The PGA Tour released a statement on Tuesday confirming that it has entered the Tour, Saudi Public Investment Fund (PIF), and the DP World reached an agreement with a goal to “unify the game of golf, on a global basis.” The name of the new golf entity has not been determined; but will end all litigation between the parties. In addition, Europe’s DP World Tour also is part of the merger. The parties said in a news release that Saudi Arabia’s Public Investment Fund, which finances LIV Golf and is valued at more than $600 billion, will combine its golf-related commercial businesses and rights with those of the other tours into a “collectively owned, for-profit entity.”
PGA Tour commissioner Jay Monahan had previously said that any potential truce with the rival Saudi-backed LIV Golf circuit was “off the table,” however, now a landmark merger between the two entities has been formed. Monahan said in a press release: “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. Going forward, fans can be confident that we will, collectively, deliver on the promise we’ve always made—to promote competition of the best in professional golf and that we are committed to securing and driving the game’s future. 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.”
Monahan will remain commissioner of the PGA Tour, while Ed Herlihy will continue to serve as PGA Tour policy board chairman, and Public Investment Fund governor Yasir Al-Rumayyan will join the PGA Tour policy board. Al-Rumayyan was appointed chairman of the board of directors for the new entity, while Monahan was named chief executive officer. The parties are still finalizing financial terms of the agreement.
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