Saudi bankers say they face prison time over PGA Tour-LIV Golf probe

[C-40]

Saudi bankers say they face prison time over PGA Tour-LIV Golf probe​

As a U.S. Senate committee investigates the possibility of a PGA Tour merger with LIV Golf, bankers and consultants who advise Saudi Arabia's Public Investment Fund have testified that they face "criminal and financial penalties" if they cooperate with the probe. According to a report by Bloomberg News, the PIF sued its advisers in a Saudi court last November preventing them from sharing information with the U.S. Senate committee on homeland security and governmental affairs. In Washington this week, banker Michael Klein and representatives of consulting firms McKinsey, Boston Consulting Group (BCG) and Teneo Strategy faced lawmakers and pled their case for not cooperating. Last June, the PGA Tour announced the "framework agreement" for a shock merger with the PIF, which funds new rival league LIV Golf, as well as with the DP World Tour. While the PGA Tour has taken on a new investment partner made up of U.S.-based sports ownership groups, called Strategic Sports Group, it is said to still be in negotiations with the PIF.

Click Here For For Full Story

 

[C-40]

Bankers and consultants 'could risk 20 years imprisonment from Saudi Arabia officials if they cooperate with the US Senate's probe into LIV Golf and the PGA Tour's merger'​

Saudi Arabia has reportedly threatened to imprison bankers and consultants it works with if they cooperate with the US Senate's probe into the proposed merger of the PGA Tour and LIV Golf. As negotiations between the Tour and LIV's financiers, Saudi Arabia's Public Investment Fund, continue, the US senate committee is continuing to carry out its investigation into the merger of golf's two previously warning factions. However, as the committee carries out its probe, bankers and consultants who advise PIF have testified that they face 'criminal and financial penalties' if they cooperate.

Click Here For Full Story