The
PGA
Tour
has
agreed
to
merge
with
Saudi-backed
rival
LIV
Golf
in
a
deal
that
would
see
the
competitors
squash
pending
litigation
and
move
forward
as
a
larger
golf
enterprise.
The
two
entities
signed
an
agreement
that
would
combine
the
PGA
Tour’s
and
LIV
Golf’s
commercial
businesses
and
rights
into
a
new,
yet-to-be-named
for-profit
company.
The
agreement
includes
DP
World
Tour,
also
known
as
the
PGA
European
Tour.
related
investing
news
LIV
Golf
is
backed
by
the
Saudi
Arabia
Public
Investment
Fund,
an
entity
controlled
by
the
Saudi
crown
prince
and
has
been
embroiled
in
antitrust
lawsuits
with
the
PGA
Tour
in
the
last
year.
The
deal
announced
Tuesday
would
end
all
pending
litigation.
PIF
is
prepared
to
invest
billions
of
new
capital
into
the
new
entity,
CNBC’s
David
Faber
reported
Tuesday.
Terms
of
the
deal
weren’t
disclosed.
The
agreement
—
the
second
stunning
sports
deal
in
just
months,
following
World
Wrestling
Entertainment’s
merger
with
Endeavor
Group‘s
UFC
—
will
require
the
approval
of
the
PGA
Tour
policy
board,
Commissioner
Jay
Monahan
said
in
a
memo
to
players
that
was
obtained
by
CNBC.
“There
is
much
work
to
do
to
get
us
from
a
framework
agreement
to
a
definitive
agreement,
but
one
thing
is
obvious:
through
this
transformational
agreement
and
with
PIF’s
collaborative
investment,
the
immeasurable
strength
of
the
PGA
Tour’s
history,
legacy
and
pro-competitive
model
not
only
remains
intact,
but
is
supercharged
for
the
future,”
he
wrote
in
the
memo.
PIF
Governor
Yasir
Al-Rumayyan
said
Tuesday
on
CNBC’s
“Squawk
on
the
Street”
that
after
the
merger
is
finalized,
which
he
expects
to
be
“in
a
matter
of
weeks,”
the
new
board
is
prepared
to
evaluate
every
proposal
that
is
presented.
Al-Rumayyan
is
slated
to
serve
as
chairman
of
the
board.
“Whatever
it
takes
that’s
…
what
we’re
committed
for,”
Al-Rumayyan
told
Faber.
LIV
didn’t
see
its
matches
distributed
on
TV
in
the
U.S.
until
a
few
months
ago,
when
the
league
signed
a
deal
with
the
CW
Network
as
the
exclusive
U.S.
broadcast
partner.
The
CW
had
agreed
to
air
14
global
events,
which
began
in
February.
Terms
of
the
multiyear
deal
had
not
been
disclosed.
Nexstar
Media
Group
owns
75%
of
the
CW
Network.
A
representative
for
the
company
said
in
a
statement
Tuesday
there
would
be
no
change
to
the
LIV
Golf
event
schedule
for
2023.
“This
is
exciting
day
to
unify
and
grow
the
game
of
golf,”
Nexstar
said
in
the
statement.
“We
look
forward
to
broadcasting
seven
more
exciting
tournaments
this
year
featuring
the
world’s
best
golfers.”
Monahan
said
the
tour
looked
at
the
game
of
golf
“on
a
global
basis,”
as
its
seen
more
growth
in
the
sport
outside
of
the
U.S.
Still,
he
acknowledged
Tuesday
on
CNBC
that
there
has
been
a
lot
of
tensions
between
the
two
organizations,
but
said
“the
game
of
golf
is
better
for
what
we’ve
done
today.”
The
two
organizations
had
filed
a
series
of
antitrust
claims
against
the
other
in
recent
months.
LIV
Golf
sued
The
PGA
Tour
alleging
anti-competitive
practices
for
banning
its
players.
The
tour
countersued,
claiming
LIV
was
stifling
competition.
Disputes
ensued
regarding
the
discovery
process
for
evidence.
The
lawsuits
were
spurred
as
the
upstart
league
had
lured
multiple
high-profile
players,
such
as
Phil
Mickelson
and
Bubba
Watson,
from
the
PGA
Tour
after
the
tour
had
banned
the
players
from
competing
in
LIV’s
events.
On
Tuesday,
Mickelson
tweeted,
“Awesome
day
today”
as
part
of
a
post
sharing
the
news
of
the
merger.
The
deal
comes
soon
after
LIV
golfer
Brooks
Koepka
won
the
PGA
Championship,
one
of
four
major
titles
in
men’s
golf.
As
part
of
the
agreement,
the
groups
will
establish
“a
fair
and
objective
process
for
any
players
who
want
to
re-apply
for
membership
with
the
PGA
Tour
or
DP
World
Tour”
following
the
end
of
the
2023
season,
according
to
a
release.
LIV
Golf,
which
launched
in
2022
and
has
been
spending
top
dollar
to
lure
golfers,
has
also
been
the
subject
of
controversy,
criticism
and
political
intrigue
in
the
U.S.
PIF
has
reportedly
invested
$2
billion
into
LIV
already,
and
had
aspirations
of
creating
franchises
and
teams
that
could
one
day
be
sold.
Critics
of
LIV
have
also
accused
PIF
of
“sportswashing”
by
using
the
league
to
distract
from
the
kingdom’s
history
of
human
rights
violations.
Family
members
of
those
who
perished
in
the
Sept.
11,
2001,
terrorist
attacks
have
protested
the
league,
including
outside
of
events.
Fifteen
of
the
19
hijackers
on
Sept.
11
were
from
Saudi
Arabia,
and
Osama
Bin
Laden,
the
mastermind
behind
the
attacks,
was
born
in
the
country.
It
has
been
concluded
by
U.S.
officials
that
Saudi
nationals
helped
fund
the
terrorist
group
al-Qaeda,
although
investigations
didn’t
find
that
the
Saudi
officials
were
complicit
in
the
attacks.
The
group
9/11
Families
United
said
they
were
“shocked
and
deeply
offended”
by
the
merger
in
a
statement
on
Tuesday.
“Mr.
Monahan talked
last
summer about
knowing
people
who
lost
loved
ones
on
9/11,
then
wondered
aloud
on
national
television
whether
LIV
Golfers
ever
had
to
apologize
for
being
a
member
of
the
PGA
Tour.
They
do
now
–
as
does
he,”
said
9/11
Families
United
Chair
Terry
Strada,
whose
husband
Tom
died
in
the
World
Trade
Center’s
North
Tower.
“PGA
Tour
leaders
should
be
ashamed
of
their
hypocrisy
and
greed.
Our
entire
9/11
community
has
been
betrayed
by
Commissioner
Monahan
and
the
PGA
as
it
appears
their
concern
for
our
loved
ones
was
merely
window-dressing
in
their
quest
for
money
–
it
was
never
to
honor
the
great
game
of
golf.”
The
statement
referred
to
when
Monahan
said
during
an
interview
with
CBS
Sports
that
he
had
discussed
these
controversies
with
tour
players.
“I
think
you’d
have
to
be
living
under
a
rock
not
to
know
there
are
significant
implications,”
Monahan
said
during
the
interview.
“I
would
ask
any
player
who
has
left
or
any
player
who
would
consider
leaving,
‘Have
you
ever
had
to
apologize
for
being
a
member
of
the
PGA
tour?'”
Former
President
Donald
Trump,
who
has
hosted
a
number
of
LIV
Golf
events
at
his
golf
courses,
has
defended
those
events,
falsely
claiming
that
“nobody’s
gotten
to
the
bottom
of
9/11.”
Last
year,
Trump
also
said
on
Truth
Social
that
a
merger
between
LIV
and
The
PGA
Tour
was
inevitable.
On
Tuesday,
Trump
weighed
in
on
the
merger
on
his
Truth
Social
platform:
“Great
news
from
LIV
Golf.
A
big,
beautiful,
and
glamorous
deal
for
the
wonderful
world
of
golf.
Congrats
to
all!!!”
–
CNBC’s
David
Faber
and
Jessica
Golden
contributed
to
this
article.
CNBC
on
July
25
is
holding
Game
Plan,
an
invite-only
event
in
Los
Angeles,
with
speakers
including
the
NBA’s
Kevin
Durant
and
ESPN
Chairman
James
Pitaro,
which
will
center
around
discussions
regarding
emerging
opportunities
across
the
sports
landscape.
Read
the
full
news
release
announcing
the
PGA
Tour-LIV
deal:
PGA
TOUR,
DP
World
Tour
and
PIF
announce
newly
formed
commercial
entity
to
unify
golf
PGA
TOUR,
DP
World
Tour,
LIV
Golf
merge
commercial
operations
under
common
ownership
Agreement
establishes
common
goal
to
promote
and
grow
the
game
globally
for
the
benefit
of
all
stakeholders,
ends
litigation
NEW
YORK;
RIYADH;
PONTE
VEDRA
BEACH,
Florida,
June
6,
2023
– The
PGA
TOUR,
DP
World
Tour
and
the
Public
Investment
Fund
(PIF)
today
announced
a
landmark
agreement
to
unify
the
game
of
golf,
on
a
global
basis.
The
parties
have
signed
an
agreement
that
combines
PIF’s
golf-related
commercial
businesses
and
rights
(including
LIV
Golf)
with
the
commercial
businesses
and
rights
of
the
PGA
TOUR
and
DP
World
Tour
into
a
new,
collectively
owned,
for-profit
entity
to
ensure
that
all
stakeholders
benefit
from
a
model
that
delivers
maximum
excitement
and
competition
among
the
game’s
best
players.
In
addition,
PIF
will
make
a
capital
investment
into
the
new
entity
to
facilitate
its
growth
and
success.
The
new
entity
(name
TBD)
will
implement
a
plan
to
grow
these
combined
commercial
businesses,
drive
greater
fan
engagement
and
accelerate
growth
initiatives
already
underway.
With
LIV
Golf
in
the
midst
of
its
second,
groundbreaking
season,
the
PGA
TOUR,
DP
World
Tour
and
PIF
will
work
together
to
best
feature
and
grow
team
golf
going
forward.
Notably,
today’s
announcement
will
be
followed
by
a
mutually
agreed
end
to
all
pending
litigation
between
the
participating
parties.
Further,
the
three
organizations
will
work
cooperatively
and
in
good
faith
to
establish
a
fair
and
objective
process
for
any
players
who
desire
to
re-apply
for
membership
with
the
PGA
TOUR
or
the
DP
World
Tour
following
the
completion
of
the
2023
season
and
for
determining
fair
criteria
and
terms
of
re-admission,
consistent
with
each
Tour’s
policies.
“After
two
years
of
disruption
and
distraction,
this
is
a
historic
day
for
the
game
we
all
know
and
love,”
said
PGA
TOUR
Commissioner
Jay
Monahan.
“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.”
“Today
is
a
very
exciting
day
for
this
special
game
and
the
people
it
touches
around
the
world,”
said
PIF
Governor
Yasir
Al-Rumayyan.
“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.
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.
“There
is
no
question
that
the
LIV
model
has
been
positively
transformative
for
golf.
We
believe
there
are
opportunities
for
the
game
to
evolve
while
also
maintaining
its
storied
history
and
tradition.
This
partnership
represents
the
best
opportunity
to
extend
and
increase
the
impact
of
golf
for
all.
We
look
forward
to
collaborating
with
Jay
and
Keith
to
bring
the
best
version
of
the
game
to
communities
around
the
world.”
Under
the
terms
of
the
agreement,
the
Board
of
Directors
of
the
new
entity
will
oversee
and
direct
all
the
new
entity’s
golf-related
commercial
operations,
businesses
and
investments.
The
new
entity
will
work
to
ensure
a
cohesive
schedule
of
events
that
will
be
exciting
for
fans,
sponsors
and
all
stakeholders.
PIF
will
initially
be
the
exclusive
investor
in
the
new
entity,
alongside
the
PGA
TOUR,
LIV
Golf
and
the
DP
World
Tour.
Going
forward,
PIF
will
have
the
exclusive
right
to
further
invest
in
the
new
entity,
including
a
right
of
first
refusal
on
any
capital
that
may
be
invested
in
the
new
entity,
including
into
the
PGA
TOUR,
LIV
Golf
and
DP
World
Tour.
The
PGA
TOUR
will
appoint
a
majority
of
the
Board
and
hold
a
majority
voting
interest
in
the
combined
entity.
Separately,
PGA
TOUR
Inc.
will
remain
in
place
as
a
501(c)(6)
tax
exempt
organization
and
retains
administrative
oversight
of
events
for
those
assets
contributed
by
the
PGA
TOUR,
including
the
sanctioning
of
events,
the
administration
of
the
competition
and
rules,
as
well
as
all
other
“inside
the
ropes”
responsibilities,
with
Jay
Monahan
as
Commissioner
and
Ed
Herlihy
as
PGA
TOUR
Policy
Board
Chairman.
PIF’s
Governor
Yasir Al-Rumayyan
will
join
the
PGA
TOUR
Policy
Board.
The
DP
World
Tour
and
LIV
Golf
will
retain
similar
administrative
oversight
of
events
on
their
respective
Tours.
The
Board
of
Directors
of
the
new
commercial
entity will
include Al-Rumayyan
as
Chairman
and Monahan
as
Chief
Executive
Officer;
the
new
entity’s
Board
will
also
include
an
Executive
Committee
comprising
Al-Rumayyan,
Monahan,
Herlihy
and
PGA
TOUR
Policy
Board
member
Jimmy
Dunne.
The
full
Board
will
be
announced
at
a
later
date,
and
it
is
anticipated
that
all
three
founding
members
will
have
representation.
Keith
Pelley,
Chief
Executive
of
the
DP
World
Tour,
said
“This
is
a
momentous
day.
We
are
delighted
to
be
able
to
not
only
reignite
our
relationship
with
PIF,
but
also
to
have
the
opportunity
to
build
on
our
current
Strategic
Alliance
partnership
with
the
PGA
TOUR.
Together
we
will
be
stronger
than
ever
and
well
positioned
to
continue
to
bring
the
game
to
all
corners
of
the
globe.
To
partner
in
this
new
entity
and
influence
the
growth
of
the
game
for
all
our
DP
World
Tour
members
is
energizing
and
exciting.”
All
parties
will
work
in
the
months
to
come
to
finalize
terms
of
the
agreement,
with
details
to
be
announced
in
due
course.
