Some details about the shocking merger of the Saudi-backed LIV Golf and the 94-year-old PGA Tour have revealed that the Saudis will infuse a whopping $2 billion into the concern, but the PGA Tour will call the shots.
Yasir Al-Rumayyan, chairman of Newcastle United, during the Premier League, match between Newcastle United and Leicester City at St. James Park on May 22, 2023, in Newcastle upon Tyne, England. Estimates place the valuation at around ten billion, but that could change after the bank’s review of assets, earnings, and potential earnings.The new venture, though, will be a for-profit organization.
PGA Tour Commissioner Jay Monahan addresses the media during a press conference before the Travelers Championship at TPC River Highlands on June 22, 2022, in Cromwell, Connecticut. on Tuesday, shocking the golf world, especially since PGA Tour officials denounced the LIV Golf “blood money” and its links to “dictators.”
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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.
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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.
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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.
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