The framework of the merger agreement of the PGA Tour and Saudi-backed LIV Golf says a for-profit subsidiary of the U.S. golfing body will be created to manage commercial investments and assets for all tours, according to a copy reviewed by Reuters on Monday.
The PGA Tour will have a permanent controlling interest in the subsidiary's board of directors, regardless of the Saudi investment, the framework says.
Saudi Arabia's Public Investment Fund Governor Yasir Al-Rumayyan will be the chairman of the new entity, called NewCo in the framework, while PGA Tour Commissioner Jay Monahan will be the CEO.
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