The PGA Tour and European Tour has agreed to merge with Saudi Arabia’s golf interests, aiming to bring professional golf together worldwide. It will end the LIV Litigation. In a significant move, all parties involved in the dispute are dropping their lawsuits immediately. It comes as a very recent move.
The PGA Tour is yet to decide on the status of players like Brooks Koepka and Dustin Johnson, who joined the Saudi-funded LIV Golf for large bonuses. Also, their re-entry into the PGA Tour after this year is still under discussion.
A Few Uncertain Steps
Furthermore, it remains uncertain how the LIV Golf League will be structured in 2024. Also. Commissioner Jay Monahan informed players through a memo that a careful evaluation would determine how to incorporate team golf into the sport. Furthermore, a careful evaluation was a long time coming, especially in the light of the current scenario. Also, both parties took a long time to come to the recent scenario.
The agreement brings together the commercial activities and rights of the Public Investment Fund, including LIV Golf, with those of the PGA and European tours. The new organization does not have a name yet.
Both Pursuing Their Own Paths
In a phone interview with The Associated Press, Monahan expressed that both parties were pursuing their own paths but recognized that the existing tension in the game was not beneficial. They should not pursue such a path for the benefit of both parties. Also, parties resolving the dispute sooner was better for the sport as a whole.
The governor of Saudi Arabia’s sovereign wealth fund, Yasir Al-Rumayyan, will become a board member of the PGA Tour. Also, the tournaments of the PGA Tour will continue to be run by the organization. Al-Rumayyan will serve as the chairman of the new commercial group, while Monahan will be the CEO. The PGA Tour will hold the majority ownership in the new venture.
PIF to Invest in New Venture
PIF is ready to invest a significant amount of new capital into the new entity, as reported by CNBC’s reporters. Also, they did not disclose specific features of the deal. Furthermore, the agreement, which comes after the merger of World Wrestling Entertainment and Endeavor Group’s UFC, will need to be approved by the PGA Tour policy board. Moreover, Commissioner Jay Monahan mentioned this in a memo to the players, as obtained by CNBC.
Owned by Many Corporations
LIV’s matches were not shown on U.S. TV until a few months ago. The league made a deal with the CW Network to be its exclusive broadcast partner in the United States. Also, the CW agreed to broadcast 14 global events, starting in February. Moreover, the specific details of the multiyear deal were not revealed.
Nexstar Media Group owns the CW network, holding a 75% stake. Also, a representative from Nexstar Media Group confirmed that there would be no changes to the planned LIV Golf event schedule for 2023. In a statement, the company expressed excitement about the opportunity to unify and expand the game of golf.
Lawsuits from Rivals
Monahan admitted that many rivals have also filed lawsuits against them. Also, the sport is popular outside the country. Furthermore, he acknowledged there is a lot of tension between them. The organizations are going head to head. Let us see what happens in the time to come. But the case is cold for now. Also, the future seems bright for golf in the country.
Also read: 5 Killer Tips to Start a New Venture
