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

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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.

U.S. Sen. 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.”

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.

The agreement announced last week was to combine the golf-related businesses of Saudi's Public Investment Fund — which includes LIV Golf — with those of the PGA Tour and European tour. That would be a new for-profit company still to be named. In his letters to Monahan and Norman, Blumenthal wrote about the skepticism critics hold over the Saudis' intent “to use investments in sports to further the Saudi government's strategic objectives.”

 

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