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The framework of the merger agreement of the PGA Tour and Saudi-backed LIV Golf says a for-profit subsidiary of the US golfing body will be created to manage commercial investments and assets for all tours.
The PGA Tour and European tour have agreed to work with Saudi backers of LIV Golf to decide how defectors to the rival league can return and what kind of punishment they should face, according to a framework agreement obtained by The Associated Press.
The five-page agreement signed by PGA Tour commissioner Jay Monahan, DP World Tour CEO Keith Pelley and Public Investment Fund governor Yasir Al-Rumayyan to form a new entity that will align men's professional golf gives the PGA Tour «full decision-making authority with respect to all strategic and operational matters related to competition.»
WASHINGTON : The framework of the merger agreement of the PGA Tour and Saudi-backed LIV Golf says a for-profit subsidiary of the U.S. golfing body will be created to manage commercial investments and assets for all tours, according to a copy reviewed by Reuters on Monday.
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The PGA Tour said Wednesday that it would appear next month before a Senate subcommittee whose leader asked executives from the tour, Saudi golf interests and LIV Golf to testify as Congress investigates the business deal that upended the sport.
The leading figures in the controversial partnership between Saudi Arabia and the PGA Tour have been summoned to attend a United States Senate hearing next month.
The leading figures in the controversial partnership between Saudi Arabia and the PGA Tour have been summoned to attend a United States Senate hearing next month.