Two PGA officials will testify before the Senate committee regarding the LIV Golf merger.
PGA Tour Officials to Testify in Senate Subcommittee Hearing on LIV Golf Merger
Exciting news! Two PGA Tour golf officials are set to testify as witnesses in front of a Senate subcommittee hearing on the highly anticipated LIV Golf merger next week. The committee’s leaders, subcommittee Chairman Richard Blumenthal (D-CT) and ranking member Sen. Ron Johnson (R-WI), announced this exciting development on Monday.
Witnesses and Testimony
The Senate Homeland Security Committee’s Permanent Subcommittee on Investigations will hear testimony from PGA Tour COO Ron Price and board member Jimmy Dunne on July 11. Blumenthal and Johnson expressed their appreciation for the PGA Tour’s cooperation and eagerly anticipate a robust and thoughtful exchange with both witnesses. They are particularly interested in delving into the details and background of the deal and understanding its implications for this cherished American institution.
The LIV Golf Merger
The merger, announced last month, involves LIV Golf, DP World Tour, and Saudi Arabia’s Public Investment Fund. The agreement aims to create a new, unnamed, for-profit entity that will combine the commercial businesses of all three parties. Notably, PGA Tour Inc., a tax-exempt organization, will continue to exist and maintain administrative oversight of events contributed by the PGA TOUR, including event sanctioning.
Additional Testimony
The subcommittee also sought testimony from LIV Golf CEO Greg Norman, PGA Tour Commissioner Jay Monahan, and the Saudi investment fund’s governor, Yasir Al Rumayyan. However, Norman and Rumayyan were unable to testify next week due to scheduling conflicts. Blumenthal and Johnson expressed regret over this and emphasized the value of their insights. They are committed to finding a mutually agreeable date for their testimony in the near future.
Investigation and Concerns
Senate Finance Committee Chairman Ron Wyden (D-OR) has initiated his own investigation into the merger, particularly focusing on national security and antitrust laws. Wyden expressed concerns about organizations aligning themselves with authoritarian regimes that undermine the rule of law and questioned whether they should maintain tax-exempt status within the U.S.
Promisingly, PGA Senior Vice President of Communications Joel Schuchmann stated that the company eagerly awaits the hearing to address any questions posed by the senators.
Stay tuned for more updates on this significant event!
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