NEW YORK; RIYADH; PONTE VEDRA BEACH, Fla.—In a surprise move that follows months of bitter litigation between Saudi-backed LIV Golf and the PGA, the PGA Tour, DP World Tour and the Public Investment Fund (PIF) have announced a landmark agreement to merge PIF’s golf-related commercial businesses and rights (including LIV Golf) with the commercial businesses and rights of the PGA TOUR and DP World Tour.
The landmark agreement to unify golf on a global basis will create a new, as yet unnamed, collectively owned, for-profit entity that will manage all of those businesses and rights. In addition, PIF has agreed to make a capital investment into the new entity to facilitate its growth and success, the companies reported.
