LIV Golf Merger News: Greg Norman and Al-Rumayyan’s Frustrations Escalate Amid Latest Inquiry

The Public Investment Fund of Saudi Arabia has been under inquiry by the US court since the firm started its endeavor in America. When the DP World Tour, LIV Golf, and PGA Tour announced plans for the $3 billion merger, the court held two hearings on the deal and asked the Al-Rumayyan lead firm to submit certain documents to gain information about the firm.

Now, Sen. Richard Blumenthal, D-Conn., and the Senate’s Permanent Subcommittee are tightening their grip around PIF’s inquiry. A hearing has been set, which will include representatives from four companies, namely, Boston Consulting Group, McKinsey & Company, M. Klein & Company, and Teneo, to testify about their workings with PIF per a subpoena released.

The four companies are “ordered to testify regarding their companies’ compliance with a subpoena that was issued in November regarding their work on behalf of Saudi Arabia’s Public Investment Fund,” the Blumenthal letter reads. Moreover, a letter was sent to Yasir Al-Rumayyan on Monday, informing him about the Senate Permanent Subcommittees’ continued pursuit of an inquiry into the PIF because of the merger.

The letter by the Subcommittee stated that the PIF has information pertaining to the subpoena issued to each PIF consultant and is relevant to the inquiry. However, a PIF attorney had argued that the release of information would “violate lawful orders issued by the courts of Saudi Arabia.” The PGA Tour-PIF merger had long faced obstacles through which it was delayed and the recent progression of the PGA Tour had reportedly upset the PIF’s governor yet again.

PGA Tour accepts the $3 billion SSG deal

On Wednesday, the PGA Tour announced its newly formed partnership with Strategic Sports Group (SSG) and the formation of the PGA Tour Enterprise, a for-profit firm. The deal was reported to be finalized for a whopping $3 billion by the billionaire’s consortium.

Read More: LIV Golf News: Yasir Al-Rumayyan Is Full of Hope Despite $3B ‘Backstab’ by Jay Monahan

The said deal was made as the PGA Tour seeks investment in the game of golf for its progression. Per the New York Post, Al-Rumayyan was not exactly happy with the PGA Tour moving forward with SSG. The PGA Tour Entreprise was to be headed by PIF’s governor; however, Jay Monahan has been slated as the leader.

Since its inception on June 6th last year, the PGA Tour-PIF merger has faced numerous roadblocks. The future of the merger especially looked bleak when the December 31st deadline was not met, though a letter by Keith Peley confirmed that the talks between the three leagues are still going on. As of right now, there is no indication when the $3 billion merger will come forth. But one thing is for sure, the merger will make some significant changes in golf whenever it gets finalized.

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