Saudi investment in PGA Tour will top $1 billion. And Norman will exit as LIV’s CEO, tour exec says
1 year, 5 months ago

Saudi investment in PGA Tour will top $1 billion. And Norman will exit as LIV’s CEO, tour exec says

Associated Press  

WASHINGTON — 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.

History of this topic

Rory McIlroy says LIV Golf and PGA Tour match is giving back to fans of a divided sport
1 week, 5 days ago
The PGA Tour and LIV’s Saudi backers have a deal—but there’s one holdup
1 week, 6 days ago
Brooks Koepka anticipates Ryder Cup vibe in LIV vs. PGA Tour match in Las Vegas
1 week, 6 days ago
Tiger Woods has no firm answers on deal with Saudis or his future as a player
2 weeks, 6 days ago
Tiger Woods makes prediction over PGA Tour-PIF deal
3 weeks ago
Trump thinks he can fix golf’s mess. He starts by playing golf with PGA Tour commissioner
1 month ago
Rory McIlroy thinks Donald Trump and Elon Musk could help PGA Tour and LIV Golf discussions
1 month, 2 weeks ago
Rory McIlroy thinks Donald Trump and Elon Musk could help PGA Tour and LIV Golf discussions
1 month, 2 weeks ago
Report: PGA Tour-LIV merger rumors premature
Trending News
1 month, 2 weeks ago
Does Trump’s victory clear the way for PGA Tour-PIF merger? Rory McIlroy thinks so
Trending News
1 month, 2 weeks ago
Rory McIlroy suggests new timeline for PGA Tour and LIV Golf to strike deal
2 months, 3 weeks ago
Golfing for Dollars: The PGA Tour’s Saudi Deal Leaves 9/11 Families Out in the Cold
3 months ago
Rory McIlroy hopes match with DeChambeau and Koepka ‘sign of things to come’
3 months, 1 week ago
DeChambeau, Scheffler part of PGA Tour- LIV Golf match
3 months, 2 weeks ago
Scheffler and DeChambeau part of PGA Tour-LIV Golf match in Las Vegas, report says
3 months, 2 weeks ago
PGA Tour commissioner says sides are making progress on deal with Saudi backers of LIV Golf
6 months ago
Tour and Saudis agree on some items with work still to go to finalize any deal
6 months ago
US Open winner Bryson DeChambeau urges PGA Tour and LIV Golf to ‘figure it out’
6 months, 1 week ago
PGA Tour insists it is making progress in talks with LIV Golf's Saudi backers PIF but does not open up on New York meeting with Tiger Woods and co
6 months, 2 weeks ago
PGA Tour reports ‘progress’ without details in meeting with Saudi wealth fund leaders
6 months, 2 weeks ago
Rory McIlroy moves into contention at Muirfield ahead of crunch PGA Tour and Saudi talks
6 months, 2 weeks ago
Analysis: A year after PGA Tour’s surprise deal with Saudis, still no clarity on where golf is going
6 months, 2 weeks ago
Jordan Spieth contradicts Rory McIlroy's claim PGA Tour-Saudi talks are crumbling: 'Things are actually moving positively from both sides'
6 months, 4 weeks ago
Tiger Woods admits his part in tour-LIV talks could cost him Ryder Cup captaincy
7 months, 1 week ago
Jimmy Dunne resigns from PGA Tour policy board amid 'too much player power' as Tour-LIV talks stall
7 months, 1 week ago
Jimmy Dunne resigns from PGA Tour board. He feels his input is no longer needed
7 months, 1 week ago
Jimmy Dunne resigns from PGA Tour policy board citing ‘no meaningful progress’ toward deal to unify pro golf
7 months, 1 week ago
McIlroy says he and Adam Scott also involved in Saudi meetings
7 months, 2 weeks ago
Tiger Woods to be lone player on negotiating committee with Saudi-backed LIV Golf
7 months, 2 weeks ago
Rory McIlroy won’t rejoin PGA Tour board, says others were ‘uncomfortable’ with his potential return
7 months, 2 weeks ago
McIlroy ready to return to PGA Tour policy board, and eager to enjoy his first trip to New Orleans
7 months, 4 weeks ago
Rory McIlroy set for surprise return to PGA Tour board - reports
8 months ago
Rory McIlroy responds to shock reports of ‘$850m LIV Golf’ offer
8 months, 1 week ago
Rory McIlroy denies rumors he is close to accepting LIV Golf offer, says future is on PGA Tour
8 months, 1 week ago
PGA Tour’s Monahan describes ‘constructive’ meeting with Saudi leader of LIV Golf
9 months ago
Monahan confident in his job and hopeful PGA Tour can strike a deal with Saudis
9 months, 1 week ago
PGA Tour commissioner Jay Monahan provides update on Saudi PIF negotiations
9 months, 1 week ago
Rory McIlroy's former agent Chubby Chandler hints the PGA Tour star could make a bombshell '$946m' move to LIV Golf as the Northern Irishman 'is paving the way that the rebel circuit is okay now'
10 months ago
Tour to offer bulk of new money to 36 top players in equity ownership plan
10 months, 2 weeks ago
Sergio Garcia ‘couldn’t be happier’ with Jon Rahm joining LIV
10 months, 3 weeks ago
PGA Tour strikes $3 billion deal with Fenway-led investment group. Players to get equity ownership
10 months, 3 weeks ago
LIV players returning to PGA Tour should not be punished, says McIlroy
10 months, 3 weeks ago
Rory McIlroy says the PGA Tour is cheapened without LIV Golf players. He doesn’t want them punished
10 months, 3 weeks ago
Future of golf in Saudi hands after £2.4bn American investment in PGA Tour
10 months, 3 weeks ago
Senate committee wants cooperation from Saudis in proposed deal with PGA Tour
10 months, 3 weeks ago
PGA Tour sets 2024 Player Advisory Council
10 months, 3 weeks ago
PGA Tour starts a new year that feels like the old one. There’s more to golf than just the golf
11 months, 2 weeks ago
McIlroy eases criticism of LIV Golf, says Rahm defection was a smart business move
11 months, 2 weeks ago
McIlroy eases off criticism of LIV Golf. He says Rahm defection was a smart business move
11 months, 2 weeks ago
PGA Tour seeks extension on commercial deal with Saudis, private investors
11 months, 3 weeks ago

Discover Related