PIF will have the exclusive right to further invest in the new entity, including a right of first refusal on any capital that may be invested in the new entity. PIF will initially be the exclusive investor in the new entity, alongside the PGA Tour, LIV Golf and the DP World Tour. We look forward to collaborating with Jay and Keith (Pelley) to bring the best version of the game to communities around the world.”Ī board of directors will oversee and direct all the new entity’s golf-related commercial operations, businesses and investments besides an event schedule. “This partnership represents the best opportunity to extend and increase the impact of golf for all. We believe there are opportunities for the game to evolve while also maintaining its storied history and tradition. There is no question that the LIV model has been positively transformative for golf. “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. 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. “This will engender a new era in global golf, for the better.”Īdded Al-Rumayyan, “Today is a very exciting day for this special game and the people it touches around the world. “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. “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. “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.Īlso Watch | PGA Tour, LIV Golf merger: What it means for the Golf metaverse | BT Golf “After two years of disruption and distraction, this is a historic day for the game we all know and love,” Monahan was quoted as saying. A good number of European players have been fined and suspended and many have even paid up the fines so this promises to be a tricky matter, as also the issue of their status with regard to the Ryder Cup later this year. “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.”Ī process will be put in place for players seeking a return to the PGAT and DPWT after the 2023 season with appropriate criteria and terms of re-admission. The new entity will implement a plan to grow these combined commercial businesses, drive greater fan engagement and accelerate growth initiatives already underway. “In addition, PIF will make a capital investment into the new entity to facilitate its growth and success. The agreement 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 said, “The PGA Tour, DP World Tour and the Public Investment Fund today announced a landmark agreement to unify the game of golf, on a global basis. It will also give Al-Rumayyan – who has been looking to break into the men’s professional tours for some time – a far greater say in golf worldwide from now on as he will become charman of a new organisation that will steer the sport from 2024 onwards, as per a statement on the issue. One example was the Asian Tour that opted to link up with the Saudi-backed league, even as the domestic Professional Golf Tour of India threw its lot in with the PGAT and DPWT. As the divide deepened over the last year, both the PGAT and LIV Golf scrambled to build ties and find allies across the globe. The merger will affect men’s professional golf worldwide.
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