An announcement from the organizer of professional golf tours, PGA Tour, the Public Investment Fund (PIF) of Saudi Arabia, and Emirati multinational logistics company DP World Tour has taken the golf world by surprise. The entities shook hands on an agreement which seems to indicate the possibility of a potential merger between golf giants. The Public Investment Fund is the investor of golf tour organizer LIV Golf.
In a joint press release that hit newsstands on Tuesday morning, the two gold tour giants, along with DP World Tour, announced “a landmark agreement to unify the game of golf, on a global basis.” The two tour entities had been at loggerheads for two years in the professional arena. This handshake symbolizes the parties’ steps to ensure that all stakeholders profit from an approach that delivers excitement and competition among the best players.
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The agreement signed by the parties 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, jointly owned, and to-be-named, for-profit entity, their press release statement said. According to the press release, Al-Rumayyan will serve as Chairman of the Board of Directors for the new business entity, while Monahan will serve as Chief Executive Officer. All three of the founding members should be represented on the entire Board, which will be revealed later.
All ongoing legal disputes between the PGA Tour, DP World Tour, and LIV Golf will be mutually resolved and the organizations will work together to create a procedure that will allow any LIV players to reapply for membership on the PGA Tour and DP World Tour after the 2023 season.
The PIF will invest money in the new organization in exchange for an equity position in addition to becoming a major corporate sponsor of the PGA Tour, DP World Tour, and other foreign tours.
On his Truth Social platform, former president Donald Trump expressed his delight over the news and congratulated the entire. Trump referred to the LIV and PGA Golf merger as a “glamorous” agreement. In 2022, he had projected a merger. The news of the merger comes amid a split among players, where some joined LIV and others, such as Tiger Woods, supported the PGA Tour.
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