In a groundbreaking development for the sport of golf, the PGA TOUR, DP World Tour, and the Public Investment Fund (PIF) have reached a landmark agreement to unify the game on a global scale. The parties involved have signed an agreement that brings together 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. This collaboration aims to create a new, collectively owned, for-profit entity that maximizes excitement and competition among the world’s top golfers.
To facilitate the growth and success of the new entity, PIF will make a capital investment. The yet-to-be-named entity will implement a comprehensive plan to expand its combined commercial businesses, enhance fan engagement, and accelerate existing growth initiatives. With LIV Golf currently in its groundbreaking second season, the PGA TOUR, DP World Tour, and PIF will collaborate to showcase and promote team golf moving forward.
Furthermore, the announcement of this merger will lead to the mutual agreement to resolve all pending litigation among the participating parties. Additionally, the three organizations will work cooperatively and in good faith to establish a fair and objective process for players who wish to reapply for membership with the PGA TOUR or the DP World Tour following the conclusion of the 2023 season. This process will include determining fair criteria and terms of re-admission, aligning with the policies of each respective tour.
PGA TOUR Commissioner Jay Monahan expressed his enthusiasm about the historic day for the sport, emphasizing the transformative nature of this partnership. He recognized the PGA TOUR’s rich history, legacy, and pro-competitive model, which will merge with the DP World Tour and LIV Golf, including the team golf concept. Monahan stated that this collaboration would benefit golf’s players, commercial and charitable partners, and fans alike. He assured fans that the new entity is committed to promoting the competition of the best professional golfers and securing the future of the sport.
PIF Governor Yasir Al-Rumayyan echoed Monahan’s sentiments, describing the day as exciting for the global golf community. Al-Rumayyan expressed pride in partnering with the PGA TOUR, leveraging PIF’s success and experience to bring innovation and global best practices to the sport. The goal is to unify, promote, and grow golf worldwide, providing the highest-quality product to both long-time and new fans. Al-Rumayyan emphasized the positive impact of the LIV model on golf and highlighted the potential for the game to evolve while maintaining its storied history and traditions. The partnership aims to bring the best version of golf to communities worldwide.
Under the terms of the agreement, a Board of Directors will oversee and direct all golf-related commercial operations, businesses, and investments of the new entity. The board will work towards creating a cohesive schedule of events that excite fans, sponsors, and all stakeholders. PIF will initially be the exclusive investor alongside the PGA TOUR, LIV Golf, and the DP World Tour. PIF will also have the exclusive right to further invest in the entity, including a right of first refusal on any capital invested in the PGA TOUR, LIV Golf, and DP World Tour. The PGA TOUR will appoint a majority of the Board and hold a majority voting interest in the combined entity.