News Formal

Senate Probes Saudi-Backed LIV-PGA Merger—Questioning Its Non-Profit Status

  • 📰 Forbes
  • ⏱ Reading Time:
  • 11 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 53%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

The PGA Tour’s long-held tax exemption is under federal scrutiny amid the American institutions’s influx of Saudi cash.

on the “risks posed by a foreign government entity assuming control over a cherished American institution."Los Angeles Times via Getty ImagesIn letters sent separately to PGA Tour commissioner Jay Monahan and LIV commissioner Greg Norman, the panel’s chairman, Sen. Richard Blumenthal , asked for documents and communications pertaining to the recent surprise merger between the PGA Tour and Saudi Arabia’s Public Investment Fund, which bankrolled LIV.

Blumenthal asked the golf executives to provide records by June 26 for all communications between the rival tours leading up to the deal, as well as further information on the structure of the new golf empire.

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:

 /  🏆 394. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

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

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 »