Some important details about the PGA Tour-LIV Golf merger have been revealed. Two weeks before a Senate subcommittee hearing about the deal, the framework agreement between the rival golf tours and DP World Tour shows key elements regarding the alliance.

The golf leagues and Saudi Arabia's sovereign wealth fund (PIF) are forming what will be called “NewCo,” according to the agreement, which ESPN obtained. PGA Jay Monahan will be the NewCo CEO. PIF governor Yasir Al-Rumayyan will be its chairman.

The majority interest in NewCo will be controlled by the PGA Tour, the agreement says. The PIF has the right of first refusal for additional investments. The agreement notes that no final decision has been about the future of LIV Golf.

“The PGA Tour parent organization will retain its current level of regulatory oversight of the game of golf with respect to the assets contributed by the PGA Tour where applicable (e.g., sanctioning of events, setting of competition rules and managing inside the ropes) but will conduct its commercial businesses through NewCo. PIF and the PGA Tour will cooperate in good faith and agree on the economics, valuation and governance terms for NewCo and PIF's investment in NewCo.” the agreement says.

The agreement says the tours will work together to create a process for LIV Golf players who were suspended to re-apply for PGA membership. This will be done after the 2023 season.

Plenty of questions remain about what each league will look like going forward. The agreement is still being finalized.