The PGA Tour, DP World Tour and LIV Golf have agreed to merge commercial operations under common ownership, the PGA Tour has announced.
The shock announcement comes after a year of unprecedented disruption in the men’s professional game following the launch of the Saudi-backed LIV Golf circuit.
“After two years of disruption and distraction, this is a historic day for the game we all know and love,” PGA Tour commissioner Jay Monahan said.
“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.”
LIV Golf, headed up by Greg Norman, is backed by the Saudi Arabia Public Investment Fund, an entity controlled by the Saudi crown prince and has been embroiled in antitrust lawsuits with the PGA Tour in the last year. The deal announced Tuesday would end all pending litigation.
PIF is prepared to invest billions of new capital into the new entity, CNBC’S David Faber reported on Tuesday. Terms of the deal weren’t disclosed.
As part of the agreement, the three groups will establish “a fair and objective process for any players who want to re-apply for membership with the PGA Tour or DP World Tour” following the end of the 2023 season, according to a release.
Rory McIlroy has been the most vocal critic of LIV Golf since its emergence last year. But he recently said those days may be over.
Asked if he was making a conscious effort to sidestep talking about Saudi-funded LIV going forward, McIlroy simply responded, “Yeah.”
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