Documents revealed by the Senate Investigative subcommittee revealed several proposals that were suggested during the negotiations between the PGA Tour and Saudi Public Investment Fund, which backs the LIV Golf Tour.
These documents were released in time for the Senate hearing investigating the merger of the two sides that began on Tuesday, July 11 at 10 a.m. ET.
DON’T MISS: PGA Tour Policy Board Member Resigns Due to Concern Over Saudi PIF, LIV Deal
The proposals included allowing LIV Golf to operate as an independent tour, and added that Tiger Woods and Rory McIlroy would receive ownership of LIV Golf teams. The proposal also included that the two golf stars would play “in at least 10 LIV events.”
It’s unclear whether Woods and McIlroy had any knowledge of these proposals.
The two stars were reportedly offered $800 million and $500 million respectively to join the Saudi-backed Tour before it first teed off in 2022, but McIlroy has denied that he ever received an offer.
In a "Best of Both Worlds" presentation given to PGA Tour leaders, it was proposed that:
— Sean Zak (@Sean_Zak) July 11, 2023
-Tiger and Rory would each own LIV teams.
-They'd each play in 10 LIV events.
-Yasir Al-Rumayyan would gain an R&A membership AND Augusta National membership pic.twitter.com/Cqk3B8By5k
Other parts of the proposal include a “global event” that would include PGA Tour, LIV and LPGA players and potentially include national teams similar to the Ryder Cup. The proposal said that the event would take place in Saudi Arabia and Dubai.
More Sports Business:
- PGA Tour and Saudi PIF Sign Framework for Future Partnership
- The Saudi Multi-Billion Dollar Investment in Global Sports Explained
- How the PGA Tour, Saudi PIF Drama Could Spill Into the NBA
The proposal also said that Greg Norman would be removed as the LIV Golf chief executive, Saudi’s Yasir Al Rumayan would receive membership at the prestigious Augusta National Golf Club, and that two PGA events would be branded under Aramco or PIF.
These were proposals pitched in a presentation called “The Best of Both Worlds” which the Saudi representatives pitched on April 26, but it’s not clear whether any of the proposals are still under consideration for the final merger. But the Washington Post reported that the proposal to remove to Norman was rejected.
Receive full access to real-time market analysis along with stock, commodities, and options trading recommendations. Sign up for Real Money Pro now.
