In a shocking and historic move, the PGA Tour, DP World Tour and Saudi Arabia's Public Investment Fund have agreed to a merger that will see the PIF's golf-related business (LIV Golf) combine with the other tours in what is being described as "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."
A Board of Directors will be appointed to manage the commercial golf business with the PGA Tour appointing a majority of the members and holding a majority voting interest. The new, unnamed business "will work to ensure a cohesive schedule of events that will be exciting for fans, sponsors and all stakeholders," according to the press release announcing the deal.
Other than the PGA Tour, DP World Tour and LIV Golf holding investments in the entity, the PIF will make a new, exclusive investment and retain exclusive rights to make further investments, including the opportunity to refuse any capital that may be invested.
- Kyle Porter, CBS Sports Writer
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