The PGA Tour and Saudi Arabia’s Public Investment Fund, which is the primary financial backer of LIV Golf, have announced a treaty and potential merger, ending two years of civil war in professional golf.
In a surprise press release Wednesday morning, the two circuits, along with the DP World Tour, 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,” the statement reads.
The PGA Tour, DP World Tour and LIV Golf announced they will mutually end all pending litigation between the entities. Additionally, the organisations will work cooperatively to allow a process for any LIV players to reapply for PGA Tour and DP World Tour membership following the 2023 season.
“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 in a statement.
“This transformational partnership recognises 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 organisation 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.”
This breaking news story will be updated.
