{"id":4058,"date":"2024-10-24T11:26:08","date_gmt":"2024-10-24T15:26:08","guid":{"rendered":"https:\/\/www2.law.temple.edu\/10q\/?p=4058"},"modified":"2024-10-24T11:26:08","modified_gmt":"2024-10-24T15:26:08","slug":"u-s-regulatory-hurdles-for-a-pga-pif-merger","status":"publish","type":"post","link":"https:\/\/law.temple.edu\/10q\/u-s-regulatory-hurdles-for-a-pga-pif-merger\/","title":{"rendered":"U.S. Regulatory Hurdles for a PGA\/PIF Merger"},"content":{"rendered":"

October 24, 2024<\/p>\n

On June 6, 2023, the PGA Tour announced that it had entered into a Framework Agreement with the Public Investment Fund of the Kingdom of Saudi Arabia (PIF) to create \u201ca global golf partnership.\u201d For this deal to go through, there are at least two U.S. regulatory hurdles that the parties must navigate: (1) antitrust scrutiny; and (2) The Committee on Foreign Investment in the United States (CFIUS) scrutiny.<\/p>\n

Antitrust<\/strong><\/p>\n

Parties are required, unless exempted, to report transactions that are above a certain threshold ($119.5 million in 2024) to both the Federal Trade Commission (FTC) and the U.S. Department of Justice Antitrust Division (DOJ) for antitrust review. The agencies will then review the transaction to determine whether it should be investigated or challenged under antitrust laws. While the Framework Agreement does not specify the investment amount, Ron Price, the PGA Tour\u2019s Chief Operating officer, testified in a Senate Subcommittee hearing held on July 11, 2023 that a PIF investment \u201cnorth of $1 billion\u201d had been discussed. Regardless of potential reporting requirements, the DOJ has notified the PGA Tour that it will review the deal contemplated by the Framework Agreement for antitrust concerns.<\/p>\n

Past statements and actions by both parties could undermine their argument that the proposed deal does not raise concerns under the antitrust laws. The PIF\u2019s current golf asset, LIV Golf, has previously sued the PGA Tour alleging violations of antitrust law, using the word \u201cmonopoly\u201d multiple times in its complaint and accusing the PGA Tour of \u201ctransparently anticompetitive\u201d actions. Similarly, Jay Monahan, the CEO of the PGA Tour, stated that the agreement with PIF was a means of taking a \u201ccompetitor off of the board.\u201d<\/p>\n

However, the professional sports industry is unique in that some level of coordination among competitors is essential. In 1922, the Supreme Court issued a controversial decision allowing major league baseball to operate outside the ambit of antitrust law, and in 1966 Congress passed a law permitting the merger between the National League and the American Football League to proceed. Few antitrust lawsuits against professional sports leagues have succeeded.<\/p>\n

CFIUS<\/strong><\/p>\n

The Committee on Foreign Investment in the United States (CFIUS) is responsible for reviewing foreign investments in U.S. businesses and real estate to determine if the transaction threatens U.S. national security. CFIUS evaluates the vulnerabilities to national security that a U.S. business generates and the likelihood that the foreign entity will exploit those. Although CFIUS is largely a voluntary process, CFIUS has implemented mandatory filing requirements in 2018 and 2020. Upon review, CFIUS can block a transaction or require that the parties alter the transaction to mitigate any national security concerns. If the parties do not notify CFIUS of the transaction, CFIUS unilaterally can investigate after the closing and direct that the buyer divest the acquired U.S. business or investment if national security concerns cannot be mitigated.<\/p>\n

A number of categories of transactions subject to mandatory filing requirements may apply to a PGA Tour\/PIF merger. For example, one mandatory filing category pertains to certain investments in a U.S. business by foreign investors with substantial foreign government ownership. To determine whether CFIUS filing would be mandatory for the proposed merger, the parties must determine several elements, such as the nature of the transaction and the nationality of the newly formed entity.<\/p>\n

Parties can also file voluntarily to obtain CFIUS clearance, typically when they perceive that the transaction could impact national security. CFIUS assesses this risk based on the \u201cthreat\u201d posed by the buyer and the \u201cvulnerability\u201d of the target. Factors such as the foreign investor\u2019s nationality and the target asset\u2019s proximity to sensitive U.S. government locations could be scrutinized to determine potential threats posed by the merger.<\/p>\n

Members of both the Senate and the House have expressed concerns regarding the merger, criticizing the \u201crepressive\u201d Saudi regime and calling for greater scrutiny during CFIUS evaluations. Given the high-profile nature of the transaction and the parties involved, voluntary filing may be merited.<\/p>\n

Conclusion<\/strong><\/p>\n

The proposed PGA\/PIF merger may raise both antitrust and national security concerns. Even if a definitive agreement is signed, review would delay the closing of the transaction. Although the outcome of such regulatory review is uncertain, it is virtually certain to be required.<\/p>\n

The original article can be found here<\/a>.<\/p>\n

 <\/p>\n

Haesun Burris-Lee (LAW \u201821) is an associate at Ballard Spahr in Philadelphia, focusing her work on antitrust matters, regulatory compliance, and complex commercial litigation.<\/em><\/p>\n

 <\/p>\n

This article should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general information purposes only.
\nReprinted with permission. Copyright \u00a9 2024 by Ballard Spahr LLP.<\/u><\/p>\n

 <\/u><\/p>\n

 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

October 24, 2024
\nHaesun Burris-Lee (LAW \u201921), Laura C. Giles, Jason A. Leckerman, and Philip M. Dodd discuss possible regulatory hurdles to the proposed merger between PGA Tour and the Public Interest Fund of the Kingdom of Saudi Arabia.<\/p>\n","protected":false},"author":33,"featured_media":4059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,33,27,2037],"tags":[2685,460,292,464,2263,2872,2873,373,2874],"coauthors":[2868,2869,2870,2871],"class_list":["post-4058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alumni-authored","category-antitrust","category-international-business","category-investment","tag-antitrust-law","tag-cfius","tag-doj","tag-foreign-investment","tag-merger-2","tag-pga","tag-pif","tag-regulations","tag-saudia-arabia","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"yoast_head":"\nU.S. Regulatory Hurdles for a PGA\/PIF Merger - The Temple 10-Q<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/law.temple.edu\/10q\/u-s-regulatory-hurdles-for-a-pga-pif-merger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Regulatory Hurdles for a PGA\/PIF Merger - The Temple 10-Q\" \/>\n<meta property=\"og:description\" content=\"October 24, 2024 Haesun Burris-Lee (LAW \u201921), Laura C. 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