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

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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U.S. Senator opens probe into planned PGA Tour, LIV Golf mergerU.S. Senator Richard Blumenthal demanded details on how the PGA Tour came to its agreement with LIV Golf and how any newly formed entity will be structured and operated
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U.S. senator asks LIV Golf, PGA Tour leaders for records on massive mergerThe leader of a U.S. Senate subcommittee is demanding the PGA Tour and Saudi Arabia\u0027s LIV Golf present records about negotiations.
แหล่ง: TheTorontoSun - 🏆 23. / 68 อ่านเพิ่มเติม »