WASHINGTON—Saudi Arabia’s sovereign wealth fund has agreed to invest more than $1 billion in a new commercial entity controlled by the PGA Tour, and Greg Norman will be ousted as the CEO of LIV Golf if the business deal between the Saudis and the tour is finalized, a tour executive told Congress on Tuesday.
The agreement between the Saudi Public Investment Fund, the primary funder of LIV Golf, and the PGA Tour shocked the golf world when it was announced last month and led to probes by the Permanent Subcommittee on Investigations, which summoned tour officials to the Capitol to testify under oath, and the Justice Department, which is looking into potential antitrust violations….