The PGA Tour will maintain a controlling voting interest in the new entity formed by its surprise union with Saudi-backed LIV Golf, according to the provisional agreement between the two circuits filed to US lawmakers.
PGA Tour Chairman Jay Monahan will be chief executive, while the Saudi Arabia Public Investment Fund’s governor, Yasir Al-Rumayyan, will head the board of the combined entity, according to the filing.
PIF will pitch in golf assets, including those of LIV Golf, along with a cash investment in exchange for equity ownership in the entity dubbed NewCo in the framework agreement. The fund will pump in additional money with a right of first refusal on capital raised by NewCo.
The five-page document was provided to the US Congress before a July 11th hearing by a Senate panel investigating the merger. It …
- June 27, 2023
