The for-profit company to be formed by the PGA Tour and Saudi Arabia's Public Investment Fund (PIF) will be the "entity for professional golf" and the Tours will co-exist with LIV Golf, according to a framework agreement obtained by The Associated Press.

The agreement, signed on May 30, was among documents requested by U.S Senator Richard Blumenthal for a July 11 hearing in Washington.

Blumenthal chairs the Senate Permanent Subcommittee on Investigations.

"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," Blumenthal said last week.

The PGA Tour has said it will participate in the hearings, although it is unclear whether the organisation's head, Jay Monahan, will attend.

He stepped away on June 13 – a week after the shock deal was announced – for a "medical situation", turning day-to-day operations over to two executives.

LIV Golf returns this week in Spain and is earmarked to at least finish its 2023 season, if not beyond.

The agreement says the PGA Tour and DP World Tour "will work co-operatively 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 PGA Tour suspended players once they competed in a LIV event because they did not have releases required under the Tour's policy.

The suspensions are believed to be at least through the 2024 season.

The framework agreement sent to Blumenthal is lacking details including the future of LIV Golf.

The PIF, along with investing in the new commercial entity, would make a financial investment as a "premier corporate sponsor" of the PGA Tour or DP World Tour, invest in becoming a title sponsor on one of the Tours and contribute to a program geared towards growing the game.

The PIF currently sponsors the Saudi International, which previously was part of the DP World Tour.

The agreement also laid out a timeline to reach a definitive deal by December 31.

A key part of the agreement was to dismiss all litigation – the anti-trust lawsuit against the PGA Tour and the Tour's countersuit against LIV Golf in which the PIF was a co-defendant.

A federal judge in California last week dismissed those lawsuits.