The leader of a Senate subcommittee is demanding the PGA Tour and Saudi Arabia's LIV Golf present records about negotiations that led to their new agreement and plans for what golf will look like under the arrangement.
Last week, LIV and the tour stunned the golf world by 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.Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
Among the uncertainties is how LIV Golf goes forward after 2023. PIF's governor, Yasir Al-Rumayyan, is to be chairman of the new venture, with Monahan as CEO and two PGA Tour board members joining them on an executive committee.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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 »
Senator opens investigation into PGA Tour merger with Saudi-backed LIV GolfThe sudden merger between PGA Tour and Saudi-owned Liv Golf has invited scrutiny from federal lawmakers.
Source: CNBC - 🏆 12. / 72 Read more »
Senator asks LIV Golf, PGA Tour leaders for records on mergerThe leader of a Senate subcommittee wants the PGA Tour and Saudi Arabia’s LIV Golf to present records about negotiations that led to their new agreement and plans for what golf will look like under the arrangement. Sen. Richard Blumenthal sent letters 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. Last week, LIV and the tour stunned the golf world by agreeing to merge the PGA Tour and European tour with the Saudi golf interests, while dropping all lawsuits between the parties.
Source: AP - 🏆 728. / 51 Read more »
Senate launches probe into merger of Saudi-backed LIV Golf, PGA TourSen. Richard Blumenthal is demanding records regarding LIV and PGA's partnership, which some say is an attempt to distract from Saudi Arabia's human rights record.
Source: FoxNews - 🏆 9. / 87 Read more »