A U.S. court has drawn attention by ruling that the real owner of LIV Golf, which is in dispute with the American Professional Golf (PGA) Tour, is the Saudi Arabian Sovereign Wealth Fund (PIF).
A federal court in San Jose, California, ordered LIV Golf to submit documents related to LIV Golf to the PIF in an antitrust lawsuit filed against the PGA Tour, and Chairman Yasir Al-Rumayan ordered him to appear in court and testify. Golf Digest on the 18th카지노사이트 (Korean time) etc reported.
LIV Golf sued the PGA Tour for violating antitrust laws by using its monopolistic position in disciplining players who joined LIV Golf from participating in PGA Tour events.
In response, the PGA Tour chose a strategy to bring the PIF, which financed LIV Golf, to trial and obtained a favorable ruling.
The court order allows PIF’s financial information, which has been kept tightly hidden, to be revealed during the trial.
As a result of the lawsuit filed by the subsidiary, the parent company’s huge reality is exposed to the world.
The PIF, which manages a huge amount of money based on the oil money of the Saudi Arabian royal family, refused to submit LIV-related documents requested by the PGA Tour, saying that it has immunity from US courts in accordance with the US Foreign Sovereign Immunity Act (FISA). He refused to subpoena witnesses.
The court said, “It is clear that the PIF is not simply an investor in LIV Golf. It is the hidden entity behind the establishment process, funding, supervision, and operation of LIV Golf.”
The court order opens the way for the PGA Tour to seek an almost unlimited amount of documents related to LIV golf’s funding and operation from the PIF in future litigation. If the PIF refuses to do so, it will be charged with contempt of court.