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

Gamecock72

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https://www.pgatour.com/article/new...newly-formed--commercial-entity-to-unify-golf

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

NEW YORK; RIYADH; PONTE VEDRA BEACH, Florida, June 6, 2023 – The PGA TOUR, DP World Tour and the Public Investment Fund (PIF) today 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.

Notably, today’s announcement will be followed by a mutually agreed end to all pending litigation between the participating parties. Further, the three organizations will work cooperatively and in good faith to establish a fair and objective process for any players who desire to re-apply for membership with the PGA TOUR or the DP World Tour following the completion of the 2023 season and for determining fair criteria and terms of re-admission, consistent with each Tour’s policies.

“After two years of disruption and distraction, this is a historic day for the game we all know and love,” said PGA TOUR Commissioner Jay 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. Going forward, fans can be confident that we will, collectively, deliver on the promise we’ve always made – to promote competition of the best in professional golf and that we are committed to securing and driving the game’s future.

“We are pleased to move forward, in step with LIV and PIF’s world-class investing experience, and I applaud PIF Governor Yasir Al-Rumayyan for his vision and collaborative and forward-thinking approach that is not just a solution to the rift in our game, but also a commitment to taking it to new heights. This will engender a new era in global golf, for the better.”

“Today is a very exciting day for this special game and the people it touches around the world,” said 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. We are committed to unifying, promoting and growing the game of golf around the world and offering the highest-quality product to the many millions of long-time fans globally, while cultivating new fans.

“There is no question that the LIV model has been positively transformative for golf. We believe there are opportunities for the game to evolve while also maintaining its storied history and tradition. This partnership represents the best opportunity to extend and increase the impact of golf for all. We look forward to collaborating with Jay and Keith to bring the best version of the game to communities around the world.”

Under the terms of the agreement, the Board of Directors of the new entity will oversee and direct all the new entity’s golf-related commercial operations, businesses and investments. The new entity will work to ensure a cohesive schedule of events that will be exciting for fans, sponsors and all stakeholders. PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf and the DP World Tour. Going forward, PIF will have the exclusive right to further invest in the new entity, including a right of first refusal on any capital that may be invested in the new entity, including into the PGA TOUR, LIV Golf and DP World Tour. The PGA TOUR will appoint a majority of the Board and hold a majority voting interest in the combined entity.

Separately, PGA TOUR Inc. will remain in place as a 501(c)(6) tax exempt organization and retains administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events, the administration of the competition and rules, as well as all other “inside the ropes” responsibilities, with Jay Monahan as Commissioner and Ed Herlihy as PGA TOUR Policy Board Chairman. PIF’s Governor Yasir Al-Rumayyan will join the PGA TOUR Policy Board. The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.

The Board of Directors of the new commercial entity will include Al-Rumayyan as Chairman and Monahan as Chief Executive Officer; the new entity’s Board will also include an Executive Committee comprising Al-Rumayyan, Monahan, Herlihy and PGA TOUR Policy Board member Jimmy Dunne. The full Board will be announced at a later date, and it is anticipated that all three founding members will have representation.

Keith Pelley, Chief Executive of the DP World Tour, said “This is a momentous day. We are delighted to be able to not only reignite our relationship with PIF, but also to have the opportunity to build on our current Strategic Alliance partnership with the PGA TOUR. Together we will be stronger than ever and well positioned to continue to bring the game to all corners of the globe. To partner in this new entity and influence the growth of the game for all our DP World Tour members is energizing and exciting.”

All parties will work in the months to come to finalize terms of the agreement, with details to be announced in due course.
 

Gamecock72

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So now we will see LIV as it was always intended, an All-Star complimentary golf tour that will bring the best of the best to all corners of the world.
 
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Irvin Snibbley

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I have to say that's a shocking development.....Hard to believe no inkling of this leaked out before hand....Tells me the player groups were likely not consulted.On the other hand players like Rory have seem more conciliatory of late.Maybe they knew something was brewing.
 
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Gamecock72

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I have to say that's a shocking development.....Hard to believe no inkling of this leaked out before hand....Tells me the player groups were likely not consulted.On the other hand players like Rory have seem more conciliatory of late.Maybe they knew something was brewing.
PGA players were not told and found out on Twitter like everyone else. Some seemed to be pissed over not being told by the PGA this was happening before it was announced.
 
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KingWard

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I'm going to have to observe both the structure and the product to draw any conclusions.
 
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Backscrather

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I'm going to have to observe both the structure and the product to draw any conclusions.
Who was the first woman inducted into the Rock and Roll Hall of Fame?

Aretha Franklin (vocals, piano; born March 25, 1942)Aretha Franklin is the “Queen of Soul” and the first woman inducted into the Rock and Roll Hall of Fame. She is a singer of great passion and control whose finest recordings define ... Aretha Franklin Highlights.
 

TrickySticker

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Look Away Paramount Network GIF by Yellowstone


Didn't see that coming!!
 

KingWard

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Who was the first woman inducted into the Rock and Roll Hall of Fame?

Aretha Franklin (vocals, piano; born March 25, 1942)Aretha Franklin is the “Queen of Soul” and the first woman inducted into the Rock and Roll Hall of Fame. She is a singer of great passion and control whose finest recordings define ... Aretha Franklin Highlights.
So now, back to the future.
 
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Gamecock72

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The producer of the Netflix series ‘FULL SWING’ says the camera was rolling for season 2 while this broke. Buckle up

1686078197100.png
 
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ToddFlanders

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So was anything except some serious money laundering accomplished by LIV? Their “business model” could have never worked - the cost of obtaining all the stars couldn’t be made back in 100 years. But I don’t think that was their plan (actually making money that is).

Maybe the Saudis are playing the long game and trying to dominate sports for when the oil runs out? They’re buying all the best soccer players and golfers right now. Maybe they’ll finally be the ones that create a viable spring professional football league?!? It’s easy if you don’t care about turning a profit!
 
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Rogue Cock

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So was anything except some serious money laundering accomplished by LIV? Their “business model” could have never worked - the cost of obtaining all the stars couldn’t be made back in 100 years. But I don’t think that was their plan (actually making money that is).

Maybe the Saudis are playing the long game and trying to dominate sports for when the oil runs out? They’re buying all the best soccer players and golfers right now. Maybe they’ll finally be the ones that create a viable spring professional football league?!? It’s easy if you don’t care about turning a profit!
Do I remember correctly that they've gotten pretty big into Formula 1 racing also?
 

Uscg1984

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I'm going to have to observe both the structure and the product to draw any conclusions.
Agreed. I'll withhold my judgment of the product at this time. All I know is that whatever it ends up looking like, none of the billions of dollars it generates will wind up in my pockets.

I will say It does appear, however, that all of the talk from the PGA about human rights abuses was just virtue signaling that fit their agenda at the time.
 

CWW

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Really disappointed. Money above everything else! Feel sorry for those players who stayed loyal to the PGA…their pockets are empty while the LIV players are loaded!
 

KingWard

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Really disappointed. Money above everything else! Feel sorry for those players who stayed loyal to the PGA…their pockets are empty while the LIV players are loaded!
Rich Lerner of the Golf Channel, in a pretty exhaustive report citing a highly place LIV source, said that discussions are underway to at least partially redress financially some of the players who could have left but stayed. To me, this needs to be somehow reconciled.
 

Sweetwatergolf

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Rich Lerner of the Golf Channel, in a pretty exhaustive report citing a highly place LIV source, said that discussions are underway to at least partially redress financially some of the players who could have left but stayed. To me, this needs to be somehow reconciled.
That interview was good. How and when players are allowed back also I think the 9/11 family comments I believe in this interview also.
Interesting few months upcoming....
 
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18IsTheMan

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I do not follow golf, but I assume this means LIV wins, right?

Now that they've merged or whatever with PGA, I guess Tiger wishes he had taken that $800 million offer.
 
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Gamecock72

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Following the announcement of the PGA Tour’s merger with the Saudi Arabian Public Investment Fund, Nicklaus weighed in on the situation.

“The last three years have been difficult for the game and the players,” Nicklaus said to the Palm Beach Post. “I spoke with PGA Tour commissioner Jay Monahan this morning. He seemed pleased with the arrangement that will once again bring together the best players in the world. I agree that this is good for the game of golf.”
 
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18IsTheMan

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That will be determined in the crucible of time.

Like I said, I don't follow golf, but I have a few friends who do. They have looked with great disdain on LIV...money grubbers taking dirty Saudi money, not real golf, etc.

From what little I've read about the topic, it seems the PGA players looked at LIV players as traitors, more or less.

As an outsider, it seems like this is a major win and validation for LIV.
 

Irvin Snibbley

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Like I said, I don't follow golf, but I have a few friends who do. They have looked with great disdain on LIV...money grubbers taking dirty Saudi money, not real golf, etc.

From what little I've read about the topic, it seems the PGA players looked at LIV players as traitors, more or less.

As an outsider, it seems like this is a major win and validation for LIV.
Victor Hovland made 3.6 million for his Memorial Victory last weekend..Previous winners got less than half that....Looks like the LIV was good for everybody in the long run.
 

ToddFlanders

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I do not follow golf, but I assume this means LIV wins, right?

Now that they've merged or whatever with PGA, I guess Tiger wishes he had taken that $800 million offer.

I guess? The Saudis have forced their way into golf's governing body - so if that was their plan then "mission accomplished." It was clear from the begining that it wasn't about turning a profit.
 
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KingWard

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Like I said, I don't follow golf, but I have a few friends who do. They have looked with great disdain on LIV...money grubbers taking dirty Saudi money, not real golf, etc.

From what little I've read about the topic, it seems the PGA players looked at LIV players as traitors, more or less.

As an outsider, it seems like this is a major win and validation for LIV.
Only if their way of conducting golf competition is what prevails going forward. I expect the PGA model will be more prevalent. Is so, that will suffice me.
 

Rogue Cock

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Only if their way of conducting golf competition is what prevails going forward. I expect the PGA model will be more prevalent. Is so, that will suffice me.
Agree. Maybe its just me, but I don't like the team golf concept and don't really understand its appeal.
 

Gamecock72

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Agree. Maybe its just me, but I don't like the team golf concept and don't really understand its appeal.
I was unsure about the team aspect of LIV when at first. But I really liked it a lot. It added a lot more to the final round with players out of the hunt for the individual part sinking birdie shots to help the team win.
 

Gamecock72

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Regardless if Norman gets the boot from LIV in all this, he is still coming out as a winner since what is happening is what he has been pushing for for years now. I honestly could not care less if he gets the boot or not. But in the end, I think he and Monahan will get the boot. And that is probably for the best on both sides.
 

KingWard

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Agree. Maybe its just me, but I don't like the team golf concept and don't really understand its appeal.
Not fond of team concept or 54-hole events. Not wanting to see limited fields with no cuts being the norm, either. A few such events, as with the WGC are good, but pro golf is supposed to be a grind; it's supposed to be meritorious. Money is one thing, but these guys don't deserve an easier way to the top than the players of yesteryear.
 

BattleshipTexas

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I guess? The Saudis have forced their way into golf's governing body - so if that was their plan then "mission accomplished." It was clear from the begining that it wasn't about turning a profit.
They never pretended it was about profit. It was all a public relations ploy. But it certainly makes some at the PGA look hypocritical. They started off with "the Saudis are evil, we will never deal with them ... how much money did you say? well that's different."