Saudi investment in PGA Tour will top $1 billion. And Norman will exit as LIV’s CEO, tour exec says
Associated PressWASHINGTON — Saudi Arabia’s sovereign wealth fund has agreed to invest more than $1 billion in a new commercial entity controlled by the PGA Tour, and Greg Norman will be ousted as the CEO of LIV Golf if the business deal between the Saudis and the tour is finalized, a tour executive told Congress on Tuesday. Asked by Blumenthal how much money the Saudis have committed to the new venture, Ron Price, the PGA Tour’s chief operating officer, testified the amount was “north of $1 billion.” Blumenthal repeatedly pressed Price and Jimmy Dunne, a PGA Tour board member and a key negotiator of the Saudi deal, on why the tour did not seek alternative sources of funding to compete with the PIF. The PGA Tour sent a letter to players after Tuesday’s hearing saying the PIF made “a series of suggestions” that “were rejected immediately.” The parties also negotiated but did not sign a side agreement that called for ousting Norman as LIV’s CEO. Asked by Blumenthal whether Norman was out of a job, Price said that if the tour and the PIF complete their business deal, the tour would control LIV and Norman’s job would be eliminated.