[WASHINGTON, DC] – U.S. Senator Richard Blumenthal (D-CT), Chair of the U.S. Senate Permanent Subcommittee on Investigations (PSI), will convene a hearing on Wednesday, September 13, 2023 at 11:00 AM titled “The PGA Tour-LIV Deal: Examining the Saudi Arabian Public Investment Fund’s Investments in the United States.”
In the last several years, the Public Investment Fund – the Saudi Arabian government’s sovereign wealth fund – has dramatically increased its involvement in U.S. businesses and cultural institutions, including establishing a New York-based subsidiary. A review of PIF’s public filings show that its public U.S. holdings have increased from approximately $2.5 billion in 2018 to over $35 billion today.
In July, Blumenthal chaired a hearing examining the planned agreement between the PGA Tour and PIF regarding the future of the Saudi-funded LIV Golf and professional golf in the United States. Since then, Blumenthal has sought information and documents regarding PIF’s growing investments in the United States from both PIF itself and from consulting firms that have reportedly advised Saudi Arabia on PIF’s targeted investments in sports and on the Saudi’s larger strategic vision for PIF’s engagement with the United States.
This week’s hearing will examine what is currently known about the PIF’s investments and influence efforts in the United States, how other countries may pursue similar strategies, and why further inquiry into PIF’s engagement with United States entities is necessary.
The hearing will include testimony from: