The report, compiled by Democratic staff on the Senate subcommittee on investigations, focuses on the proposed Saudi-backed takeover of the PGA Tour by LIV Golf—a deal strongly supported by Donald Trump. Critics say the deal would hand Saudi Arabia substantial control over American sports.
Central to the investigation is Saudi Arabia’s Public Investment Fund (PIF), which funds LIV Golf and has expanded its U.S. holdings from $2.3 billion in 2019 to nearly $27 billion by the end of 2024. However, the report warns that the real scope of Saudi investments may be far greater due to unreported private deals.
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Senator Richard Blumenthal criticized the lack of transparency and cooperation from the Saudi government, saying it repeatedly obstructed the Senate’s probe. The PIF refused to allow its governor, Yasir al-Rumayyan, to testify and discouraged its U.S.-based consultants from complying with subpoenas.
Four major consulting firms — Boston Consulting Group, McKinsey & Company, M Klein & Company, and Teneo — declined to provide requested information, citing fear of penalties under Saudi law.
Blumenthal expressed concern over recent decisions by Attorney General Pam Bondi, including her move to weaken enforcement of the Foreign Agents Registration Act (FARA) and the dissolution of the FBI’s foreign influence taskforce. FARA disclosures have dropped significantly this year.
To address the growing issue, Blumenthal is proposing a new bill, the Sovereign Wealth Fund Transparency Act, aimed at closing loopholes in current laws and expanding the Department of Justice’s authority to regulate foreign influence.
The report also mentions similar concerns with foreign investment efforts by countries like China and notes the limited likelihood of reform under the current administration. It further highlights that several Trump officials, including Bondi and FBI Director Kash Patel, have previously received payments from Qatar—raising additional ethical questions.
The Senate findings warn of a growing threat from foreign actors using economic power to shape U.S. policy, while accusing the Trump administration of failing to safeguard national interests.