PGA Tour LIV Golf merge, ends Golf’s nice schism

In a stunning flip of occasions, the PGA Tour, the DP World Tour, and the Saudi Arabian Public Funding Fund (PIF) have introduced a landmark settlement to unify males’s skilled golf, per launch.

Tuesday’s announcement comes lower than per week earlier than the U.S. Open, the place 18 Saudi-backed LIV Golf tour gamers have certified.

“At this time is a momentous day on your group and the sport of golf as a complete,” the official assertion reads. “By means of a framework settlement, the Public Funding Fund (PIF) is contributing its golf-related industrial enterprise and rights (together with LIV Golf), together with a big monetary funding, towards minority fairness possession of a brand new, collectively held, for-profit LLC. This new entity (title TBD) can even embody the PGA Tour’s industrial companies and rights, in addition to these of the DP World Tour.”

Since LIV Golf’s inception, the PIF has invested nearly $1 billion into LIV Golf.

It stays unclear how a lot cash PIF will make investments into this new entity that features the PGA Tour.

But, on CNBC Tuesday, PGA Tour Commissioner Jay Monahan and PIF Governor Yasir Al-Rumayyan famous that “billions will likely be invested” into this new entity sooner or later.

Moreover, all pending litigation between the PGA Tour and LIV Golf will finish.

“After two years of disruption and distraction, it is a historic day for the sport everyone knows and love,” Monahan stated.

“This transformational partnership acknowledges the immeasurable energy of the PGA Tour’s historical past, legacy, and pro-competitive mannequin and combines with it the DP World Tour and LIV — together with the workforce golf idea — to create a company that can profit golf’s gamers, industrial and charitable companions, and followers. Going ahead, followers might be assured that we are going to, collectively, ship on the promise we’ve at all times made — to advertise competitors of the perfect in skilled golf and that we’re dedicated to securing and driving the sport’s future.”