LOS ANGELES: The scandal-hit association of foreign journalists that created the Golden Globes will be wound down as the Hollywood award show is formally purchased by private investors including US billionaire Todd Boehly, it was announced Monday.

The Hollywood Foreign Press Association — a group of around 100 entertainment writers with links to overseas publications — has handed out the Globes to A-list film and television stars for the past eight decades.

But allegations of corruption, racism and amateurism led to an industry-wide boycott last year of both the Globes and the HFPA, and calls for a wholesale reform of the awards.

“Today marks a significant milestone in the evolution of the Golden Globes,” said Boehly, whose investment firm Eldridge partnered with Penske Media Corporation to drive through the deal.