The Justice Department told the PGA Tour it will investigate the recently announced merger between the golf giant and the Saudi-backed LIV Golf league because of antitrust concerns, theThursday, more than a week after the former rivals surprised the world with the announcement they were merging....
The PIF, the Saudi wealth fund, has significant power in the new entity. It will be able to refuse any outside capital invested, and will have “the exclusive right to further invest in the new entity,” according to a press release announcing the deal.LIV broke onto the golf scene in 2022 as a direct competitor to the PGA Tour with the help of billions of dollars from the Saudi investment fund. With that money, the new golf league recruited some of the PGA Tour’s best known golfers.
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