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PGA TOUR, DP World Tour, and owners of LIV Golf join forces: Players will have opportunity to rejoin Tour

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  • Staff Report 

In a historic move to unite the world of golf, the PGA TOUR, DP World Tour, and the Public Investment Fund (PIF) have announced a groundbreaking agreement. This landmark deal aims to consolidate the commercial businesses and rights of all parties involved, establishing a new, collectively owned, for-profit entity. The primary objective is to maximize excitement and competition among the sport’s top players while ensuring the benefits extend to all stakeholders.

DiSanto Propane (Billboard)

Today’s announcement signifies a significant step forward in the game of golf, as PIF brings its golf-related commercial enterprises and rights, including the innovative LIV Golf concept, to merge with the existing commercial businesses and rights of the PGA TOUR and DP World Tour. To support the growth and success of the new entity, PIF will make a substantial capital investment. With the second season of LIV Golf already underway, the collaboration between the PGA TOUR, DP World Tour, and PIF will focus on showcasing and expanding the team golf format in the future.

An important aspect of this partnership is the resolution of ongoing litigation between the participating parties. Through mutual agreement, all pending legal disputes will be brought to an end. Furthermore, the three organizations have pledged to work together in good faith to establish a fair and objective process for players who wish to reapply for membership with the PGA TOUR or DP World Tour following the conclusion of the 2023 season. This process will adhere to the policies of each respective tour and determine the criteria and terms for readmission.

PGA TOUR Commissioner Jay Monahan expressed his enthusiasm about the transformative nature of this collaboration, emphasizing the significance of the PGA TOUR’s history and competitive model. By joining forces with the DP World Tour and LIV Golf, including the team golf concept, this new organization aims to benefit golf’s players, commercial partners, and fans. Monahan assured fans that the collective commitment remains to promote the highest level of competition in professional golf and secure the game’s future.

Yasir Al-Rumayyan, the Governor of PIF, hailed this day as an exciting moment for golf enthusiasts worldwide. Al-Rumayyan acknowledged the PGA TOUR’s impressive legacy and the value PIF brings through its experience in global business and investment. The partnership aspires to unify, promote, and expand the game of golf while delivering a top-quality product to existing fans and attracting new ones. Al-Rumayyan emphasized the potential for the game to evolve while preserving its rich history and traditions.

Under the agreement, the Board of Directors of the new entity will oversee and direct all golf-related commercial operations, businesses, and investments. The focus will be on creating an engaging schedule of events that will captivate fans, sponsors, and stakeholders alike. Initially, PIF will serve as the exclusive investor alongside the PGA TOUR, LIV Golf, and the DP World Tour. PIF will also possess the exclusive right to make further investments in the new entity, including the PGA TOUR, LIV Golf, and DP World Tour, with a right of first refusal on any capital injections. The PGA TOUR will appoint a majority of the Board and hold the majority voting interest in the combined entity.

Meanwhile, PGA TOUR Inc. will continue as a tax-exempt organization, responsible for administrative oversight of events contributed by the PGA TOUR. This includes event sanctioning, competition administration, rules, and other internal responsibilities. PGA TOUR Commissioner Jay Monahan and PGA TOUR Policy Board Chairman Ed Herlihy will retain their positions. PIF’s Governor Yasir Al-Rumayyan will join the PGA TOUR Policy Board. The DP World Tour and LIV Golf will maintain similar administrative oversight of events on their respective tours.

The new commercial entity’s Board of Directors will feature Yasir Al-Rumayyan as Chairman and Jay Monahan as Chief Executive Officer. The Executive Committee will include Al-Rumayyan, Monahan, Herlihy, and PGA TOUR Policy Board member Jimmy Dunne. The complete Board will be announced at a later date, with all three founding members expected to have representation.

Keith Pelley, Chief Executive of the DP World Tour, expressed his excitement about reigniting the relationship with PIF and building upon the existing Strategic Alliance partnership with the PGA TOUR. Pelley highlighted the strengthened position of the collective entity to expand the game of golf globally. He acknowledged the invigorating prospect of influencing the growth of the sport for all members of the DP World Tour.

Over the coming months, the involved parties will finalize the agreement’s terms, with further details to be revealed in due course.

Categories: GolfSports