PGA Tour Appears Before Senate Panel Examining Deal With LIV Golf’s Saudi Backers
The PGA Tour said Wednesday it would appear next month before a Senate subcommittee whose leader asked tour executives, Saudi golf interests and LIV Golf to testify as Congress examines the business deal that rocked the sport.
Senator Richard Blumenthal, D-Conn., announced that the Senate Permanent Subcommittee on Investigations will hold a hearing on July 11 to examine the agreement regarding the PGA Tour, Saudi Arabia’s sovereign wealth fund and the European tour to commercial affairs and rights in a new company.
“Our goal is to expose the facts about what happened in the PGA Tour’s deal with the Saudi Public Investment Fund and what the Saudi acquisition means for the future of this cherished American institution and our national interest,” Blumenthal said. in a statement. “Americans deserve to know what the structure and governance of this new entity will be. The key actors in the deal are best positioned to provide this information, and they owe Congress – and the American people – answers in a public setting.”
LOOK | PGA-LIV Golf Merger Explained:
The merging of the PGA Tour and its rival, LIV Golf – a Saudi Arabian-backed startup that lured big golfers with the promise of huge payouts – has rocked the sports world. Andrew Chang explains how the unlikely merger came about, and the allegations of ‘sportwashing’.
Blumenthal invited PGA Tour Commissioner Jay Monahan, Public Investment Fund Governor Yasir Al-Rumayyan and LIV CEO Greg Norman to testify.
Last year, LIV Golf lured away some of golf’s biggest stars with signing bonuses of $100 million or more, to which the PGA Tour responded by pouring millions into its own tournament purses.
“We look forward to appearing before the Senate subcommittee to answer their questions about the framework agreement that we believe sustains the PGA Tour as the leader of the future of professional golf and benefits our players, our fans and our sport the tour said in a statement. “The first phase of this framework has already led to the end of a costly litigation with LIV Golf.
“As we move into the next phase, we look forward to continuing the productive conversations we had with our players last night, listening to their feedback and working to negotiate a final agreement that is in their best interest and ensures makes the tour lead any new venture.” .”
Monahan has since left the tour due to a “medical situation.” Two of its top executives are in charge of the day-to-day running of the tour. Al-Rumayyan has said that Norman was not aware of the deal until shortly before it was announced.
The Justice Department’s antitrust division has been scrutinizing the golf landscape since last summer and is now also beginning to look into the tour’s deal with the Saudis and whether it violates federal antitrust laws. The research is in its early stages.
