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The PGA Tour on Tuesday defended its controversial deal with the Saudi-backed LIV Golf league before senators, as scrutiny of the agreement intensifies. Representatives from LIV Tour and Saudi Arabia's Public Investment Fund wasn't present at the hearing because CEO Greg Norman is out of the country, according to a spokesperson. PGA Tour operating chief Ron Price and policy board independent director Jimmy Dunne testified before the Senate Homeland Security Committee's subcomittee on investigations. Dunne and Price said they believed the PGA Tour would benefit the most from the proposed deal. The PGA Tour would manage competitions, and has said it is leading the negotiations to reach a finalized deal.

Persons: LIV, Greg Norman, Ron Price, Jimmy Dunne, Dunne, Price, Yasir Al, Rumayyan, Sen, Richard Blumenthal, Conn, It's, Blumenthal, Norman, Ron Johnson, Johnson, CNBC's Organizations: LIV Golf, LIV Tour, Saudi Arabia's Public Investment Fund, PGA Tour, Senate Homeland Security, Comcast, Paramount Global, Disney, Warner Bros, Capitol, PIF Locations: Saudi, American, Yemen

☆ Lucid, Activision, EA, Uber: Here's where Saudi Arabia's sovereign wealth fund has invested
▼ + stars: | 2023-07-11 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Saudi Arabia's sovereign wealth fund, known as the Public Investment Fund, is an active player in U.S. public and private markets. But among the documents disclosed in the recent PGA-LIV merger hearings was a previously unreported list of the sovereign wealth fund's top public equity holdings, valued at about $35.5 billion. The list, which was updated as of March 31, shows a $8.9 billion stake in electric automaker Lucid , constituting about 25% of PIF's equity holdings. PIF's second-largest stake, in Activision Blizzard , was valued at $3.3 billion and amounted to 9.1% of PIF's public equity holdings. Google accounts for 2.87% of the Nasdaq by weight but made up a mere 1.2% of the PIF's $35.51 billion public portfolio.

Persons: PIF, PIF's, Prince Mohammed bin Salman Organizations: Public Investment Fund, Activision Blizzard, Trade, Electronic Arts, Nasdaq, Meta, Booking Holdings Locations: Saudi, Saudi Arabia

☆ PGA Tour defends LIV Golf deal ahead of Senate hearing
▼ + stars: | 2023-07-10 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +6 min

Streeter Lecka | Getty ImagesThe PGA Tour has begun its public defense of its deal with Saudi-backed LIV Golf ahead of a key Senate hearing slated for this week. "Given the well-chronicled legal disputes that have existed between the PGA Tour and PIF, we understand the fair and valid questions raised by PGA Tour members, Tour partners, media, fans and now Congress," Price said in the op-ed. Stephenson stepped down as lawmakers appeared likely to start a broad probe into the merger between the PGA Tour and LIV, beginning with Tuesday's Senate hearing. Defending the dealLast month, the PGA Tour and PIF's LIV Golf, as well as Europe's DP World Tour, agreed to merge. The majority of the board that leads the PGA Tour Enterprises will be appointed by the tour and run by Monahan.

Persons: Streeter Lecka, LIV Golf, Ron Price, Price, Randall Stephenson, Stephenson, LIV, Sen, Richard Blumenthal, Ron Johnson, Jay Monahan, Jimmy Dunne, Monahan, Richard Heathcote, Rory McIlroy — Organizations: THE, Sawgrass, Saudi, Athletic, Monday, PGA, PGA Tour, AT, Senate, Senate Homeland Security, Investigations, Saudi Public Investment Fund, Getty, Saudi Arabia Public Investment, PIF Locations: Ponte Vedra Beach , Florida, Saudi, United States, Monday's

☆ Jabeur says now or never for Saudi Arabia to invest in the sport
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia has pumped huge amounts of money into soccer, Formula One and boxing in recent years while the Saudi-backed LIV Golf circuit recently ended its two-year dispute with the PGA Tour and DP World Tour by announcing a merger. I hope in Saudi they'll not just invest with the ATP, I hope with the WTA (too)," Jabeur said after beating Magdalena Frech 6-3 6-3 in her Wimbledon opener. Critics have accused Saudi Arabia of using the PIF to engage in "sportwashing" amid criticism of its human rights record. "I believe in Saudi they're doing great giving women more rights," 2022 Wimbledon runner-up Jabeur added. Men's world number one Carlos Alcaraz said he would have no doubts about competing in Saudi Arabia, while seven-time Grand Slam champion John McEnroe said tennis should not seek Saudi investment.

Persons: LIV, Steve Simon, Andrea Gaudenzi, Jabeur, Magdalena Frech, Critics, Saudi they're, It's, Carlos Alcaraz, John McEnroe, Andy Murray, Shrivathsa Sridhar, Toby Davis Organizations: PGA, WTA, men's ATP, Saudi Arabia's Public Investment Fund, Wimbledon, Saudi, Thomson Locations: Saudi, Saudi Arabia, Saudi they'll, Bengaluru

☆ Murray surprised by lack of female coaches, questions ATP's Saudi plans
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 1 (Reuters) - Former world number one Andy Murray said he was surprised there were not more female coaches in the sport, having found success by working with Frenchwoman Amelie Mauresmo in the past. "It's strange, I'm probably surprised there's not more female coaches across both (men's and women's) Tours," Murray told reporters on Saturday ahead of the Wimbledon championships. "I didn't necessarily think at the time that it was for sure going to spark loads of new or more female coaches to come into the game. "Then hopefully that transitions onto the men's and women's tour a bit more," he added. "I don't even know that it would be a handful of female coaches across both tours, which is not enough."

Persons: Andy Murray, Frenchwoman Amelie Mauresmo, Mauresmo, Murray, Scot, I'm, there's, it's, Andrea Gaudenzi, Rohith Nair, Ken Ferris Organizations: Wimbledon, Saudi Arabia's Public Investment Fund, Thomson Locations: Saudi Arabia, Bengaluru

☆ WTA chief says 'big issues' going to Saudi Arabia, but ruling nothing out
▼ + stars: | 2023-06-30 | by ( Martyn Herman | ) www.reuters.com time to read: +3 min

But Simon points to the success of WTA tournaments in Qatar and says Saudi Arabia has made 'huge strides'. "In February I went to Saudi Arabia to see it for myself. There are still tons of issues in Saudi Arabia but the advancement for women's rights and where they are coming from is transformational right now. Simon would not speculate on what kind of tournaments could potentially be held in Saudi Arabia, if at all. Simon said had no concerns about the safety of lesbian players competing in Saudi Arabia, but conceded it was a sensitive issue.

Persons: Steve Simon, They're, Simon, Andrea Gaudenzi, they've, Billie Jean King, Daniil Medvedev, Stan Wawrinka, Carlos Alcaraz, LIV, Martyn Herman, Christian Radnedge Organizations: Women's Tennis, WTA, ATP, Saudi Arabia's Public Investment Fund, American trailblazer, PGA, Thomson Locations: Saudi Arabia, Gulf, London, Saudi, Qatar

☆ Lucid CEO says Aston Martin EV tech deal is just the beginning
▼ + stars: | 2023-06-28 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

"This (deal) really kicks off that wing of the Lucid Group's business," CEO Peter Rawlinson told Reuters. Lucid's initial focus will be on providing high-performance, ultra-high voltage technology that would not be suitable for the mass-market, reflected in the Aston deal, Rawlinson said. However, he continued, its business licensing out parts should grow as the company moves to more mass-market models. Aston and Lucid share a common shareholder in Saudi Arabia's Public Investment Fund (PIF), but Rawlinson said the Saudi wealth fund played no role in the deal. "Aston Martin had options and they chose quite independently what they felt is the best technology available on the planet," he added.

Persons: Aston Martin, Peter Rawlinson, Rawlinson, Tesla, I'm, Aston, Nick Carey, Emma Rumney Organizations: EV, Aston, Reuters, Tesla's, Public Investment Fund, Thomson Locations: U.S, Arizona, Croatian, Aston, Saudi

☆ PGA Tour and LIV Golf: Newly obtained document details framework agreement between the sport’s leading organizations
▼ + stars: | 2023-06-28 | by ( Jill Martin | ) edition.cnn.com time to read: +5 min

CNN —On June 6, a shocking announcement was made by the PGA Tour sending reverberations around the golf world. On Monday, multiple news outlets started to circulate the framework agreement that had been quietly made by those groups. CNN has since obtained a copy of the framework agreement. The document was sent to Congress on Monday, according to a source with knowledge of the framework agreement. Lawmakers are inviting Monahan, Al-Rumayyan and LIV Golf CEO Greg Norman to testify at the hearing.

Persons: LIV, ”, ” PIF, Prince Mohammed bin Salman, “ NewCo, OWGR’s criterial, LIV Golf, Jay Monahan, Yasir Al, Keith Pelley, Monahan, Greg Norman, Patrick Cantlay, Rory McIlroy, Charley Hoffman, Peter Malnati, Webb Simpson Organizations: CNN, PGA, Public Investment Fund, LIV Golf, US Department of Justice, PGA Tour, Wall Street, Investigations, Rocket, “, Management, TOUR’s Locations: Saudi, NewCo, Al, Detroit

☆ Here's how a merger between PGA Tour and LIV Golf would be structured
▼ + stars: | 2023-06-27 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

In a five-page agreement obtained by CNBC, the parties — the PGA Tour, the Saudi Arabia Public Investment Fund and Europe's DP World Tour — agreed to create a for-profit subsidiary of the PGA Tour. The new entity will manage commercial assets for all of the tours, while the PGA Tour will manage competitions. The tentative merger agreement was signed by PGA Tour Commissioner Jay Monahan, DP World Tour CEO Keith Pelley and PIF's Yasir al-Rumayyan. The lawsuits came after multiple high-profile players including Phil Mickelson left the PGA Tour for LIV. The PGA Tour has said its executives would testify at the hearing, although it is unclear if Monahan will be present.

Persons: LIV, —, Muhammed bin Salman, Jay Monahan, Keith Pelley, PIF's Yasir al, LIV Golf, Phil Mickelson, " Monahan, Sen, Richard Blumenthal, Ron Johnson, Monahan Organizations: PGA Tour, CNBC, Saudi Arabia Public Investment Fund, Tour, Public Investment Fund, PGA, Senate Homeland Security Locations: Saudi, United States

[1/3] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File PhotoJune 26 (Reuters) - British luxury carmaker Aston Martin (AML.L) has reached a deal that will give U.S. electric vehicle (EV) maker Lucid Group (LCID.O) a 3.7% stake in the company in return for access to its "high performance" technology, Aston Martin said on Monday. Subject to shareholder approval, Aston Martin will issue about 28.4 million new ordinary shares to Lucid Group. Smaller carmakers such as Aston Martin are more reliant on partnerships to make the transition. Lucid and Aston Martin have a common shareholder in Saudi Arabia's Public Investment Fund (PIF).

Persons: Hyunjoo Jin, Aston Martin, Lucid, Aston Martin's, PIF, Aby Jose Koilparambil, Rashmi Aich, Barbara Lewis Organizations: REUTERS, Lucid, Mercedes, Benz, Aston, Public Investment Fund, U.S, Tesla Inc, Thomson Locations: Scottsdale , Arizona, U.S, Aston Martin, Saudi, Bengaluru

☆ Aston Martin pulls out of slow lane in EV race
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 26 (Reuters Breakingviews) - Aston Martin Lagonda’s (AML.L) route to viability is a brain-teaser worthy of Q, James Bond’s quartermaster famous for turning everyday objects into whizzy tools. The 2.6 billion pound carmaker’s latest deal with $11 billion Lucid (LCID.O) shows the marque made famous by the fictional spy is, however, making progress. The deal with Lucid – majority-owned by the PIF, handily enough – will make Aston’s ambition to roll out its first electric vehicle by 2025 more credible. The deal sent Aston shares up over 9% in early Monday trading. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aston Martin Lagonda’s, Q, James Bond’s, Aston, Lawrence, –, Mercedes, Neil Unmack, George Hay, Oliver Taslic Organizations: Reuters, Jefferies, Public Investment Fund, Porsche, Mercedes, Benz, U.S, Aston, Twitter, Canada, Siemens, Telecom Italia, Vivendi, Thomson

☆ Saudi Arabia: What is the nation hoping to achieve amid transfer takeover and what happens next?
▼ + stars: | 2023-06-25 | by ( Kaveh Solhekol | ) www.cnbc.com time to read: +6 min

Sky Sports News chief reporter Kaveh Solhekol analyses this transfer market trend... Why are Saudi Arabia spending huge sums on foreign players all of a sudden? Saudi Arabia is looking to expand its economy through other industries in order to help guarantee its financial future. It wants to put Saudi Arabia on the map and raise its profile. What else is Saudi Arabia hoping to achieve? Has Saudi Arabia distorted the transfer market forever?

Persons: Cristiano Ronaldo, Mohammed Saad, Ballon, Karim Benzema, Sergio Ramos, Bernardo Silva, Heung, Min Son, Kaveh, Mason Mount Chelsea, Declan Rice, Saudi Arabia —, sportswashing, Jamal Khashoggi, Oscar, West Ham's Marko Arnautovic, Lionel Messi, Ruben Neves, Kalidou Koulibaly, Hakim Ziyech, Erling Haaland, Harry Kane, Mohammed Hamdi, It's, Son Organizations: Saudi Pro League, Al, Alawwal, Anadolu Agency, Getty Images, Real, Chelsea, Premier League, Sky Sports News, Sky Sports, Manchester United, Arsenal, Soccer, Qatar, eventual, Argentina, Amnesty, Rights, Rights Watch, United, Super League, Brazil, Communist Party, Chinese Super League, MLS, Al Jazira FC, Saudi, Tottenham, Spurs Locations: Al, Shabab, Riyadh, Saudi Arabia, Getty Images Saudi Arabia, Real Madrid, Bournemouth, Saudi, United Nations, Kingdom of Saudi Arabia, Greece, Egypt, China, Europe, Al Hilal, Al Jazira, Abu Dhabi, Qatar

PGA Tour logo during the third round of the Travelers Championship on June 24, 2017, at TPC River Highlands in Cromwell, Connecticut. Key lawmakers on Wednesday invited the officials behind the proposed deal between the PGA Tour and Saudi-backed rival LIV Golf to testify at a Senate subcommittee hearing. Blumenthal, D-Conn., and Johnson, R-Wisc., requested testimony from the tour's commissioner, Jay Monahan, LIV Golf CEO Greg Norman and Yasir al-Rumayyan of the Saudi Arabia Public Investment Fund. "Fans, the players, and concerned citizens have many questions about the planned agreement between the PGA Tour and LIV Golf," Johnson said in a release. Blumenthal has expressed a particular interest in whether the PGA Tour deserves to keep its tax exempt nonprofit status as a business association that benefits its members.

Persons: LIV Golf, Sen, Richard Blumenthal, Ron Johnson, Blumenthal, Conn, Johnson, Jay Monahan, LIV, Greg Norman, Yasir al, Monahan, PIF didn't, Norman Organizations: Wednesday, PGA Tour, Senate Homeland Security, Saudi Arabia Public Investment Fund, LIV Golf, PGA, CBS Locations: Cromwell , Connecticut, Saudi, United States

☆ Saudi sovereign wealth fund PIF sells McLaren stake to Bahrain -Sky News
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Bahrain's state investment fund Mumtalakat is buying preference shares and warrants worth 400 million pounds ($510.48 million) in carmaker McLaren from Saudi Arabia's Public Investment Fund (PIF) and Ares Management (ARES.N), Sky News reported on Wednesday. The transaction will not lead to any new money being injected into McLaren, the Sky News report said, adding that an announcement from Mumtalakat on the deal will come on Thursday. The purchase will expand Mumtalakat's majority stake in McLaren group, which includes the British supercar maker as well as McLaren Racing. In July 2021, global investment firm Ares Management and Saudi's PIF provided much of a 550 million-pound equity investment in the McLaren group. Ares Management declined to comment, while McLaren and the PIF did not immediately respond.

Persons: carmaker McLaren, PIF, Ares Management, McLaren, Khalid Al Rumaihi, Bharat Govind Gautam, Chris Reese, Matthew Lewis Organizations: Saudi Arabia's Public Investment Fund, Ares Management, Sky News, McLaren, British, McLaren Racing, Reuters, Thomson Locations: Mumtalakat, Bengaluru

☆ China's VCs look to the Middle East for a U.S. dollar lifeline
▼ + stars: | 2023-06-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

China's ties with the Middle East have warmed since Saudi Arabia and Iran restored diplomatic relations earlier this year — through discussions brokered by Beijing. Those tensions and increased regulatory scrutiny in both countries prompted many U.S.-based investors to hold off on investments in Chinese venture capital funds. Middle East capital is looking to step in, especially as countries such as Saudi Arabia and Qatar look to diversify from dependence on fossil fuels. However, many potential investments in Chinese funds are still in discussion, the venture capital funds said. Preqin data showed the share of Middle East sovereign wealth funds' investment in alternative assets worldwide roughly doubled between 2021 and the first half of 2022.

Persons: Faisal bin Farhan al, Saud, Hu Chunhua, Fayez Nureldine, Morgan Stanley, Khalid Al, CNBC's Dan Murphy, Falih, PIF, Massimo, Aysar Tayeb, Prosperity7, Tayeb, Abu Organizations: Saudi, Political Consultative, China Business Conference, Afp, Getty, BEIJING — Venture, U.S ., CNBC, Public Investment Fund, Investment, Conference, Prosperity7 Ventures, Business, of, Local Locations: Riyadh, BEIJING, China, Saudi Arabia, Iran, Beijing, U.S, Qatar, Middle East, Asia, East, Saudi, Al, Aramco, Hyperview, Shanghai, UAE, of Dubai, Abu Dhabi

☆ LIV-PGA Tour deal probe urged by Rep. Maxine Waters and Sen. Sherrod Brown
▼ + stars: | 2023-06-16 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Lawmakers’ calls to investigate the proposed merger between the US-based PGA Tour and Saudi Public Investment Fund–backed LIV Golf are escalating. An investigation by CFIUS would not be the first probe into the surprise merger between the PGA Tour and LIV Golf, formerly bitter rivals. The Senate Finance Committee and the Senate Permanent Subcommittee on Investigations have also opened separate probes into the deal. Waters and Brown acknowledged the multiple investigations in their letter, writing, “We understand and appreciate that CFIUS is, by statute, an authority of last resort. Before the deal announcement, PGA Tour and LIV Golf were locked in a legal battle and traded barbed accusations of unfair competition, but the two organizations agreed to drop all pending litigation under the new agreement.

Persons: LIV, Maxine Waters, Sen, Sherrod Brown, Waters, Brown, “, Mohammed bin Salman, bin Salman, Jamal Khashoggi, Bin Salman, CFIUS, LIV Golf Organizations: CNN, Tour, Saudi Public Investment Fund, Financial Services Committee, Banking, Housing, Urban Affairs Committee, US Treasury Department, Foreign Investment, Treasury, PGA, Wall Street Journal, US Department of Justice, Finance, Investigations Locations: Ohio, United States, “ Saudi Arabia, Saudi, Saudi Arabia

☆ PGA Tour-Saudi deal scrutiny intensifies as Senate Finance Committee investigates
▼ + stars: | 2023-06-15 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —The backlash to the proposed merger between the PGA Tour and LIV Golf intensified as Senate Finance Committee Chairman Ron Wyden, D-Oregon, opened an investigation into the deal on Thursday. The committee will probe the deal between the US-based PGA Tour and the Saudi Public Investment Fund-backed LIV Golf and assess what the deal means for national security. The PGA Tour and LIV Golf did not immediately respond to CNN’s request for comment. The surprise deal this month between the PGA Tour and LIV Golf, competing tours locked in a legal battle before the merger announcement, has faced growing opposition from lawmakers. The US-based PGA Tour said the merger would “unify the game” and all pending litigation between the tours would be dropped under the new agreement.

Persons: LIV Golf, Ron Wyden, ” Wyden, Wyden, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, Elizabeth Warren, LIV, “ Organizations: CNN, PGA, Saudi Public Investment Fund, Saudi, of Justice, PGA Tour, DOJ, Democratic, Senate, LIV Locations: Oregon, United States, Saudi, Saudi Arabia, U.S

☆ LIV to continue as scheduled in 2024 despite PGA merger, says Johnson
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

June 15 (Reuters) - LIV Golf plans to go through with its schedule for the remainder of the year and 2024 despite the agreement to merge with the PGA Tour, former world number one Dustin Johnson said. The PGA Tour, DP World Tour and rival Saudi-backed LIV circuit announced the shock agreement to form one unified commercial entity last week, bringing an end to a bitter fight that had split the sport. There is uncertainly about how the golf calendar will look next year under the framework of the merger, with some doubts being raised about whether the LIV Golf League team-based competition would even exist after its 2023 season. However Johnson, one of the star recruits of the breakaway circuit, said he learned from Yasir Al-Rumayyan that the circuit would continue next year. Those are private conversations, and I don't know exactly what his future plans are ...

Persons: LIV Golf, Dustin Johnson, LIV, Rory McIlroy, Johnson, Yasir Al, bankrolls LIV, they're, We'll, I'm, we're, Bryson DeChambeau, DeChambeau, Hritika Sharma, Peter Rutherford Organizations: PGA Tour, LIV Golf League, Public Investment Fund, ESPN, Former U.S, Al, Thomson Locations: Saudi, Hyderabad

☆ Senate Democrats press for Justice Department inquiry into PGA Tour-LIV Golf merger
▼ + stars: | 2023-06-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — Two top Senate Democrats with a track record of scrutinizing business and antitrust activity have called for a Justice Department investigation into the merger agreement between the PGA Tour and Saudi-funded LIV Golf. The letter follows Connecticut Democratic Sen. Richard Blumenthal's inquiries to PGA Tour Commissioner Jay Monahan and LIV Golf CEO Greg Norman for details on the merger. The PGA Tour also insists the deal isn't a merger and that Saudi Arabia's Public Investment Fund will be a minority investor. The deal between the PGA Tour and LIV Golf would put an end to pending antitrust litigation between the two golf organizations. Family members of 9/11 victims have protested the Saudi golf league due to the terrorists' ties to the country.

Persons: Elizabeth Warren, Ron Wyden, LIV, Elizabeth Warren of, General Merrick Garland, Jonathan Kanter, Connecticut Democratic Sen, Richard Blumenthal's, Jay Monahan, Greg Norman, Monahan, LIV Golf, DOJ didn't, Yasir Al, Rumayyan, LIV Golf's, Osama Bin Laden, Prince Mohammed bin Salman, Jamal Khashoggi, Warren, Wyden, –, Jessica Golden Organizations: U.S, Capitol, WASHINGTON —, Democrats, Justice Department, PGA Tour, Saudi, LIV Golf, Oregon, Connecticut Democratic, Saudi Arabia's Public Investment Fund, DOJ, CNBC, PGA, Public Investment Fund, Washington Post, Senate Banking Committee, Finance Locations: Sens, Washington , DC, Elizabeth Warren of Massachusetts, U.S, Saudi, Saudi Arabia

PGA Tour Commissioner Jay Monahan is taking a leave of absence as he recuperates from a medical condition, the organization said in a statement late Tuesday, just days after the tour announced a deal to merge business interests with the Saudi-backed LIV Golf league. "Jay Monahan informed the PGA Tour Policy Board that he is recuperating from a medical situation," the tour said in a statement. The tour did not specify the nature of his medical condition nor a timetable to return. The PGA Tour and LIV Golf announced last week their decision to merge business operations to create a new golf entity with money from Saudi Arabia's Public Investment Fund. In a statement Wednesday, the PIF said it was informed of Monahan's medical situation and that it wishes him a speedy recovery.

Persons: Jay Monahan, LIV, Jay, LIV Golf, Ron Rice, Tyler Dennis Organizations: LIV Golf, PGA Tour, Board, Saudi Arabia's Public Investment Fund, PGA Locations: Saudi

☆ PGA Tour Commissioner Monahan recuperating after 'medical situation'
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

June 13 (Reuters) - PGA Tour Commissioner Jay Monahan is recovering from a "medical situation", the U.S.-based circuit said on Tuesday. A joint statement by Monahan and the PGA Tour Policy Board said day-to-day operations will be led by Tour executives Ron Price and Tyler Dennis during Monahan's absence. The news comes after a tumultuous week in the sport with the PGA Tour announcing a shock merger with the rival Saudi-backed LIV Golf. "The Board fully supports Jay and appreciates everyone respecting his privacy," the PGA Tour said in a statement. Monahan, 53, is the fourth commissioner in the history of the PGA Tour.

Persons: Jay Monahan, Monahan, Ron Price, Tyler Dennis, LIV Golf, Jay, LIV, Tim Finchem, Price, Dennis, Frank Pingue, Hritika Sharma, Peter Rutherford Organizations: PGA Tour, Saudi Public Investment Fund, PGA, U.S, United, LIV, Players, Thomson Locations: U.S, Saudi, United States, Saudi Arabia, Toronto, Hyderabad

☆ Jon Rahm says members of PGA Tour feel ‘betrayal’ after partnership with LIV Golf
▼ + stars: | 2023-06-14 | by ( Ben Morse | ) edition.cnn.com time to read: +5 min

2 Jon Rahm has said “a lot” of players on the PGA Tour feel “betrayal” after the shock announcement of its partnership with LIV Golf. The decisions of some players to leave the established PGA Tour and DP World Tour to sign up with LIV Golf last year were met with consternation by many others. Now, with the two sides uniting once again, it opens questions about LIV Golf players’ eligibility for this year’s Ryder Cup which begins in September. Rahm has been a strong advocate of allowing LIV Golf players to be allowed to compete in the biennial tournament. However, players who left to join LIV Golf resigned their DP World Tour membership to do so.

Persons: Jon Rahm, LIV Golf, ”, “, “ It’s, that’s, Jay Monahan, LIV Golf’s, –, Rahm, It’s, Kelley I’m, Scottie Scheffler, don’t, Scheffler, I’m, There’s, ” Rahm, Richard Heathcote, LIV, Keith Pelley, Team Europe’s, Rahm’s, Sergio Garcia, Garcia, Luke Donald, Luke Organizations: CNN, Tour, Rahm, Los Angeles Country Club, Senate, PGA, Saudi Arabia’s Public Investment Fund, Getty, LIV Golf, Team Europe, Reuters, Team, US Ryder, America Locations: California, Europe

☆ Saudi Arabia and China are part of a multipolar world order, and their mutual interests are 'strong and rising,' minister says
▼ + stars: | 2023-06-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

watch nowSaudi Arabia sees China as a key partner in a multipolar world — with the two countries expected to only come closer as their common interests grow, Saudi Minister of Investment Khalid Al-Falih told CNBC. "And we believe that economic cooperation between China and Saudi Arabia and the GCC (Gulf Cooperation Council), and the entire Arab region, will be a significant part of that." The U.S. has military installments in Saudi Arabia, selling it advanced weaponry and providing training and joint operations with the Saudi military. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. But we would see, going forward, more global champions from Saudi Arabia going to China to access a growing market of 1.4 billion high-consumption individuals."

Persons: Investment Khalid Al, Falih, — it's, CNBC's Dan Murphy, it's, Biden, Xi Jinping, Crown Prince, Saudi Arabia Mohammed bin Salman Al Saud, Saudi Crown Prince Mohammed bin Salman, Faisal bin Farhan, Antony Blinken, Fayez Nureldine Organizations: Saudi, Investment, CNBC, China Business Conference, GCC, Gulf Cooperation Council, U.S ., Anadolu Agency, Getty, Technology, Saudi Crown, Beijing, GCC Ministers, AFP Locations: Saudi Arabia, China, Riyadh, Africa, Central Asia, United States, Brazil, Russia, India, South Africa, U.S, Saudi, we're, Washington, Yamamah, Beijing

☆ US Senate opens investigation into new partnership between PGA Tour and LIV Golf
▼ + stars: | 2023-06-13 | by ( Matt Foster | ) edition.cnn.com time to read: +4 min

CNN —The US Senate opened an investigation into the proposed merger between the PGA Tour and LIV Golf’s owners, Saudi Arabia’s Public Investment Fund (PIF), on Monday. The letter to the PGA Tour is addressed to its commissioner, Jay Monahan, while chief executive Greg Norman received the letter to LIV Golf. Both the PGA Tour and LIV Golf have until June 26 to hand over the requested documentation, per the letters. Brooks Koepka putts on the 18th green during a LIV Golf event on October 30, 2022. “I think the commissioner has been so discredited that he can hardly present a credible voice for [the PGA Tour].

Persons: LIV Golf’s, Democratic Sen, Richard Blumenthal, LIV Golf, Jay Monahan, Greg Norman, “, ”, LIV, Brooks Koepka putts, Eric Espada, Blumenthal, Ron Wyden, “ I’m, ” Blumenthal, Monahan, ” Sen, Chris Murphy Organizations: CNN, Senate, PGA, Saudi, Public Investment Fund, Democratic, Investigations, PGA Tour, Tour, Justice Department, of Justice Locations: American

☆ Saudi Arabia's PGA merger is likely just the beginning for the kingdom when it comes to pro sports investments
▼ + stars: | 2023-06-13 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

The controversial mega merger between the PGA Tour and Saudi Arabia's LIV Golf is just one step in the kingdom's ambitious tourism and investment strategy — and its pursuit of big-name sports is just getting started. "We're sort of a proponent to find 'all of the above' strategy in sport," Saudi Investment Minister Khalid Al-Falih told CNBC's Dan Murphy in Riyadh. The PIF is Saudi Arabia's Public Investment Fund, a $600 billion sovereign wealth fund controlled by Saudi Crown Prince Mohammed bin Salman. News that the PGA Tour and Saudi Arabia's LIV Golf were joining forces last week brought an end to a two-year battle between the archrivals. The agreement, which includes the DP World Tour — also known as the PGA European Tour — will combine the commercial businesses and rights of the PGA Tour and LIV Golf into a new, yet-to-be-named for-profit company.

Persons: LIV, Khalid Al, Falih, CNBC's Dan Murphy, Saudi Crown Prince Mohammed bin Salman, It's, LIV Golf, — Organizations: PGA Tour, Saudi, Saudi Investment, Public Investment Fund, Saudi Crown, PGA Locations: Riyadh, Saudi Arabia, Saudi

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