PGA Tour and European Tour Merge with Saudi Investors
The PGA Tour and European Tour have agreed to merge with Saudi Arabia’s golf PGA Golfhis marks the end of a disruptive year in golf. As part of the deal, all lawsuits involving LIV Golf, which is backed by Saudi funding, are being dropped by both parties. However, the reintegration of players like Brooks Koepka and Dustin Johnson, who joined LIV Golf for significant bonuses, into the PGA Tour after this year is yet to be determined.
The future of the LIV Golf League in 2024 is also uncertain. PGA Tour Commissioner Jay Monahan mentioned in a memo to players that a thorough evaluation would determine how to incorporate team golf into the sport. The agreement involves merging the Public Investment Fund’s golf-related commercial businesses and rights, including LIV Golf, with those of the PGA and European tours. The new entity, which has not been named yet, will have Yasir Al-Rumayyan, the governor of Saudi Arabia’s sovereign wealth fund, on the board of the PGA Tour. Al-Rumayyan will serve as the chairman of the new commercial group, while Monahan will be the CEO. The PGA Tour will hold a majority stake in the new venture, and the PIF will make investments in the commercial venture.
According to Monahan, the decision to merge came about after weeks of discussions and reflects a realization that the tension in the game was not beneficial. The aim is to prioritize the responsibility towards the tours and the game itself.
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