“Be prepared to discuss the circumstances” – Jay Monahan, Yasir Al-Rumayyan, and Greg Norman invited to testify at Senate hearing PGA Tour - PIF deal
The US Senate Permanent Subcommittee investigating the recent PGA Tour deal with the Saudi Public Investment Fund (PIF) has invited PGA Tour commissioner Jay Monahan, LIV Golf CEO Greg Norman, and Saudi Arabia’s PIF governor Yasir Al-Rumayyan to testify at a public hearing. The trio has been called upon for the hearing scheduled for July 11.
The invitation comes just days after the shock announcement of the PGA deal with PIF. Following this, an investigation was launched into the matter. The senate is currently looking into the two organizations’ plan to develop a new entity to oversee the running of the elite game, along with the DP World Tour. The senate has now invited the leading members of the two sides to testify in the hearing.
A letter sent to Monahan, Norman, and Al-Rumayyan read:
“The Subcommittee respectfully requests that you appear in-person to testify at this hearing. To assist the Subcommittee's review, please be prepared to discuss the circumstances and terms of the planned agreement between PGA Tour and the PIF, how any new entities formed through the planned agreement will be structured, the expected impact on PGA Tour and LIV Golf players, and the anticipated role of the PIF in U.S. professional golf.”
The U.S. Senate Permanent Subcommittee on Investigations has invited PGA Tour Commissioner Jay Monahan, PIF Governor Yasir al-Rumayyan, and LIV Golf CEO Greg Norman to testify at a July 11 hearing on the planned agreement between the PGA Tour and the Saudi Arabian PIF. https://t.co/iRLv1vyIS3
According to the Subcommittee letter, the parties involved must file a response by July 7. It is pertinent to note that Jay Monahan, who first announced the merger to the world, is set to become the CEO of the as-yet-unnamed entity with Al-Rumayyan as its chairman.
However, the US Senate Permanent Subcommittee on Investigations has taken note of this and is looking into the interests of the parties involved. It’s also noteworthy that the alliance could be reviewed by the Committee on Foreign Investment in the US, which will analyze the merger and its potential threats to the nation’s security.
Senator Richard Blumenthal demands records between the PGA tour and the PIF
Meanwhile, Senator Richard Blumenthal (D-CT) of the Permanent Subcommittee on Investigations is seeking records and communications between the PGA Tour and the PIF ahead of the hearing. A letter has been sent to Monahan regarding the same. According to Blumenthal, the agencies involved are looking to “uncover the facts about what went into the PGA Tour’s deal with the Saudi PIF.”
Blumenthal, in a statement announcing the proposed hearing, said on Wednesday:
“Our goal is to uncover the facts about what went into the PGA Tour’s deal with the Saudi Public Investment Fund and what the Saudi takeover means for the future of this cherished American institution and our national interest.
"Americans deserve to know what the structure and governance of this new entity will be. Major actors in the deal are best positioned to provide this information, and they owe Congress—and the American people—answers in a public setting.”
Today I am officially inviting the PGA Tour Commissioner, LIV Golf CEO, & Saudi Public Investment Fund Governor to testify in front of my Permanent Subcommittee on Investigations. We need to get to the bottom of the planned agreement between the PGA & Saudi-funded LIV Golf. https://t.co/FlYD4vpmCh
It is pertinent to note that Jay Monahan stepped away from day-to-day duties as PGA Commissioner last week. He cited an undisclosed health condition as the reason for the move.