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PGA TOUR, DP World Tour and PIF announce newly formed commercial entity to unify golf

Sourse: PGA

Agreement establishes common goal to promote and grow the game globally for the benefit of all stakeholders, ends litigation

On June 6, the PGA TOUR, DP World Tour and the Public Investment Fund (PIF) announced a landmark agreement to unify the game of golf, on a global basis. The parties have signed an agreement that combines 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 into 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.

In addition, PIF will make a capital investment into the new entity to facilitate its growth and success. The new entity (name TBD) will implement a plan to grow these combined commercial businesses, drive greater fan engagement and accelerate growth initiatives already underway. With LIV Golf in the midst of its second, groundbreaking season, the PGA TOUR, DP World Tour and PIF will work together to best feature and grow team golf going forward.

Speaking to CNBC, Al-Rumayyan, governor of the Saudi Arabia’s Public Investment Fund and president of Arab Golf Federation said they would love to make the game of golf very much accessible, “just like any other sport, just like football, basketball or any other sport.”

Sourse: Arab News

“We will have both LIV and the PGA Tour, in addition to all of our assets, and we will be investing in the growth of the game of golf and doing many new things that I think will have a better engagement from the players, the fans, the broadcasters, the sponsors, everyone else,” he said.

Jay Monahan, PGA Tour commissioner, added that the new deal will unify the game and help grow and expand the game of golf to new heights.

“It is a historical day for the PGA Tour and the game of golf. There has been a lot of tension in our sport over the last couple of years. But what we are talking about today is coming together and unifying the game of golf,” said Monahan.

He also thanked Al-Rumayyan for taking the initiative to make this deal happen and added that the agreement was made in the best interests of the PGA Tour members.

“We have recognized that, together, we can have a far better impact on this game than working apart. I give Yasir great credit for coming to the table and coming to discussions with an open heart and an open mind. We did the same and the game of golf is better for what we’ve done here today,” said Monahan.

“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,” said Monahan.


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