What happens to golfers returning from LIV Golf under the PGA Tour - PIF agreement? All you need to know

The PGA Tour's agreement with Saudi Arabia's Public Investment Fund continues to create headlines. Earlier this month, US Senator Richard Blumenthal demanded a framework agreement between the two rival series for a Senate hearing on July 11 in Washington, D.C.

Blumenthal stated of the merger:

"Our goal is to uncover the facts about what went into the PGA Tour’s deal with the Saudi Public Investment Fund and what the Saudi takeover means for the future of this cherished American institution and our national interest."

The framework agreement was released on the Internet prior to the hearing. It contains the essential facts of the PGA Tour and LIV Golf merger, such as how players can return to their original series.

The golfers returning to the PGA or DP World Tour need to meet certain criteria that would be released by the Tour officials sooner or later. The agreement says that PGA Tour and DP World Tour:

"Will work cooperatively and in good faith to establish a fair and objective process for any players who desire to re-apply for membership ... and for determining fair criteria and terms of readmission consistent with each Tour's disciplinary policies.”

The agreement also mentioned LIV golfers receiving OWGR points. It says:

"The parties will cooperate in good faith and use best efforts to secure OWGR recognition for LIV events and players under OWGR's criteria for considering LIV's pending application."

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PGA Tour-PIF agree to form a new golf entity

The framework agreement between the Tour and the PIF included significant information about the creation of a new golf commercial company dubbed NewCo. It will work under the direction of Tour Commissioner Jay Monahan and PIF Governor Yasir Al-Rumayyan.

The following is what the agreement says about the NewCo:

"PIF will contribute their golf-related investments and assets, including LIV, to NewCo along with a cash investment, in exchange for the issuance to PIF of an equity ownership interest in NewCo at a fair value mutually agreed by the parties.""Following the contribution of assets into NewCo, NewCo shall assume all of the liabilities and obligations of the contributed assets."

"NewCo will undertake a full and objective empirical data-driven evaluation of LIV and its prospects and potential and will make a good faith assessment of the benefits of team golf in general and the PIF, the PGA Tour, and the DP World Tour will work together to determine how best to integrate team golf into PGA Tour and DP World Tour events going forward," the statement continued.

The merger has had no impact on LIV Golf, which continues to play its planned matches. The series' next tournament will be held at Real Club Valderrama in Espana from June 30 to July 2. The first round of the tournament will begin at 2:15 p.m. ET on Thursday.

Its next event will take place in London from July 7-9 at the Centurion Club in Hertfordshire and then at Greenbrier from August 4 to 6.