The PGA Tour announced an agreement that they would effectively merge with the LIV Tour and DP World Tour, Tuesday.
The Board of Directors is assembling for the new commercial entity with PGA Tour commissioner Jay Monahan serving as CEO and Governor of the Public Investment Fund (PIF) Al-Rumayyan serving as Chairman. PIF is at the center of this merger. They’re committing to investing heavily in the new entity.
“The parties have signed an agreement that 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.”pgatour.com
“After two years of disruption and distraction, this is a historic day for the game we all know and love,” said Monahan. “This transformational partnership recognizes 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 organization that will benefit golf’s players, commercial and charitable partners and fans.”CNBC
The PGA failed to share the news with its golfers prior to today. Many of them seem caught off guard.
Everything comes full circle
Monahan believes this will be better for golf, and will unify the game around the world. Golf has been a divided sport over the last year and a half, so there is a belief that this will change that. There is a mutual agreement to end all litigation between all parties involved. The PGA Tour will allow all players to re-apply for membership under a “fair” process for those that had abandoned their rights.
This news isn’t upsetting everyone, though. It’s a major “I told you so” moment for Phil Mickelson.
Fans scrutinized Phil’s belief that the PGA Tour should welcome Saudi money into golf. They didn’t listen, and now that everything has come full circle, he can rejoice. Now fans are directing that scrutiny at the PGA Tour. They’ve essentially gone against what they were pushing the players to believe in, but money talks. The PGA abandons the loyalty they promised a year ago.
The agreement is not finalized, but the deal has been agreed upon in principle. The sides will merge, but there are many details that have yet to be laid out. Regardless, there will be a lot of change coming in professional golf.