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Representatives of the PGA Tour, LIV Golf and Saudi Arabia’s Public Investment Fund have been invited by Sens. Richard Blumenthal (D-CT) and Ron Johnson (R-WI) to testify at a July hearing related to the recent landmark agreement between the parties after an extensive power-struggle in professional golf. The hearing, scheduled for July 11 in Washington, D.C., intends to gather more information concerning the framework of the deal and its potential ramifications.
“Our goal is to uncover the facts about what went into the PGA Tour’s deal with the Saudi Public Investment Fund and what the Saudi takeover means for the future of this cherished American institution and our national interest,” Blumenthal said in Wednesday’s release. “Americans deserve to know what the structure and governance of this new entity will be. Major actors in the deal are best positioned to provide this information, and they owe Congress – and the American people – answers in a public setting.”
Individual invitations were sent to PGA Tour commissioner Jay Monahan, LIV Golf CEO Greg Norman and PIF governor Yasir Al-Rumayyan. Each letter requested the individuals be prepared to discuss “the anticipated role of the PIF in U.S. professional golf.” Monahan is currently away from his day-to-day duties as he recovers from an undisclosed medical situation.
Blumenthal serves as the chair of U.S. Senate Permanent Subcommittee on Investigations, of which Johnson is a ranking member. Blumenthal opened an investigation into the agreement and requested documentation from the PGA Tour and Monahan to determine the legality of the deal, which ended ongoing litigation between the two parties.
The PGA Tour was reportedly $50 million in the hole with legal fees, and the agreement quickly provided relief from such spending. Monahan said an inability to compete financially with the PIF was a significant factor in the deal…
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Source : cbssports
