PGA Tour and LIV Golf to merge as groundbreaking deal ends authorized battle
The PGA Tour is about to merge with the Saudi-backed LIV Golf organisation with the intention to kind a brand new firm in a groundbreaking deal for the way forward for skilled golf. The transfer, which can put a cease to all pending litigation, is about to see the 2 opponents be part of forces with the intention of progressing ahead as a bigger {golfing} enterprise.
The two entities have signed an settlement that may mix their industrial companies and rights into a brand new for-profit firm, which is but to be named. The news was formally introduced through a joint release on Tuesday, with the merger set to be marked by a ‘capital funding’ from the Public Investment Fund of Saudi Arabia, which has owned LIV Golf since its inception in 2021.
“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 assertion reads.
“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.
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“In addition, PIF will make a capital funding into the brand new entity to facilitate its development and success. The new entity (identify TBD) will implement a plan to develop these mixed industrial companies, drive higher fan engagement and speed up development 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.”
The introduction of LIV Golf as a breakaway league in 2021 sparked loads of controversy because of its Saudi backing and the massive charges paid to tempt the likes of Phil Mickleson, Dustin Johnson and Ian Poulter to ditch the PGA Tour with the intention to be part of their ranks. A protracted and drawn-out authorized battle involving the 2 entities then adopted however the brand new merger will put an finish to all pending litigation and see them be part of forces in a transfer that can unify skilled golf as soon as extra.
Rory McIlroy was among the many highest-profile PGA Tour gamers who selected to stay loyal to the organisation and has recurrently criticised LIV Golf because it was based two years in the past, even going as far to say final July that the Saudi-backed collection didn’t belong within the sport.
“There’s no room in the golf world for LIV Golf,” the four-time main champion advised CBS. “I don’t agree with what LIV is doing. If LIV went away tomorrow I’d be super happy.”