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"contents": "<span style=\"font-weight: 400;\">The framework of the merger agreement of the PGA Tour and Saudi-backed LIV Golf says a for-profit subsidiary of the US golfing body will be created to manage commercial investments and assets for all tours, according to a copy reviewed by </span><i><span style=\"font-weight: 400;\">Reuters</span></i><span style=\"font-weight: 400;\"> on Monday.</span>\r\n\r\n<span style=\"font-weight: 400;\">The PGA Tour will have a permanent controlling interest in the subsidiary’s board of directors, regardless of the Saudi investment, the framework says.</span>\r\n\r\n<span style=\"font-weight: 400;\">The PGA Tour, DP World Tour and rival Saudi-backed LIV circuit, which had been involved in a </span><a href=\"https://www.dailymaverick.co.za/article/2023-06-06-pga-tour-european-tour-and-liv-announce-landmark-merger/\"><span style=\"font-weight: 400;\">bitter fight that split the sport</span></a><span style=\"font-weight: 400;\">, earlier in June announced an agreement to merge and form one unified commercial entity.</span>\r\n\r\n<span style=\"font-weight: 400;\">The framework agreement also ends litigation between the two sides.</span>\r\n\r\n<span style=\"font-weight: 400;\">The LIV Golf series is bankrolled by the Saudi Arabia Public Investment Fund (PIF) and critics have accused it of being a vehicle for the country to improve its reputation as it faces criticism of its human rights record.</span>\r\n\r\n<span style=\"font-weight: 400;\">PIF Governor Yasir Al-Rumayyan will be the chairman of the new entity, called NewCo in the framework, while PGA Tour Commissioner Jay Monahan will be the CEO.</span>\r\n\r\n<span style=\"font-weight: 400;\">The framework is likely to be a focus of a US Senate panel on 11 July where Monahan, Al-Rumayyan and LIV Golf CEO Greg Norman have been invited to testify.</span>\r\n\r\n<b>Read more in Daily Maverick:</b> <a href=\"https://www.dailymaverick.co.za/article/2023-06-22-us-senate-panel-urges-pga-tour-commissioner-liv-ceo-to-testify-on-controversial-merger/\"><span style=\"font-weight: 400;\">US Senate panel urges PGA Tour commissioner, LIV CEO to testify on controversial merger</span></a>\r\n\r\n<span style=\"font-weight: 400;\">The proposed deal has faced intense criticism in Washington.</span>\r\n\r\n<span style=\"font-weight: 400;\">US Senator Richard Blumenthal has asked the PGA and LIV for communications and records on their planned merger, citing concerns about the Saudi government’s role in the deal and risks posed by a foreign government entity assuming control over the sport.</span>\r\n\r\n<span style=\"font-weight: 400;\">Blumenthal, a Democrat who chairs the Senate Permanent Subcommittee on Investigations, demanded to know how the non-profit group came to its agreement with LIV Golf, a professional body.</span>\r\n\r\n<span style=\"font-weight: 400;\">He also wanted to know how any newly formed entity will be structured and operated, including how the PGA Tour intends to preserve its tax-exempt status.</span>\r\n<h4><b>Saudi investment in tennis?</b></h4>\r\n<span style=\"font-weight: 400;\">CEO of Tennis Australia and Director of the Australian Open Craig Tiley believes any Saudi investment in tennis is unlikely to have the same impact as the country’s disruptive entry into golf because talks are focused on bolstering the current structures of the game.</span>\r\n\r\n<span style=\"font-weight: 400;\">Association of Tennis Professionals (ATP) Chairman Andrea Gaudenzi told the </span><i><span style=\"font-weight: 400;\">Financial Times</span></i><span style=\"font-weight: 400;\"> last week that he had held “positive” discussions with the PIF and other potential investors.</span>\r\n\r\n<span style=\"font-weight: 400;\">“What’s different to what we’re seeing (in other sports) is this is an investment in the current structure of the game and not an investment in an alternative option,” Tiley told reporters on Tuesday.</span>\r\n\r\n<p><img loading=\"lazy\" class=\"size-full wp-image-1744640\" src=\"https://www.dailymaverick.co.za/wp-content/uploads/2023/06/GettyImages-1492475623.jpg\" alt=\"Craig Tiley, Tennis Australia CEO\" width=\"720\" height=\"480\" /> <em>Craig Tiley, Tennis Australia CEO, doesn't believe tennis will face the same issues as golf has, if the sell a stake to Saudi Arabia. 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So you’ve got to watch what’s going on and stay close to it.</span>\r\n\r\n<span style=\"font-weight: 400;\">“But, ultimately, that’s a decision for the men’s and the women’s tour.”</span>\r\n\r\n<span style=\"font-weight: 400;\">Saudi Arabia has pumped huge amounts of money into sport in recent years and media reports say it is bidding to host this year’s ATP Next Gen Finals, which feature the tour’s top Under-21 players.</span>\r\n\r\n<span style=\"font-weight: 400;\">Some of the world’s top players have already featured in the Diriyah Cup exhibition event on the outskirts of Riyadh and world No 1 Carlos Alcaraz said earlier this week he had “no doubts” he would compete in Saudi Arabia at some point.</span>\r\n\r\n<span style=\"font-weight: 400;\">Australia’s Nick Kyrgios welcomed the news of the ATP’s discussions on investment from Saudi Arabia and said it would bring players the financial rewards they deserved.</span>\r\n\r\n<span style=\"font-weight: 400;\">“Finally. They see the value,” he tweeted above a report of the talks between the Saudis and ATP.</span>\r\n\r\n<span style=\"font-weight: 400;\">“We are going to get paid what we deserve to get paid. Sign me up.” </span><b>Reuters/DM</b>",
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"description": "<span style=\"font-weight: 400;\">The framework of the merger agreement of the PGA Tour and Saudi-backed LIV Golf says a for-profit subsidiary of the US golfing body will be created to manage commercial investments and assets for all tours, according to a copy reviewed by </span><i><span style=\"font-weight: 400;\">Reuters</span></i><span style=\"font-weight: 400;\"> on Monday.</span>\r\n\r\n<span style=\"font-weight: 400;\">The PGA Tour will have a permanent controlling interest in the subsidiary’s board of directors, regardless of the Saudi investment, the framework says.</span>\r\n\r\n<span style=\"font-weight: 400;\">The PGA Tour, DP World Tour and rival Saudi-backed LIV circuit, which had been involved in a </span><a href=\"https://www.dailymaverick.co.za/article/2023-06-06-pga-tour-european-tour-and-liv-announce-landmark-merger/\"><span style=\"font-weight: 400;\">bitter fight that split the sport</span></a><span style=\"font-weight: 400;\">, earlier in June announced an agreement to merge and form one unified commercial entity.</span>\r\n\r\n<span style=\"font-weight: 400;\">The framework agreement also ends litigation between the two sides.</span>\r\n\r\n<span style=\"font-weight: 400;\">The LIV Golf series is bankrolled by the Saudi Arabia Public Investment Fund (PIF) and critics have accused it of being a vehicle for the country to improve its reputation as it faces criticism of its human rights record.</span>\r\n\r\n<span style=\"font-weight: 400;\">PIF Governor Yasir Al-Rumayyan will be the chairman of the new entity, called NewCo in the framework, while PGA Tour Commissioner Jay Monahan will be the CEO.</span>\r\n\r\n<span style=\"font-weight: 400;\">The framework is likely to be a focus of a US Senate panel on 11 July where Monahan, Al-Rumayyan and LIV Golf CEO Greg Norman have been invited to testify.</span>\r\n\r\n<b>Read more in Daily Maverick:</b> <a href=\"https://www.dailymaverick.co.za/article/2023-06-22-us-senate-panel-urges-pga-tour-commissioner-liv-ceo-to-testify-on-controversial-merger/\"><span style=\"font-weight: 400;\">US Senate panel urges PGA Tour commissioner, LIV CEO to testify on controversial merger</span></a>\r\n\r\n<span style=\"font-weight: 400;\">The proposed deal has faced intense criticism in Washington.</span>\r\n\r\n<span style=\"font-weight: 400;\">US Senator Richard Blumenthal has asked the PGA and LIV for communications and records on their planned merger, citing concerns about the Saudi government’s role in the deal and risks posed by a foreign government entity assuming control over the sport.</span>\r\n\r\n<span style=\"font-weight: 400;\">Blumenthal, a Democrat who chairs the Senate Permanent Subcommittee on Investigations, demanded to know how the non-profit group came to its agreement with LIV Golf, a professional body.</span>\r\n\r\n<span style=\"font-weight: 400;\">He also wanted to know how any newly formed entity will be structured and operated, including how the PGA Tour intends to preserve its tax-exempt status.</span>\r\n<h4><b>Saudi investment in tennis?</b></h4>\r\n<span style=\"font-weight: 400;\">CEO of Tennis Australia and Director of the Australian Open Craig Tiley believes any Saudi investment in tennis is unlikely to have the same impact as the country’s disruptive entry into golf because talks are focused on bolstering the current structures of the game.</span>\r\n\r\n<span style=\"font-weight: 400;\">Association of Tennis Professionals (ATP) Chairman Andrea Gaudenzi told the </span><i><span style=\"font-weight: 400;\">Financial Times</span></i><span style=\"font-weight: 400;\"> last week that he had held “positive” discussions with the PIF and other potential investors.</span>\r\n\r\n<span style=\"font-weight: 400;\">“What’s different to what we’re seeing (in other sports) is this is an investment in the current structure of the game and not an investment in an alternative option,” Tiley told reporters on Tuesday.</span>\r\n\r\n[caption id=\"attachment_1744640\" align=\"alignnone\" width=\"720\"]<img class=\"size-full wp-image-1744640\" src=\"https://www.dailymaverick.co.za/wp-content/uploads/2023/06/GettyImages-1492475623.jpg\" alt=\"Craig Tiley, Tennis Australia CEO\" width=\"720\" height=\"480\" /> <em>Craig Tiley, Tennis Australia CEO, doesn't believe tennis will face the same issues as golf has, if the sell a stake to Saudi Arabia. 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Craig Tiley, Tennis Australia CEO, doesn't believe tennis will face the same issues as golf has, if the sell a stake to Saudi Arabia. (Photo: Darrian Traynor/Getty Images for Tennis Australia)