed league.
June 6, 2023: Much to seemingly everyone’s surprise bar a very select few, the PGA Tour, DP World Tour and PIF announce a merger to create a new, for-profit entity. Details are scant, but suggestions are that LIV players could reapply for membership to the two main tours after 2023 season. All litigation is ended. For the new entity, PIF governor Yasir Al Rumayyan installed as chairman, with Monahan the CEO. PGA Tour players are apparently not aware of merger until news broke, which leads to some calling for Monahan to resign at a later meeting in Canada, which is described as "tense". Monahan later says: "I recognise that people are going to call me a hypocrite”.
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Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Killing of Qassem Suleimani
Brief scores
Day 1
Toss England, chose to bat
England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46
The specs
A4 35 TFSI
Engine: 2.0-litre, four-cylinder
Transmission: seven-speed S-tronic automatic
Power: 150bhp
Torque: 270Nm
Price: Dh150,000 (estimate)
On sale: First Q 2020
A4 S4 TDI
Engine: 3.0-litre V6 turbo diesel
Transmission: eight-speed PDK automatic
Power: 350bhp
Torque: 700Nm
Price: Dh165,000 (estimate)
On sale: First Q 2020
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
IF YOU GO
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info
Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.
RESULTS
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UAE currency: the story behind the money in your pockets
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The Greatest Royal Rumble card
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Stage 2
1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30
2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06
3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06
4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06
5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08
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