Senate Finance Committee Chairman Ron Wyden, D-Ore., announced Thursday that he has opened an investigation into the PGA Tour’s planned merger with Saudi-backed LIV Golf.
Wyden’s announcement about the investigation intensifies his criticism of the PGA Tour’s deal with the Saudi Public Investment Fund regarding LIV Golf. The senator is seeking input from PGA Tour leadership ranging from details about the deal’s framework to an assessment of the merger’s national security implications.
in a letter to the address of the organization On Thursday, Wyden wrote that the merger «raises important questions about whether organizations that tie themselves to an authoritarian regime that has continually undermined the rule of law should continue to enjoy tax-exempt status» in the US.
“I think it is critical that lawmakers understand what risks this agreement may pose to the national interests of the United States, particularly with respect to foreign investment in United States real estate, such as locations adjacent to military installations or sensitive manufacturing centers, and how you plan to mitigate those risks. Wyden wrote.
Wyden also announced in a Press release that it plans to introduce legislation to revoke the «special tax exemption that applies to certain types of investment income from foreign governments and sovereign wealth funds» from the Saudi Arabian Public Investment Fund. He argued that imposing this sanction could have a significant impact on the Saudi sovereign wealth fund, which is estimated to be worth more than $600 billion, according to Wyden’s office.
The PGA Tour did not immediately respond to NBC News’ request for comment.
Wyden’s announcement comes a day after he and Sen. Elizabeth Warren, D-Mass., called on the Justice Department to «take a close look» at the PGA Tour’s planned merger with Saudi-backed LIV Golf, saying in a letter on Tuesday that the deal raises antitrust concerns. and would help the Middle Eastern country to «‘wash clean’ its appalling human rights record.»
Sen. Richard Blumenthal, D-Conn., also announced Monday an investigation into the merger, seeking records from PGA officials describing the work that led to the merger. In a letter to PGA Tour commissioner Jay Monahan, Blumenthal, who chairs the Senate Permanent Subcommittee on Investigations, said the merger «raises concerns about the role of the Saudi government in influencing this effort and the risks posed by an entity foreign government to assume control of a cherished American institution.”