WATCH: PGA Tour official reveals initial Saudi investment "north of $1bn"
PGA Tour chief operating officer Ron Price confirmed the initial investment by LIV Golf's backers in the new golf company would be north of $1bn.
PGA Tour chief operating officer Ron Price had to be pushed to reveal the initial investment by LIV Golf's backers into a new golf company would be north of $1bn.
Price was testifying alongside PGA Tour board member Jimmy Dunne in a hearing in front of the Senate's Permanent Subcommittee on Investigations regarding the PGA Tour's agreement with Saudi Arabia's Public Investment Fund.
The announcement of the shocking new alliance came on 6 June and made headlines around the globe.
It stated the PGA Tour, DP World Tour and PIF had formed an agreement to combine their golf-related commercial rights and businesses into a new, for-profit entity.
More:
- Initial Saudi investment? $1bn...
- Rory McIlroy met with LIV Golf boss in late 2022
- 10 of the biggest (!) bombshells from PGA Tour/LIV Golf hearing
Multiple key details that were discussed during the negotiations for the agreement were revealed on 11 July.
It included Greg Norman's potential termination, as well as PIF governor Yasir Al-Rumayyan obtaining membership at both Augusta National Golf Club and the R&A.
However, it was not clear whether these proposals made it into the final agreement.
Another bombshell detail that was revealed during the hearing came from Price.
He told the subcommittee that the Saudi Arabian investment that was discussed as part of the agreement was incredibly "north of $1 billion," after an awkward exchange with Senator Richard Blumenthal.
Here's the clip:
"North of $1 billion."
COO Ron Price revealed the level of Saudi investment discussed in the PGA Tour's merger with LIV Golf during a Senate hearing.
(via @cspan) pic.twitter.com/6FUyTRmfys— Yahoo Sports (@YahooSports) July 11, 2023
