PGA Tour agrees to merge with Saudi-backed rival LIV Golf
Last edited Tue Jun 6, 2023, 01:50 PM - Edit history (2)
Source: CNBC
he 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.
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.
Read more: https://www.cnbc.com/2023/06/06/pga-tour-agrees-to-merge-with-saudi-backed-rival-liv-golf.html
Article updated.
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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 on Tuesday. Terms of the deal weren't disclosed. As part of the agreement, the three 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.
The agreement 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.
LIV Golf, which has been spending top dollar to lure golfers, has also been the subject of controversy, criticism and political intrigue in the U.S. Family members of those that perished in the Sept. 11, 2001, terrorist attacks have protested the league, including outside of events. Fifteen of the 19 hijackers on Sept. 11 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-Qaida, although investigations didn't find that the Saudi officials were complicit in the attacks.
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 on Tuesday. Terms of the deal weren't disclosed.
As part of the agreement, the three 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. The deal comes soon after LIV golfer Brooks Koepka won the PGA Championship, one of four major titles in men's golf. LIV Golf, which has been spending top dollar to lure golfers, has also been the subject of controversy, criticism and political intrigue in the U.S.
Family members of those that perished in the Sept. 11, 2001, terrorist attacks have protested the league, including outside of events. Fifteen of the 19 hijackers on Sept. 11 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-Qaida, although investigations didn't find that the Saudi officials were complicit in the attacks.
The two entities signed an agreement that would combine the PGA Tour 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 European PGA Tour.
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 on Tuesday. Terms of the deal weren't disclosed.
As part of the agreement, the three 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.
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of the merger. 
Everything #^$%p touches...
Dies from the ravages of greed. I guess golf is the new global money laundering vector for now.
Fuck this capitulation. 
