Justice Department Will Investigate PGA Tour-LIV Merger, Report Says

The Justice Department told the PGA Tour it will investigate the recently announced merger between the golf giant and the Saudi-backed LIV Golf league because of antitrust concerns, theThursday, more than a week after the former rivals surprised the world with the announcement they were merging....

The PIF, the Saudi wealth fund, has significant power in the new entity. It will be able to refuse any outside capital invested, and will have “the exclusive right to further invest in the new entity,” according to a press release announcing the deal.LIV broke onto the golf scene in 2022 as a direct competitor to the PGA Tour with the help of billions of dollars from the Saudi investment fund. With that money, the new golf league recruited some of the PGA Tour’s best known golfers.

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.

Senate Democrats press for Justice Department inquiry into PGA Tour-LIV Golf mergerDemocratic Sens. Elizabeth Warren and Ron Wyden urged the Justice Department to examine potential antitrust abuses from the PGA Tour-LIV Golf deal.
Source: CNBC - 🏆 12. / 72 Read more »

Elizabeth Warren demands Justice Department closely scrutinize PGA Tour's Saudi deal | CNN BusinessDemocratic Sens. Elizabeth Warren and Ron Wyden are calling on the Justice Department’s antitrust division to inspect the controversial partnership between the PGA Tour and the Saudi Arabian Public Investment Fund.
Source: CNN - 🏆 4. / 95 Read more »

Justice Department Will Investigate PGA Tour-LIV Merger, Report SaysThe former rivals surprised the world last week when they announced plans to merge.
Source: Forbes - 🏆 394. / 53 Read more »

Justice Department notifies PGA Tour of probe into LIV Golf merger: reportThe PGA Tour is facing a second antitrust probe from the Justice Department following news of its merger. The Wall Street Journal reports that the DOJ notified the Tour of its review.
Source: FoxNews - 🏆 9. / 87 Read more »