In a surprise move, the PGA Tour and its well-funded rival, LIV Golf, have agreed to merge, ending a seismic dispute between the two organizations.
“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 in a statement.
Read the statement.
LIV Golf, started in 2021 by Saudi Arabia’s sovereign wealth fund, gained fans by signing some of the sport’s biggest names. The companies said Tuesday’s deal would end all pending litigation, but didn’t disclose any further terms. As part of the agreement, the PIF is prepared to invest billions of new capital into the new entity, CNBC’S David Faber reported.
LIV Golf lured several prominent golfers from the PGA Tour, including Phil Mickelson and Cameron Smith, with hefty sponsorship payments, touching off an acrimonious legal battle. Still, LIV has struggled to find broadcast partners for its tournaments and potentially gain revenue and more eyeballs.
LIV sued the PGA Tour last year for allegedly engaging in monopolistic behavior by using restrictive rules intended to deprive golfers from playing in rival leagues. The PGA sought subpoenas to gather additional material to support its claims in its countersuit that LIV illegally pushed players to break contracts with the legacy US-based tour by offering them exorbitant sums of money.
PIF governor Yasir Al Rumayyan, himself a keen golfer, will be chairman of the new entity.
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Updated: 06 Jun 2023, 09:02 PM IST
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