The PGA Tour and LIV Golf have reached an agreement.
An agreement with its Saudi-backed competitor, LIV Golf, to merge their commercial businesses and rights. The deal would form a new for-profit company that would also encompass the DP World Tour.
? BREAKING: PGA Tour and LIV Golf have agreed to a merger, per @CNBCnow pic.twitter.com/ecubo5cwo8
— Action Network (@ActionNetworkHQ) June 6, 2023
The Saudi Arabia Public Investment Fund backs LIV Golf, and it has been in antitrust litigation with the PGA Tour. The agreement announced on Tuesday would resolve all pending litigation. According to reports, PIF is willing to invest billions of dollars into the new company.
BREAKING: The PGA Tour has agreed to merge with Saudi-backed LIV Golf.
This will end all pending litigation, and the two leagues will combine their commercial businesses into a new, yet-to-be-named company.
The deal will be announced today.
(h/t @CNBC)
— Joe Pompliano (@JoePompliano) June 6, 2023
The three groups will also establish a fair and unbiased process for players who wish to re-apply for membership with the PGA Tour or DP World Tour following the 2023 season. The terms of the deal were not disclosed.
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