Saudi Arabia’s sovereign wealth fund has agreed to invest more than $1 billion in a new commercial entity controlled by the PGA Tour, a tour executive told Congress on Tuesday.
WASHINGTON — Saudi Arabia’s sovereign wealth fund has agreed to invest more than $1 billion in a new commercial entity controlled by the PGA Tour, and Greg Norman will be ousted as the CEO of LIV Golf if the business deal between the Saudis and the tour is finalized, a tour executive told Congress on Tuesday.
PGA Tour chief operating officer Ron Price, left, testifies alongside PGA Tour board member Jimmy Dunne during a Senate Subcommittee on Investigations hearing on the proposed PGA Tour-LIV Golf partnership on July 11, 2023, on Capitol Hill in Washington. “My entire concern here is to put this divisive period behind us, and for the sake of players, fans, sponsors and charities, unite the game of golf again,” said Dunne, a New York investment banker who is well connected with the sport’s leaders.
But Sen. Rand Paul, a Kentucky Republican and a harsh critic of the Saudi regime, said Congress should not interfere with a private enterprise doing business with the Saudis. He proposed instead that the U.S. reduce arms sales to Saudi Arabia. And the committee’s ranking member, Sen. Ron Johnson, R-Wis., suggested that Saudi involvement in sports ultimately could improve human rights in the kingdom.
“The rollout was very misleading and inaccurate, which is everyone’s fault. There is no merger,” Dunne said. “There is merely an agreement to try and get to an agreement instead of a lawsuit.” “My attitude was all of the people other than the guy with the money, we shouldn’t talk to,” Dunne said.A memo from Staveley’s firm titled “The Best of Both Worlds” includes the proposal that Woods and McIlroy take ownership of LIV teams and that each of them play in 10 LIV events per year. There is no indication in the documents that either Woods or McIlroy, both of whom remained loyal to the PGA Tour, were ever informed of the idea.
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