PGA Tour agrees to ‘historic’ merger with Saudi-backed rival LIV Golf – National | 24CA News
The PGA Tour, European Tour and rival Saudi-backed LIV Golf circuit introduced a landmark settlement on Tuesday to merge and type a business entity to unify golf.
Additionally, the three organizations stated in a joint news launch that they are going to work cooperatively to permit a course of for any LIV Golf gamers to reapply for PGA Tour and DP World Tour membership following the 2023 season.
“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 stated in a joint news launch.
The LIV Golf collection is bankrolled by the Saudi Arabia Public Investment Fund and critics have accused it of being a automobile for the nation to aim to enhance its repute within the face of criticism of its human rights document.
The announcement of the merger contains an settlement to finish all pending litigation between the taking part events.
Additionally, the Public Investment Fund will make a capital funding into the brand new entity to facilitate its development and success.
“Today is a very exciting day for this special game and the people it touches around the world,” stated PIF Governor Yasir Al-Rumayyan. “We are proud to partner with the PGA Tour to leverage PIF’s unparalleled success and track record of unlocking value and bringing innovation and global best practices to business and sectors worldwide.”
The rival LIV Golf circuit launched in 2022 and lured some big-name gamers away from the rival circuits with staggering sums of cash in 54-hole occasions that function no cuts and paydays for each golfer.
Among the extra standard gamers who made the transfer to LIV Golf are Hall of Fame golfer Phil Mickelson, former world primary Dustin Johnson, reigning PGA Championship winner Brooks Koepka and 2022 British Open winner Cameron Smith.
— Reporting by Frank Pingue in Toronto; Editing by Alex Richardson and Christian Radnedge
© 2023 Thomson Reuters
