[WASHINGTON, DC] – Today, U.S. Senate Permanent Subcommittee on Investigations (PSI) Chairman Richard Blumenthal (D-CT) wrote Yasir al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), renewing a June 21 invitation to testify before the Subcommittee in connection with an inquiry into the planned agreement between PIF and the PGA Tour, and requesting information and documents regarding PIF’s growing investments in the United States.
In the last several years, PIF—the Saudi Arabian government’s sovereign wealth fund—has dramatically increased its involvement in U.S. businesses and cultural institutions, even establishing a New York-based subsidiary. “While public reporting indicates dramatically increased engagement with the United States, much about PIF’s U.S. investments and future intentions remains unknown,” Blumenthal wrote.
Earlier this month, 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. Governor al-Rumayyan declined the Subcommittee’s invitation to testify at that hearing, citing scheduling conflicts.
“While the Subcommittee’s July 11, 2023 hearing revealed important information regarding the Framework Agreement between PGA Tour and PIF, the Subcommittee requires additional information to understand PIF’s future role in American professional golf and its plans for other investments in U.S.-based entities,” Blumenthal wrote. “Given this need for additional information, the Subcommittee renews its request for your in-person testimony on a mutually acceptable date in September 2023.”
The text of Blumenthal’s letter is available here.