The PGA Tour has agreed to merge with LIV Golf in a deal that would squash pending litigation and move forward as a larger golf enterprise, according to Lillian Rizzo of CNBC.
The PGA Tour and LIV Golf's commercial businesses and rights will be combined into a new, yet-to-be-named company, according to Rizzo.
In the PGA Tour's announcement, is says that the two parties have mutually agreed to end all pending litigation. The organizations will work to create a process for players who want to re-apply for membership with the PGA Tour and DP World Tour after the completion of the 2023 season, according to the PGA Tour's announcement. PGA Tour commissioner Jay Monahan spoke on the groundbreaking merger.
“After two years of disruption and distraction, this is a historic day for the game we all know and love,” Jay Monahan said in the announcement. “This transformational partnership recognizes the immeasurable strength of the PGA Tour's history, legacy and pro-competitive model and combines it with 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.
PIF Governor Yasir Al-Rumayyan commented in the statement as well.
“Today is a very exciting day for this special game and the people it touches around the world,” Yasir Al-Rumayyan said. “We are proud to partner with the PGA TOUR to leverage PIF’s unparalleled success and track record of unlocking value and bringing innovation and global best practices to business and sectors worldwide. We are committed to unifying, promoting and growing the game of golf around the world and offering the highest-quality product to the many millions of long-time fans globally, while cultivating new fans.”
It will be interesting to see how the world of golf changes as a result of the merger.
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