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Probe launched into 'serious questions' over golf merger - CtrlF.XYZ

Probe launched into 'serious questions' over golf merger

1 year ago 136

The person of a Senate subcommittee is demanding the PGA Tour and Saudi Arabia's LIV Golf contiguous records astir negotiations that led to their caller agreement and plans for what play volition look similar nether the arrangement.

Senator Richard Blumenthal sent letters to PGA Tour commissioner Jay Monahan and LIV CEO Greg Norman spelling retired the “serious questions regarding the reasons for and presumption down the announced agreement".

Blumenthal, who is president of the Senate Permanent Subcommittee connected Investigations, said helium besides wanted to perceive the tour's plans to clasp its tax-exempt status.

Last week, LIV and the circuit stunned the play satellite by agreeing to merge the PGA Tour and European circuit with the Saudi play interests, portion besides dropping each lawsuits betwixt the parties. The politician of Saudi Arabia's sovereign wealthiness fund, which bankrolls LIV, volition articulation the PGA Tour committee of directors and pb a caller concern task arsenic its chairman. The PGA Tour itself volition stay a tax-exempt entity.

Jay Monahan converses with Dustin Johnson. (Getty)

It was a determination expected to person scrutiny from national regulators and lawmakers, and the motorboat of a Senate probe is among the archetypal dominoes to fall.

The statement announced past week was to harvester 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 beryllium a caller for-profit institution inactive to beryllium named.

Among the uncertainties is however LIV Golf goes guardant aft 2023. PIF's governor, Yasir Al-Rumayyan, is to beryllium president of the caller venture, with Monahan arsenic CEO and 2 PGA Tour committee members joining them connected an enforcement committee.

In his letters to Monahan and Norman, Blumenthal wrote astir the skepticism critics clasp implicit the Saudis' intent “to usage investments successful sports to further the Saudi government's strategical objectives".

Greg Norman speaks. (Sarah Reed via Getty Images)

“Critics person formed specified Saudi investments successful sports arsenic a means of 'sportswashing' — an effort to soften the country’s representation astir the satellite — fixed Saudi Arabia’s profoundly disturbing quality rights grounds astatine location and abroad,” the missive said.

Blumenthal asked for a sweeping acceptable of documents — fundamentally each communications betwixt LIV and the circuit opening successful October 2021 done the present.

Al-Rumayyan said past week that Norman was not apprised of the woody until soon earlier it was announced.

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