PGA tour could not compete with Saudi Arabia’s ‘unlimited money:’ Report
Jenny Goldsberry
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PGA employees are claiming that the company could not afford to continue fighting Saudi Arabia and instead decided to merge with LIV Golf.
Tour commissioner Jay Monahan explained the merger to employees in a Thursday meeting, according to the Wall Street Journal, who cited sources that were present in the room at the time. Monahan claimed the legal fees had mounted to $50 million for the company, and caused it to utilize its $100 million in reserves in order to reconfigure the golf schedule as the legal fight disrupted the sport.
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“We cannot compete with a foreign government with unlimited money,” Monahan reportedly said. “This was the time. … We waited to be in the strongest possible position to get this deal in place.”
A PGA spokesperson would subsequently claim that the report was “an oversimplification.”
“With the end of the fractured landscape in the world of men’s professional golf, the PGA Tour has never been a more valuable property,” the spokesperson told the outlet. “This transaction will make professional golf more competitive with other professional sports and sports leagues.”
At the time of the merger, Monahan said the company was ringing in a “new era in global golf, for the better.”
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“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,” Monahan added.
Players who were previously banned from the PGA because they played with LIV Golf will now have the opportunity to re-apply and play under the newly merged tour.