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PGA Tour and LIV Golf deal under federal investigation

of the PGA Tour planning to create a new professional golf organization Saudi Arabia-backed LIV Golf is under heavy scrutiny from the parliament.

Earlier this month, the PGA Tour suddenly announced a partnership with LIV Golf’s parent organization, the Saudi Arabian Public Investment Fund. PIF. Under the deal, the PGA Tour and PIF hope a $620 billion asset fund will provide private capital investment to create a for-profit golf league. Saudi Arabia’s funding has raised concerns in the Gulf state, known as one of the worst human rights countries in the world. abuseruses the PGA to improve its public image worldwide.

Lawmakers have expressed concerns over the proposed deal in recent weeks, and at least three lawmakers have launched investigations. One of the legal concerns is that the deal would violate federal antitrust laws, as it would create a super league for the world’s most talented golfers to compete and monopolize the entire organized sport. be.


Merger of PGA Tour and LIV Golf provokes mixed reactions from golfers

05:07

“The merger will give the newly formed organization a monopoly over golfers,” Democratic Senators Elizabeth Warren and Ron Wyden said. wrote in a letter This week it is addressed to Attorney General Merrick Garland and Assistant Attorney General Jonathan Cantor.

Lawmakers are also concerned about a league tournament funded by the Saudi ultra-rich being held in the US mainland.

“If all parties learn more about how the PGA Tour will lead this new venture, they will understand how it benefits players, fans and the sport while protecting American golf. We are confident they will,” the league said in a late statement. Thursday.

disastrous human rights record

Weiden, Blumenthal and other lawmakers also point to Saudi Arabia’s record of human rights violations. according to The charges against Amnesty International include the arbitrary detention and torture of men, women and children.

Human rights activists and members of organizations that support them 9/11 families rock the PGA Tour He criticized plans to partner with LIV Golf and accused US golf organizations of helping to “sports wash” Saudi Arabia’s record of human rights violations.

Wyden, chairman of the Senate Finance Committee, noted that the PGA Tour is a tax-exempt nonprofit under U.S. law, but suggested that status could be in jeopardy.


9/11 families outraged over merger of PGA Tour and Saudi-backed LIV Golf

05:42

“The PGA Tour’s involvement with PIF raises serious questions as to whether an organization associated with an authoritarian regime that continues to undermine the rule of law should continue to enjoy tax-exempt status in the United States,” it said. Wyden wrote. letter PGA Tour on Thursday.

Oregon senators investigation On Thursday, we searched for more details about the “financials and leadership structure of the for-profit entity created by this transaction,” among other extensive information.Connecticut Democrat Richard Blumenthal Said Last week he was looking for similar details about a new entity.

“Not a merger”

The PGA Tour and PIF plans took the golf world by surprise, in part because the companies were in the midst of antitrust lawsuits prior to the announcement. The two organizations touted the plan as a merger when they first announced it to the press, but PGA Tour Commissioner Jay Monaghan sent the following report: letter “This deal is not a merger,” he told lawmakers last week.

Merging or not, the deal represents the merger of two giant competitors. Shortly after its launch a year ago, LIV divided professional golf in two by dangling millions of dollars in salaries to attract PGA Tour players to the organization. The PGA immediately responded: ban a player The LIV Tournament teeed off without participating in its own event, creating a bitter rivalry between the two competing factions. The new arrangement would favor one dominant league instead of that rivalry.


What is Sports Wash?Understanding the criticism of Saudi Arabia’s investment in sports

06:22

“The PGA Tour has brazenly announced this agreement as an agreement to ‘consolidate commercial operations under common ownership,'” Warren and Wyden said in a letter to the Justice Department. “The PGA Tour appears to have attempted to backtrack from its original statement by removing the word ‘merger’ from the press release announcing the deal, but the impact cannot be erased. It’s a monopoly on the professional golf business in the United States. and potentially below.”

A Justice Department official informed the PGA Tour on Thursday that investigators were also investigating the transaction, The Wall Street Journal reported. report.

Summarize this content to 100 words

of the PGA Tour planning to create a new professional golf organization Saudi Arabia-backed LIV Golf is under heavy scrutiny from the parliament.Earlier this month, the PGA Tour suddenly announced a partnership with LIV Golf’s parent organization, the Saudi Arabian Public Investment Fund. PIF. Under the deal, the PGA Tour and PIF hope a $620 billion asset fund will provide private capital investment to create a for-profit golf league. Saudi Arabia’s funding has raised concerns in the Gulf state, known as one of the worst human rights countries in the world. abuseruses the PGA to improve its public image worldwide.Lawmakers have expressed concerns over the proposed deal in recent weeks, and at least three lawmakers have launched investigations. One of the legal concerns is that the deal would violate federal antitrust laws, as it would create a super league for the world’s most talented golfers to compete and monopolize the entire organized sport. be.

Merger of PGA Tour and LIV Golf provokes mixed reactions from golfers

05:07

“The merger will give the newly formed organization a monopoly over golfers,” Democratic Senators Elizabeth Warren and Ron Wyden said. wrote in a letter This week it is addressed to Attorney General Merrick Garland and Assistant Attorney General Jonathan Cantor.

Lawmakers are also concerned about a league tournament funded by the Saudi ultra-rich being held in the US mainland. “If all parties learn more about how the PGA Tour will lead this new venture, they will understand how it benefits players, fans and the sport while protecting American golf. We are confident they will,” the league said in a late statement. Thursday.

disastrous human rights record Weiden, Blumenthal and other lawmakers also point to Saudi Arabia’s record of human rights violations. according to The charges against Amnesty International include the arbitrary detention and torture of men, women and children.Human rights activists and members of organizations that support them 9/11 families rock the PGA Tour He criticized plans to partner with LIV Golf and accused US golf organizations of helping to “sports wash” Saudi Arabia’s record of human rights violations.Wyden, chairman of the Senate Finance Committee, noted that the PGA Tour is a tax-exempt nonprofit under U.S. law, but suggested that status could be in jeopardy.

9/11 families outraged over merger of PGA Tour and Saudi-backed LIV Golf

05:42

“The PGA Tour’s involvement with PIF raises serious questions as to whether an organization associated with an authoritarian regime that continues to undermine the rule of law should continue to enjoy tax-exempt status in the United States,” it said. Wyden wrote. letter PGA Tour on Thursday.

Oregon senators investigation On Thursday, we searched for more details about the “financials and leadership structure of the for-profit entity created by this transaction,” among other extensive information.Connecticut Democrat Richard Blumenthal Said Last week he was looking for similar details about a new entity.”Not a merger”The PGA Tour and PIF plans took the golf world by surprise, in part because the companies were in the midst of antitrust lawsuits prior to the announcement. The two organizations touted the plan as a merger when they first announced it to the press, but PGA Tour Commissioner Jay Monaghan sent the following report: letter “This deal is not a merger,” he told lawmakers last week.Merging or not, the deal represents the merger of two giant competitors. Shortly after its launch a year ago, LIV divided professional golf in two by dangling millions of dollars in salaries to attract PGA Tour players to the organization. The PGA immediately responded: ban a player The LIV Tournament teeed off without participating in its own event, creating a bitter rivalry between the two competing factions. The new arrangement would favor one dominant league instead of that rivalry.

What is Sports Wash?Understanding the criticism of Saudi Arabia’s investment in sports

06:22

“The PGA Tour has brazenly announced this agreement as an agreement to ‘consolidate commercial operations under common ownership,'” Warren and Wyden said in a letter to the Justice Department. “The PGA Tour appears to have attempted to backtrack from its original statement by removing the word ‘merger’ from the press release announcing the deal, but the impact cannot be erased. It’s a monopoly on the professional golf business in the United States. and potentially below.”A Justice Department official informed the PGA Tour on Thursday that investigators were also investigating the transaction, The Wall Street Journal reported. report.

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Christopher J. Brooks

Christopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial topics ranging from economic inequality and housing to bankruptcy and sports business.

https://www.cbsnews.com/news/pga-tour-liv-golf-federal-investigation/ PGA Tour and LIV Golf deal under federal investigation

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