Washington | Saudi Arabia’s sovereign wealth fund has agreed to invest more than $US1 billion ($1.5 billion) in a new commercial entity controlled by the PGA Tour, and Greg Norman will be ousted as the chief executive of LIV Golf if the business deal between the Saudis and the tour is finalised, a tour executive told US Congress on Tuesday (Wednesday AEST).
The agreement between the Saudi Public Investment Fund, the primary funder of LIV Golf, and the PGA Tour shocked the golf world when it was announced last month and led to probes by a Congress subcommittee, which summoned tour officials to the Capitol to testify under oath, and the Justice Department, which is looking into potential antitrust violations.
