The Justice Department told the PGA Tour it will investigate the recently announced merger between the golf giant and Saudi-backed LIV Golf league because of antitrust concerns, the Wall Street Journal reported Thursday, more than a week after the former rivals surprised the world with the announcement they were merging.
The Justice Department told the PGA Tour it will investigate the recently announced merger between ... [+]
The review by the Justice Department makes it unlikely that a transaction between the golf entities will take effect for some time, the Journal reported, citing people familiar with the matter.
The Justice Department had already been investigating a number of golf entities, including the PGA Tour, for antitrust concerns, the Journal reported.
Also on Thursday Sen. Ron Wyden (D-OR), who chairs the Senate Finance Committee, announced a “wide-ranging” investigation into the merger that could threaten the PGA’s tax-exempt nonprofit status.
Forbes could not immediately reach the Justice Department, PGA Tour or LIV Golf for comment.
This is a breaking story and will be updated.
PGA Tour And Saudi-Backed LIV Golf Agree To Sudden Merger (Forbes)