Sen. Richard Blumenthal of Connecticut informed PGA Tour commissioner Jay Monahan and LIV Golf CEO Greg Norman on Monday that the Senate is launching a probe into the LIV-PGA merger agreement. Details from BFQuinn:
. Monahan, along with members of the PGA Tour board, spoke and met with Public Investment Fund governor Yasir Al-Rumayyan for seven weeks in the lead-up to the agreement being finalized.The new company being created by the tours will be headed by Monahan serving as chief executive and Yasir al-Rumayyan as chairman.
Blumenthal said the agreement “raises concerns about the Saudi government’s role in influencing this effort and the risks posed by a foreign government entity assuming control over a cherished American institution.”Does this inquiry hold up the PGA Tour-LIV deal? No. The agreement can functionally move forward while the investigation proceeds. A Senate inquiry does not block anything from being formalized.
As for when that is, we’ll see. Al-Rumayyan previously told CNBC that the deal should be approved in the coming weeks, but that timeline seemed awfully ambitious.
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