Senator asks LIV Golf, PGA Tour leaders for records on merger

FILE - Signage for LIV Golf is displayed during the pro-am round of the Bedminster Invitational LIV Golf tournament in Bedminster, NJ., Thursday, July 28, 2022. The most disruptive year in golf ended Tuesday, June 6, 2023, when the PGA Tour and European tour agreed to a merger with Saudi Arabia's golf interests, creating a commercial operation designed to unify professional golf around the world.

FILE - Signage for LIV Golf is displayed during the pro-am round of the Bedminster Invitational LIV Golf tournament in Bedminster, NJ., Thursday, July 28, 2022. The most disruptive year in golf ended Tuesday, June 6, 2023, when the PGA Tour and European tour agreed to a merger with Saudi Arabia's golf interests, creating a commercial operation designed to unify professional golf around the world.

WASHINGTON — The leader of a Senate subcommittee is demanding the PGA Tour and Saudi Arabia’s LIV Golf present records about negotiations that led to theirSen. Richard Blumenthal, D-Conn., sent letters Monday to PGA Tour Commissioner Jay Monahan and LIV CEO Greg Norman spelling out the “serious questions regarding the reasons for and terms behind the announced agreement.”

Blumenthal, who is chairman of the Senate Permanent Subcommittee on Investigations, said he also wanted to hear the tour’s plans to retain its tax-exempt status.agreeing to merge the PGA Tour and European tour with the Saudi golf interests, while also dropping all lawsuits between the parties. The governor of Saudi Arabia’s sovereign wealth fund, which bankrolls LIV, will join the PGA Tour board of directors and lead a new business venture as its chairman. The PGA Tour itself will remain a tax-exempt entity.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

LIV Golf, PGA Tour merger was inevitable; so is the blowbackCriticism of golf merger may be valid, but face it: We're all partners when it comes to supporting Saudi Arabia with our money
Source: sdut - 🏆 5. / 95 Read more »

PGA Tour-LIV Golf merger 'disruptive’ for the sports industry, 'Shark Tank' star says'Shark Tank' star and investor Kevin O'Leary says the PGA Tour and LIV Golf merger makes the sport bigger and better – calling on tennis, soccer, and Formula 1 to 'bring it on.'
Source: FoxNews - 🏆 9. / 87 Read more »

The PGA Tour-LIV Golf merger, explained: Who won, who lost, what it means for fansIn one of the most consequential moments in golf history, the PGA Tour and LIV Golf announced on Tuesday morning that they would combine operations to create an as-yet-unnamed new worldwide golf entity. The agreement ends litigation between the two tours, provides a potential pathway for LIV Golf players to rejoin the PGA Tour, and sets up a framework where Saudi Arabia's Public Investment Fund (PIF) now has a significant stake in the future of men's professional golf.
Source: WOKVNews - 🏆 247. / 63 Read more »

PGA Tour goes full hypocrite in its merger with LIV GolfJust last month, the PGA Tour — the pure, pure, ethically-minded PGA — was so aghast at having even a hint of association with Saudi Arabia, that, per GolfWeek, it blocked the Byron Nelson tournament from adding Raytheon Technologies as a title sponsor.
Source: WOKVNews - 🏆 247. / 63 Read more »