PGA Tour and LIV Golf reach merger agreement
Jack Birle
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The PGA Tour and Saudi-backed LIV Golf announced a merger agreement between the two competing golf entities on Tuesday.
The agreement between the PGA Tour, DP World Tour, and Saudi Arabia‘s Public Investment Fund will create a new unnamed for-profit entity that will combine the commercial businesses of the three.
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“After two years of disruption and distraction, this is a historic day for the game we all know and love. This transformational partnership recognizes the immeasurable strength of the PGA TOUR’s history, legacy and pro-competitive model and combines with it the DP World Tour and LIV – including the team golf concept – to create an organization that will benefit golf’s players, commercial and charitable partners and fans,” PGA TOUR Commissioner Jay Monahan said in a statement.
“We are pleased to move forward, in step with LIV and PIF’s world-class investing experience, and I applaud PIF Governor Yasir Al-Rumayyan for his vision and collaborative and forward-thinking approach that is not just a solution to the rift in our game, but also a commitment to taking it to new heights. This will engender a new era in global golf, for the better,” he continued.
As the new entity is created via the merger, PGA Tour Inc., a tax exempt organization, will remain in place and will retain “administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events.” As part of the merger the Public Investment Fund’s Governor Yasir Al-Rumayyan will join the PGA TOUR Policy Board.
“Today is a very exciting day for this special game and the people it touches around the world. We are proud to partner with the PGA TOUR to leverage PIF’s unparalleled success and track record of unlocking value and bringing innovation and global best practices to business and sectors worldwide” Al-Rumayyan said in a statement.
“We are committed to unifying, promoting and growing the game of golf around the world and offering the highest-quality product to the many millions of long-time fans globally, while cultivating new fans,” he contined.
The board of directors of the new entity will have Al-Rumayyan as chairman and Monahan as chief executive officer, per the release, with the full board to be announced at a later date.
Former President Donald Trump, who had hosted LIV Golf events at his golf courses, celebrated the “big, beautiful, and glamorous deal” between LIV Golf and the PGA Tour.
“GREAT NEWS FROM LIV GOLF. A BIG, BEAUTIFUL, AND GLAMOROUS DEAL FOR THE WONDERFUL WORLD OF GOLF. CONGRATS TO ALL!!!” Trump said in a post on Truth Social.
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Trump had previously predicted that the PGA Tour and LIV Golf would merge, saying it was “inevitable” in July 2022.
The PGA Tour and LIV Golf had been engaged in a court battle brought by golfers who had defected from the PGA Tour to LIV. The lawsuit by LIV and the golfers alleged the PGA Tour was using its dominance in the pro golf industry to prevent competition and discourage those affiliated with the tour from doing business with LIV. In response to the suit, the PGA Tour later filed a countersuit alleging LIV Golf colluded to get players to breach their contract with the tour and join the competing golf tour.