LIV had filed an antitrust lawsuit in the United States seeking punitive damages against the PGA Tour for its "tortious interference" with contracts with golfers.
PGA Tour had countersued, making similar claims.
PGA Tour and LIV have now signed a framework agreement that calls for investment banks M Klein & Co and Allen & Co to carry out a valuation analysis of the assets of LIV and PGA Tour, respectively.
A new company will be created that will be majority-owned by the existing PGA Tour, which is a nonprofit.
The U.S. Department of Justice had already been looking at the dispute between PGA Tour and LIV as part of a broad antitrust probe into professional golf.
Persons:
LIV, PIF, Milana Vinn, Greg Roumeliotis, Matthew Lewis
Organizations:
PGA Tour, PGA, Klein, Co, Allen, WHO, Saudi Arabia's Public Investment Fund, Regulators, U.S . Department of Justice, Foreign Investment, Thomson
Locations:
Saudi, United States, New York