Who is Yasir Al-Rumayyan, chairman of newly formed PGA-LIV merger?

The PGA Tour and LIV Golf shocked the sports world when they announced their merger into one conglomerate on Tuesday morning.

A significant player in this massive deal is the governor of the Saudi PIF (Public Investment Fund), Yasir Al-Rumayyan.

The PIF has been financing LIV Golf up to this point and has been a major player in the business world for the last several years, purchasing minority stakes in Boeing, META, Citigroup, Disney, and Bank of America.

The fund was created in 1971, designed for the sole purpose of investing funds on behalf of Saudi Arabia, and is among the most prominent wealth funds in the world, worth an estimated $650 billion.

Al-Rumayyan is also the chairman of Saudi Aramco – otherwise known as the Saudi Arabian Oil Group – a state-owned company that is the world’s largest oil producer, worth $2.09 trillion as of June 2023, and is the world’s most profitable company.

He was set to be deposed by the PGA Tour in a lawsuit between the two golf entities over the past few months, but the merger announced Tuesday ended the leagues’ litigations.

Yasir al-Rumayyan speaks as Chairman of Saudi AramcoAFP via Getty Images
[Left to right], Majed Al Sorour CEO of the Saudi Golf Federation, Charl Schwartzel, Yasir Al Rumayyan, and Greg Norman pose in London, June 3rd, 2022. Getty Images

What’s his net worth?

Yasir Al-Rumayyan’s actual net worth is unknown, but the Saudi oil tycoon controls over $600 billion thanks to his role with the PIF.

According to 2021 records, his role as Chairman of Saudi Aramco net him $313,372, a drop in the hat considering his stakes in other companies.

He is undoubtedly an extremely wealthy businessman and one of the richest people in the world.

He’s the Governor of the PIF

The Public Investment Fund (PIF) was started by Saudi Arabia in 1971 as a means of investing money on behalf of the country, with the goal of becoming less oil-dependent.

Al Rumayyan is the Governor of the Public Investment Fund, working under the Chairman, His Royal Highness Mohammad bin Salman Al-Saud.

The PIF has total assets worth around $650 billion.

His excellency Yasir Al Rumayyan hits a shot during the pro-am prior to the LIV Golf Invitational – Chicago at Rich Harvest Farms on September 15, 2022via Getty Images

He’s on Uber’s board of directors

In addition to all his other endeavors, Al-Rumayyan is on the board of directors for Uber.

In January, Al-Rumayyan purchased 250,000 shares of Uber, worth $5.14 million, nearly doubling his investment in the ride-sharing company, where he has $11.8 million total invested in his portfolio.

Newcastle chairman Yasir Al-Rumayyan during the Premier League match between Newcastle United and Leicester City at St. James Park on May 22, 2023Getty Images

Involvement with Newcastle United

In 2021, the PIF took over Newcastle United F.C. for a reported $420 million, one of the most prominent teams in the Premier League.

The deal for the soccer club was under heavy scrutiny for perceived “sportswashing.”

It was finally completed in October 2021 after an 18-month battle over the legality of the takeover.

They just finished their best season since 2016-17, placing fourth in the Premier League in 2023.

Yasir Al Rumayyan and Dustin Johnson Individual Champion trophy during the pro-am prior to the LIV Golf Invitationalvia Getty Images

New position with PGA-LIV merger

Al-Rumayyan will serve as chairman of the board for the new, yet-to-be-named golf league.

The merger is expected to conclude “in a matter of weeks,” while the new board will evaluate new proposals for further investment.

“The PIF will invest in the new company, and importantly Yassir was quick to point out there will be an additional investment and growth initiatives,” Jay Monahan told Squawk on the Street.

“We’re talking about potentially billions of dollars being invested from the PIF, correct?” host David Faber asked Al-Rumayyan.

“Correct,” he responded. “Whatever it takes.”

The deal creates one global entity for golf, and Al-Rumayyan is at the center of it.