"We are a united front"
— SiriusXM PGA TOUR Radio (@SiriusXMPGATOUR) June 6, 2023
PGA TOUR, DP World Tour, and the Public Investment Fund (PIF) have made a groundbreaking announcement that is set to reshape the world of golf.
These three prominent organizations have come together to form a new commercial entity (name TBD) that aims to unify and globalize the game of golf. With this agreement, PIF’s golf-related businesses and rights — including LIV Golf — will be combined with those of the PGA TOUR and DP World Tour to create a collectively owned, for-profit entity.
Driving Excitement, Competition, and Growth
The primary objective of this merger is to ensure that all stakeholders, including players, fans, and commercial partners, benefit from a model that maximizes excitement and competition among the world’s best golfers. In a strategic move to drive growth and enhance fan engagement, PIF will also make a capital investment into the newly formed entity. This investment will facilitate the implementation of plans to expand the combined commercial businesses and accelerate ongoing growth initiatives.
Promoting Team Golf
The merger holds significant importance for the future of team golf as well. The PGA TOUR, DP World Tour, and PIF will collaborate to promote and grow team golf, with a particular focus on featuring and developing the innovative team golf concept introduced by LIV Golf.
Ending Ongoing Legal Disputes
One notable aspect of this announcement is the resolution of pending litigation between the participating parties. All organizations have agreed to end any ongoing legal disputes in a mutually agreeable manner. Furthermore, the PGA TOUR and DP World Tour have committed to establishing a fair and objective process for players who wish to re-apply for membership with either tour after the conclusion of the 2023 season.
The Future of the Game
PGA TOUR Commissioner Jay Monahan expressed his enthusiasm about the historic nature of this partnership, emphasizing the commitment to promoting competition and securing the future of the game. Monahan commended PIF Governor Yasir Al-Rumayyan for his visionary and collaborative approach, stating that this partnership would usher in a new era of global golf.
Yasir Al-Rumayyan, PIF Governor, shared his excitement about the future of golf and the opportunities presented by this partnership. He highlighted the transformative impact of the LIV model and emphasized the potential for growth while respecting the sport’s traditions and heritage. Al-Rumayyan expressed his commitment to unifying, promoting, and expanding the game of golf worldwide.
The new entity will be governed by a Board of Directors, responsible for overseeing all golf-related commercial operations and investments. The Board will ensure the development of an exciting schedule of events for fans, sponsors, and stakeholders. PIF will initially be the exclusive investor, alongside the PGA TOUR, LIV Golf, and the DP World Tour. PIF will also have the exclusive right to further invest in the new entity, including a right of first refusal on any capital investments.
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