Sports leagues love competition, except against one another.
The leagues make more money when they don’t have to compete for talent and audience.
The PGA Tour will appoint a majority of the board and hold a majority voting interest in the combined entity.
But the Saudi sovereign wealth fund, the Public Investment Fund, will start out as the exclusive investor in the entity, and Yasir al-Rumayyan, the wealth fund’s governor, will be the entity’s chairman.
In this case the PGA Tour looks more swallowed than swallowing, but Ross told me, “From the branding point of view the PGA Tour was a monopoly and it will still be the dominant organizer with its new huge partner.”
Persons:
LIV, Yasir al, it’s, That’s, ” Stephen Ross, Ross, ”
Organizations:
Saudi, LIV Golf, The Times, Public Investment Fund, Penn State Law
Locations:
Saudi Arabia, Europe, Saudi