Controversial PGA Tour Deal With Saudis Faces Scrutiny In Washington
Source: HuffPost
Controversial PGA Tour Deal With Saudis Faces Scrutiny In Washington
The Justice Department has reportedly informed PGA Tour that it's investigating the merger plans for possible antitrust violations.
By Lydia O'Connor
Jun 15, 2023, 05:13 PM EDT
PGA Tour’s controversial merger plans with Saudi-backed LIV Golf is facing scrutiny in Washington, D.C., where lawmakers are questioning the morality and safety of such an acquisition, and a federal agency is reportedly planning an investigation.
The Wall Street Journal reported Thursday that the Justice Department has notified the PGA Tour, the organizer of many professional golf tournaments in the U.S., that it’s investigating the merger plans for antitrust concerns. PGA Tour and LIV Golf, which the Saudi Public Investment Fund has committed billions to fund, have been embroiled in a squabble over control of the sport, with LIV Golf poaching some of the PGA Tour’s top players and suing its competitor for running an illegal monopoly on the sport.
Then, unexpectedly, the two entities announced last week they were merging under a to-be-named business, with PGA Tour commissioner Jay Monahan saying it would benefit both sides “to take the competitor off of the board, to have them exist as a partner, not an owner.” Antitrust experts reacted, saying DOJ scrutiny was now certain.
The Journal’s report follows a letter that Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) wrote to the DOJ on Tuesday asking it to investigate the deal for possible violations of the Sherman Antitrust Act.
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Read more: https://www.huffpost.com/entry/pga-tour-liv-golf-washington-scrutiny_n_648b555de4b0756ff8632d78