06-06-2023, 02:23 PM
The US-based PGA Tour is set to merge with the Saudi-backed breakaway LIV Golf, ending a feud that has dogged the men’s professional game for the past year.PGA made the shock announcement on Tuesday, saying a new partnership between LIV and the DP World Tour would “unify the game of golf.”
“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,” the statement read.
The LIV Golf series, backed by Saudi Arabia’s Public Investment Fund (PIF), officially launched in June 2022, with participating players subsequently barred from competing in PGA Tour events.
The two rival tours have since been involved in a series of legal disputes, with all pending litigation mutually ended under the new agreement. “After two years of disruption and distraction, this is a historic day for the game we all know and love,” said PGA Tour Commissioner Jay 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.
“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.
“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. This will engender a new era in global golf, for the better.”
https://www.cnn.com/2023/06/06/golf/pga-tour-liv-golf-merger-spt-intl/index.html
“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,” the statement read.
The LIV Golf series, backed by Saudi Arabia’s Public Investment Fund (PIF), officially launched in June 2022, with participating players subsequently barred from competing in PGA Tour events.
The two rival tours have since been involved in a series of legal disputes, with all pending litigation mutually ended under the new agreement. “After two years of disruption and distraction, this is a historic day for the game we all know and love,” said PGA Tour Commissioner Jay 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.
“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.
“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. This will engender a new era in global golf, for the better.”
https://www.cnn.com/2023/06/06/golf/pga-tour-liv-golf-merger-spt-intl/index.html
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