The PGA Tour has agreed to merge with Saudi-backed rival LIV Golf in a deal that would see the competitors squash pending litigation and move forward as a larger golf enterprise.
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.
PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf and the DP World Tour.
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.
The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.
Persons:
LIV, LIV didn't, Yasir Al, Rumayyan, Jay Monahan, PIF, CNBC'S David Faber, LIV Golf, Brooks Koepka, Phil Mickelson, Bubba Watson, Monahan, Team Captain Brooks Koepka, Ricky Elliott, Osama Bin Laden, Donald Trump, nobody's, Trump, CNBC's David Faber, Jessica Golden, Kevin Durant, James Pitaro, LIV –, we've, Jay, Keith, Ed Herlihy, Herlihy, Jimmy Dunne, Keith Pelley
Organizations:
Nexstar, Nexstar Media Group, CW Network, CW, Wrestling, Endeavor Group, PGA Tour, CNBC, Saudi Arabia Public Investment Fund, PGA, European PGA, U.S, Team, Royal Greens, & Country Club, King Abdullah Economic, Saudi, CBS Sports, LIV, ESPN, Public Investment Fund, Al, Rumayyan, Strategic Alliance
Locations:
U.S, Saudi, Jeddah, King Abdullah, King Abdullah Economic City, Saudi Arabia, Los Angeles, RIYADH, PONTE, BEACH , Florida