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☆ LIV Golf’s al-Rumayyan and the PGA Tour’s Monahan Make Strange Bedfellows
▼ + stars: | 2023-06-12 | by ( John Branch | ) www.nytimes.com time to read: +1 min

After more than a year of high-stakes jockeying and long-distance accusations, Jay Monahan and Yasir al-Rumayyan finally met in May, an arranged blind date in some Venice cafe or hotel. The 53-year-olds in charge could not be more different: Monahan, the American commissioner of the PGA Tour since 2017, and al-Rumayyan, the trusted confidant of Saudi Arabia’s Crown Prince Mohammed bin Salman and overseer of his country’s massive Public Investment Fund. It is that fund, claiming to be worth somewhere close to $700 billion, that bought its way into golf last Tuesday. It ended a sniping, court-complicated fight between the PGA’s American and European tours and the Saudi-backed LIV Golf tour. It instantly solved the PGA Tour’s financial struggles.

Persons: Jay Monahan, Yasir al, Rumayyan, bedfellows, Monahan, Saudi Arabia’s Crown Prince Mohammed bin Salman, LIV Organizations: PGA, Saudi Arabia’s Crown, Public Investment Fund Locations: Venice, Saudi

The field of players teeing it off on Thursday is unchanged since the USGA previously said that, like the three other majors, it would allow both PGA Tour and LIV golfers to compete. But the feuds that broke out between golfers from the rival leagues is unlikely to be patched up so quickly. Broadcasters hope viewers will be able to put the drama of the new deal to the side and focus on the tournament. "Not to be too Pollyannaish about the whole thing, but we're right in the middle of Hollywood so let's write a good Hollywood script," NBC commentator Dan Hicks said. Reporting by Rory Carroll in Los Angeles Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

Persons: LIV Golf, Jay Monahan, LIV, Gene Sykes, LACC, Scottie Scheffler, Jon Rahm, Rory McIlroy, Sykes, Dan Hicks, Rory Carroll, Christian Radnedge Organizations: country's Public Investment Fund, Los Angeles Country Club, Reuters, USGA, Broadcasters, Hollywood, NBC, Thomson Locations: ANGELES, Saudi Arabia, LA, U.S, Saudi, Los Angeles

☆ PGA Tour commissioner says Tour ‘couldn’t afford to keep battling Saudi Arabia,’ Wall Street Journal reports
▼ + stars: | 2023-06-11 | by ( Jacob Lev | ) edition.cnn.com time to read: +1 min

CNN —PGA Tour commissioner Jay Monahan told employees in a meeting on Thursday that it couldn’t “conduct a lengthy spending war against Saudi Arabia,” according to a report from The Wall Street Journal. “We cannot compete with a foreign government with unlimited money,” Monahan told employees, according to the Wall Street Journal. According to the Journal, Monahan told employees that the Tour had already spent $50 million in legal fees and had dipped into its reserves for $100 million to help pay increased purses in elevated events and other bonuses to players. “To characterize this agreement was made due to litigation costs and other use of reserves is an oversimplification,” a PGA Tour spokesperson told CNN on Saturday. “The PGA TOUR has never been a more valuable property and the Public Investment Fund (PIF) has recognized that value and the opportunity for ROI with their investment in the TOUR.”“Additionally, this transaction will make professional golf more competitive with other professional sports and sports leagues,” the Tour continued.

Persons: Jay Monahan, Monahan, ” Monahan, LIV, ” Organizations: CNN, PGA, Wall Street, PGA Tour, Saudi Arabia’s Public Investment Fund, Public Investment Fund Locations: Saudi Arabia, Ponte Vedra Beach , Florida, Saudi

☆ PGA Tour commissioner reportedly tells employees the reason for LIV Golf merger: 'We cannot compete with a foreign government with unlimited money'
▼ + stars: | 2023-06-10 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

PGA Tour Commissioner Jay Monahan spoke to employees about the merger with LIV Golf, WSJ reported. He reportedly suggested the cost of battling LIV Golf in court and on the green was unsustainable. "The PGA TOUR has never been a more valuable property," which the merger recognized via an investment, she added. PGA Tour announced the merger after a tough year of battling LIV Golf in court and on the green. PGA Tour players who have joined LIV include Phil Mickelson and Bubba Watson.

Persons: Jay Monahan, LIV Golf, —, Joe Monahan, Monahan, LIV, Prince Mohammed bin Salman, Bertrand Guay, Phil Mickelson, Ben Jared, Bubba Watson Organizations: LIV, Saudi, Service, PGA Tour, Street, Getty, Saudi Public Investment Fund, PGA Locations: Ponte Vedra Beach , Florida, AFP, Saudi

☆ From ‘Pariah’ to Partner, Saudi Leader Defies Threats to Isolate Him
▼ + stars: | 2023-06-10 | by ( Ben Hubbard | ) www.nytimes.com time to read: +1 min

President Biden vowed during his quest for the White House to make the Saudi crown prince, Mohammed bin Salman, a “pariah” over the killing and dismemberment of a dissident. He threatened the prince again last fall with “consequences” for defying American wishes on oil policy. Mr. Biden, visiting Saudi Arabia last year, fist bumped Prince Mohammed when they met and regularly dispatches officials to see him — including his secretary of state, Antony J. Blinken, this past week. Senator Graham grinned next to the prince — known by his initials M.B.S. — during a visit to Saudi Arabia in April.

Persons: Biden, Mohammed bin Salman, Lindsey Graham, Prince Mohammed, “, Jay Monahan, —, Antony J, Graham grinned, Monahan, LIV, ”, Abdullah Alaoudh Organizations: White, Republican, PGA Tour, PGA, LIV Golf, Freedom Initiative Locations: Saudi, Saudi Arabia, Washington

Jay Monahan, the PGA Tour commissioner, had gone unnoticed in Venice last month. He was in town for the same wedding that had brought al-Rumayyan to Venice. If the motor sports executive spotted the PGA Tour’s leader, he would assuredly connect the presences of Monahan and al-Rumayyan, and golf’s greatest secret might get out. The civil war that had disrupted and defined the once genteel sport — for example, Monahan once publicly asked whether PGA Tour players had ever felt compelled to apologize for competing on the circuit — was abruptly suspended. The tour’s reputation was stained and many of its loyalists were furious, but its coffers were poised to overflow.

Persons: Jay Monahan, Yasir al, LIV, Stefano Domenicali, Monahan, Domenicali, — Organizations: PGA Tour, PGA, LIV Golf Locations: Venice, Italy, Saudi

☆ PGA merger with LIV a delicate balancing act, says board member Dunne
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - The PGA Tour faces a delicate balancing act in welcoming back LIV Golf players while also ensuring those who stayed loyal to the U.S.-based circuit "feel good" about their decision, PGA Tour board member Jimmy Dunne said. "We have to make sure that whatever it is that we finalise, that they feel good about their decisions (to remain on the PGA Tour)... I don't think it's going to be easy and I don't think we're all going to agree, but I think we can get there." Dunne, who helped broker the merger, also said the PGA Tour was ready to "walk away" if they felt there was anything that would have hurt the game. He added the Saudi Public Investment Fund (PIF) would not control the professional game, especially with PGA Tour Commissioner Jay Monahan installed as CEO of the new entity.

Persons: LIV, Jimmy Dunne, LIV Golf, Rory McIlroy, Dunne, didn't, Jay Monahan, Rohith Nair, Toby Davis Organizations: Tour, LIV Golf, PGA, Golf, Saudi Public Investment Fund, Thomson Locations: U.S, Saudi, Bengaluru

☆ The Merger of LIV Golf and the PGA Tour: Here’s What to Know
▼ + stars: | 2023-06-07 | by ( Kevin Draper | ) www.nytimes.com time to read: +2 min

The PGA Tour and LIV announced Tuesday the creation of a new entity that would combine their assets, as well as those of the DP World Tour, and radically change golf’s governance. The PGA Tour would remain a nonprofit organization and would retain full control over how its tournaments are played. This is how Jay Monahan, the commissioner of the PGA Tour, answered questions Tuesday about what golf might look like in the future. “I don’t want to make any statements or make any predictions.”Will LIV golfers go back to the PGA Tour and DP World Tour? Will PGA Tour players, many of whom spurned LIV and its huge paydays, receive compensation?

Persons: LIV, ” NewCo, Yasir al, Jay Monahan, Will LIV, ” Monahan Organizations: PGA, Public Investment Fund, LIV, PGA Tour

☆ A Stunning Merger Angers Athletes
▼ + stars: | 2023-06-07 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

After the Saudi government created an upstart professional golf tour in 2021 to compete with the PGA — the world’s most prestigious tour, based in the U.S. — top PGA executives set out to destroy the new venture. They banned golfers who signed up with the Saudi tour, known as LIV Golf, from PGA events and put intense pressure on other golfers not to join LIV. PGA executives also complained to members of Congress about Saudi Arabia’s human rights record. “Have you ever had to apologize for being a member of the PGA Tour?” Monahan asked on national television. It was all part of a campaign to undermine LIV, even if doing so required damaging the reputations of leading golfers.

Persons: LIV, Jay Monahan, ” Monahan Organizations: PGA, Saudi Locations: Saudi, U.S

☆ Saudi Arabia Relishes a Triumph That Transcends Sports
▼ + stars: | 2023-06-07 | by ( Vivian Nereim | Ahmed Al Omran | ) www.nytimes.com time to read: +1 min

When a Saudi-backed upstart golf league began recruiting high-profile players from the top U.S. circuit, the American tour’s commissioner lamented a “foreign monarchy that is spending billions of dollars in an attempt to buy the game of golf.”The commissioner, Jay Monahan, who heads the PGA Tour, sniped at players who left for the new league, LIV Golf, hinting at the stain that the Saudi government’s human rights violations would leave on them. But on Tuesday, Mr. Monahan sat smiling with the head of the Saudi sovereign wealth fund to announce that the PGA Tour and LIV Golf were forming what promises to be a lucrative partnership. “I recognize that people are going to call me a hypocrite,” Mr. Monahan said later. “But circumstances do change.”The deal, if it goes forward, represents an enormous victory for Saudi Arabia and its de facto leader, Crown Prince Mohammed bin Salman, in a bid to become a major player in global sports, giving the kingdom considerable sway over the game of golf. But the significance of the moment transcends sports, as Saudi Arabia under Prince Mohammed seeks greater political influence in the Middle East and beyond.

Persons: Jay Monahan, sniped, LIV Golf, Monahan, LIV, “, Mr, Prince Mohammed bin Salman, Prince Mohammed Organizations: PGA Locations: Saudi, Saudi Arabia

☆ 'It does stink a little bit', DeChambeau feels for PGA Tour players after LIV merger
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +3 min

The sporting world was left stunned when the PGA Tour, DP World Tour and rival Saudi-backed LIV circuit ended their bitter two-year dispute and announced an agreement to merge and form one unified commercial entity. The most aggrieved players are likely to be those, like Tiger Woods, Rory McIlroy and Hideki Matsuyama, who turned down eye-watering sums from LIV Golf to remain loyal to the PGA Tour only to see the tours merge. "I do feel bad for the PGA Tour players because they were told one thing and something else happened, and our side, we were told one thing and it's come to fruition," DeChambeau told CNN. "It does stink a little bit from my perspective that the PGA Tour players are not necessarily winning. I think this is one of the saddest days in the history of professional golf," Chamblee said on the Golf Channel.

Persons: Bryson DeChambeau, LIV Golf, LIV, Jay Monahan, Woods, Rory McIlroy, Hideki Matsuyama, DeChambeau, it's, Yasir Al, Yasir, That's, Brandel, Chamblee, Nick Mulvenney, Peter Rutherford Organizations: U.S, PGA, Canadian, CNN, LIV, Public Investment Fund, Saudi, PIF, Thomson Locations: Saudi, Toronto

☆ PGA Tour/LIV deal good for golf but rebels must pay, says McIlroy
▼ + stars: | 2023-06-07 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

"The people that left the PGA Tour irreparably harmed this Tour, started litigation against it," said McIlroy the defending Canadian Open champion. McIlroy was not tempted by the Saudi money and believes those players who stood with the PGA Tour should be compensated for their loyalty. This is the PGA TOUR, the DP World Tour and the PIF. "It's the PGA TOUR, DP World Tour and the Public Investment Fund are basically partnering to create a new company." That new company, McIlroy said, will be run by the PGA Tour with commissioner Jay Monahan acting CEO.

Persons: LIV, Rory McIlroy, McIlroy, Hall, Hall of Famer Phil Mickelson, Dustin Johnson, Brooks Koepka, That's, I've, LIV's, Jay Monahan, Frank Pingue, Steve Keating, Kirsten Donovan, Ed Osmond Organizations: TORONTO, PGA, Hall of Famer, Northern, Canadian, Saudi Arabia Public Investment Fund, Public Investment Fund, PGA Tour, Thomson Locations: Saudi, Toronto

Golf becomes a geopolitical trophyThe shock news that the PGA Tour plans to join forces with LIV Golf, the upstart circuit that it has spent the past year feuding with, rattled the normally staid world of golf. Saudi Arabia, LIV’s backer, now stands to hold enormous sway over golf, as it invests billions to extend its presence throughout pro sports — and beyond. It’s an additional sign of how the kingdom is seeking to assert its role as a growing geopolitical and global business power. Covert jet-setting talks led to the golf deal. Those on the Saudi side included the banker Michael Klein, a longtime adviser to the kingdom.

Persons: LIV Golf, LIV, Jay Monahan, Ed Herlihy, Wachtell, Jimmy Dunne, Piper Sandler, Michael Klein Organizations: PGA Tour, PGA, Allen & Company Locations: Saudi Arabia, what’s, Saudi

☆ In Reprieve for PGA Tour, Rory McIlroy Backs Saudi Deal
▼ + stars: | 2023-06-07 | by ( Alan Blinder | ) www.nytimes.com time to read: +1 min

The PGA Tour, facing a crush of internal dissent for its choice this week to accept the kind of Saudi money it spent the last year denouncing as tainted, appeared Wednesday to have the support of one of its most powerful players: Rory McIlroy, who had been one of the foremost critics of the Saudi-backed LIV Golf circuit, which had convulsed the sport. Peering a decade into the future, McIlroy predicted Wednesday that the agreement to bring the tour and LIV’s business dealings into a single company controlled by the PGA Tour would be “good for the game of professional golf.”“There’s a lot of ambiguity,” McIlroy said Wednesday in Toronto, where a tour event is scheduled to begin Thursday. “There’s a lot of things still to be sort of thrashed out. But at least it means that the litigation goes away, which has been a massive burden for everyone that’s involved with the tour and that’s playing the tour, and we can start to work toward some sort of way of unifying the game at the elite level.”McIlroy, a member of the PGA Tour board, which will ultimately have to approve the agreement that blindsided almost the entire golf industry when it was announced on Tuesday, is only one player. But he is among the world’s most prominent golfers, and his decision to refrain from joining the wave of condemnations toward the PGA Tour is a precious reprieve for Commissioner Jay Monahan and his allies as they scramble to curb a revolt against the deal.

Persons: Rory McIlroy, LIV, McIlroy, ” McIlroy, “, that’s, Jay Monahan Organizations: PGA, PGA Tour Locations: Saudi, Toronto

☆ PGA Tour-LIV deal leaves golf world facing plenty of unknowns
▼ + stars: | 2023-06-07 | by ( Frank Pingue | ) www.reuters.com time to read: +4 min

But while they could one day find themselves members of the PGA Tour again, those who joined LIV Golf may get a frosty welcome from those competing on the U.S.-based circuit. The people that left the PGA Tour irreparably harmed this Tour, started litigation against it," world number three McIlroy said on Wednesday. Another unknown is how the golf calendar will look under the framework of the merger or whether the LIV Golf League team-based competition will even exist after its 2023 season. Typically, a resigned player who wants to rejoin the DP World Tour for the 2023 season would have had to give their notification by May 1 of this year. DP World Tour CEO Keith Pelley said subsequent requests would require proof of an exceptional circumstance to be allowed, something he said would "be difficult and highly unlikely that that would happen."

Persons: LIV, Rory McIlroy, Phil Mickelson, Brooks Koepka, Dustin Johnson, Cam Smith, McIlroy, that's, LIV Golf, Greg Norman's, Tiger Woods, Norman, Jay Monahan, Monahan, Keith Pelley, Frank Pingue, Toby Davis Organizations: PGA, Saudi Arabia Public Investment Fund, Hall of Fame, PGA Tour, LIV Golf, LIV Golf League, Saudi, European, European Ryder, U.S, PGA of America, Ryder Cup Europe, Thomson Locations: Saudi, Toronto, Rome

☆ PGA Tour-LIV Golf merger is a major win for the Saudis — and Americans are slamming it
▼ + stars: | 2023-06-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

It's lured some of the biggest golf stars away from the PGA Tour with huge paychecks, spurring antitrust lawsuits with the American organization. "This is Saudi Arabia buying the PGA tour," sports talk show host Rich Eisen said in his broadcast after hearing the news. USA Today sports columnist Christine Brennan called the move "a total wimp-out by the PGA Tour. Glyn Kirk | AFP | Getty ImagesSocial media was rife with self-described golf fans vowing to never again watch the PGA Tour. Pro golfer Phil Mickelson, another member of the LIV Tour, tweeted "Awesome day today" in response to the news.

Persons: LIV Golf, that's, —, LIV, Saudi Crown Prince Mohammed bin Salman, It's, Jay Monahan, Rich Eisen, Pat Welter, it's, Christine Brennan, Tiger Woods, Glyn Kirk, Ron Wyden, Chris Murphy, Jamal Khashoggi, Saudi LIV, Monahan, Saudi Arabian Crown Prince Mohammed bin Salman, Jim Watson, Bryson DeChambeau, DeChambeau, Phil Mickelson, Jeffries, Yasir Al, Cristiano Ronaldo, Saudi Arabia's, Al Organizations: PGA Tour, Saudi, LIV Players, PGA, Saudi Arabia's Public Investment Fund, Saudi Crown, CNBC, Twitter, 150th, St, AFP, Getty, LIV, Washington Post, Amnesty, Saudi Arabian Crown, Saudi Embassy, Washington D.C, Saudi Foreign Ministry, CNN, Royal, Anadolu Agency, Getty Images Investment, Rumayyan, Nassr Football Club, Al Nassr Football Locations: Saudi Arabia, North Carolina, Saudi, Scotland, Oregon, Connecticut, American, Washington ,, Washington, videoconference, Riyadh, PIF, Portuguese

☆ PGA Tour merger with LIV Golf triggers confusion about sponsorships, antitrust
▼ + stars: | 2023-06-07 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +5 min

watch nowThe proposed merger between the PGA Tour and its Saudi-funded rival LIV Golf stunned everyone from golfers to Wall Street bankers this week – leaving many with questions about what the merger could mean. While the two organizations were feuding, golfers were divided between the PGA Tour and LIV. Aside from the lawsuits, LIV Golf has been surrounded by controversy and criticism since its launch in 2022. LIV Golf sued the tour, also citing anti-competitive practices for banning its players. The PGA Tour countersued.

Persons: LIV Golf, LIV, Jefferies, Jay Monahan, CNBC's, Henry Hauser, Perkins, Monahan, Phil Mickelson, Bryson DeChambeau, Yasir Al, Rumayyan, Hauser, it's, Timothy Derdenger, Derdenger Organizations: PGA Tour, Wall, FTC, PGA, Saudi Arabia Public Investment Fund, Antitrust, Public Investment, Federal Trade Commission, Justice Department, American Airlines, JetBlue Airways, Carnegie Mellon University's Tepper School of Business, U.S . Locations: Saudi

☆ Golf’s new Saudi deal presents questionable political, business and sporting realities
▼ + stars: | 2023-06-07 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

And the deal is also undeniably a great piece of business, assuming PGA Tour players accept it. And all pending litigation between LIV Golf and the PGA Tour was also mutually ended under the new agreement. He “co-opted the 9/11 community last year in the PGA’s unequivocal agreement that the Saudi LIV project was nothing more than sports washing of Saudi Arabia’s reputation,” the group said in a statement. Unresolved sporting conundrumsThere are as many sporting questions about the PGA Tour/LIV Golf partnership that remain unanswered. Then there is the question of how current PGA Tour members will respond.

Persons: LIV Golf, Arnold Palmer, Jamal Khashoggi, Prince Mohammed bin Salman, –, LIV –, Jay Monahan, Monahan, ”, “, Saudi LIV, ” Monahan, Dustin Johnson, Phil Mickelson, Patrick Reed, Cam Smith, Donald Trump, LIV, Trump, Khashoggi, ” Trump, Joe Biden, Antony Blinken, Tuesday’s LIV, Qataris, Cristiano Ronaldo, Karim Benzema, ” Yasir Al, Rumayyan, of Famer Greg Norman, Collin Morikawa, Mickelson, Alan Shipnuck, Shipnuck Organizations: CNN, PGA, Saudi, Post, Premier League, Global, Families United, Saudi shills, Crown, Formula One, NBA, Tour, Qatar, Soccer, Manchester City, United, Newcastle, Indian Premier League, Al, Real, Saudi Public Investment, “, Saudi Public Investment Fund, CNBC, of Famer, Open, Twitter Locations: Washington, Saudi, Qaeda, Riyadh, China, Western Europe, East, India, United Arab Emirates, Saudi Arabia, Ittihad, Real Madrid, French

☆ Blindsided PGA Tour players want answers over merger with LIV Golf
▼ + stars: | 2023-06-06 | by ( Steve Keating | ) www.reuters.com time to read: +4 min

TORONTO, June 6 (Reuters) - PGA Tour players were blindsided by news of a merger with the rebel Saudi-backed LIV Golf on Tuesday that left them, fans and politicians demanding answers. A bitter feud that had divided the sport for almost two years ended without warning when the PGA Tour, DP World Tour and LIV Golf announced a shock agreement to merge and form one unified commercial entity. "I’m guessing the liv teams were struggling to get sponsors and pga tour couldn’t turn down the money. Rickie Fowler, Will Zalatoris and Hideki Matsuyama were all reported to have been offered over $100 million to jump to LIV Golf until Monahan pleaded with them to stick with the PGA Tour. Golf fans took to social media, many blasting the PGA Tour for its hypocrisy.

Persons: LIV Golf, liv, Jay Monahan, Rickie Fowler, Will Zalatoris, Hideki Matsuyama, Monahan, Adam Hadwin, Charlotte ,, Peter Casey, Phil Mickelson, Dustin Johnson, Brooks Koepka, LIV, Chris Murphy, Saudi LIV, Terry Strada, Steve Keating, Toby Davis Organizations: TORONTO, PGA, Twitter, Win, PGA Tour, USA, of Fame, Saudi Arabia Public Investment Fund, Democratic, Golf, Tour, United, LIV, Saudi shills, Thomson Locations: Saudi, Canada, Charlotte, Charlotte , North Carolina, USA, American, Connecticut, United States, Saudi Arabia, U.S, Toronto

☆ Here’s how PGA Tour agreed to merge with Saudi-backed rival LIV Golf
▼ + stars: | 2023-06-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere’s how PGA Tour agreed to merge with Saudi-backed rival LIV GolfCNBC's David Faber sits down with PGA Tour Commissioner Jay Monahan and Yasir Al Rumayyan, governor of the Saudi Public Investment Fund (PIF), to break down how two golfing entities come in agreement to merge, to form a new, yet-to-be-named for-profit company.

Persons: LIV Golf, David Faber, Jay Monahan, Yasir Al Rumayyan Organizations: PGA, Saudi Public Investment Fund Locations: Saudi

☆ PGA and LIV Merger PGA Tour and LIV Golf Agree to Merger
▼ + stars: | 2023-06-06 | by ( Alan Blinder | ) www.nytimes.com time to read: +2 min

PinnedThe PGA Tour and LIV Golf, the insurgent league bankrolled by billions of dollars from Saudi Arabia’s sovereign wealth fund, said Tuesday that they had agreed to a merger, ending a bitter fight for supremacy of men’s professional golf that had divided top players, everyday fans and corporate sponsors. The governor of the Saudi fund will become chairman of the joined organization. Monahan is expected to be the new group’s chief executive, with Yasir al-Rumayyan, the wealth fund’s governor, installed as its chairman. The PGA Tour, long the dominant force in professional golf, retaliated by banning any players who joined the new tour from its events. But by midday Tuesday, golf’s era of high-dollar brinkmanship had ended, with promises of “a fair and objective process for any players” looking to return to good standing with the PGA Tour or its European counterpart.

Persons: LIV Golf, LIV, we’ve, ” Jay Monahan, LIV . Monahan, Yasir al, Brooks Koepka, Dustin Johnson, Phil Mickelson Organizations: PGA, Saudi, Public Investment Fund, PGA Tour, Public Investment Locations: Saudi

☆ PGA Tour announces shock reconciliation with Saudi-backed breakaway LIV Golf
▼ + stars: | 2023-06-06 | by ( Jack Bantock | ) edition.cnn.com time to read: +3 min

CNN —The US-based PGA Tour is set to partner with the Saudi-backed breakaway LIV Golf, ending a feud that has dogged the men’s professional game for the past year. A spokesperson for the PGA Tour told CNN that the new relationship between the PGA Tour, DP World Tour and LIV Golf is not a merger, but “a partnership/creation of a new commercial entity.”The LIV Golf series, backed by Saudi Arabia’s Public Investment Fund (PIF), officially launched in June 2022, with participating players subsequently barred from competing in PGA Tour events. “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. In August 2022, the four-time major winner told CNN that LIV Golf had “ripped apart” the men’s game. Tiger Woods was also critical, arguing in July 2022 that players who joined LIV Golf had “turned their back on what has allowed them to get to this position.”Woods had been critical of players to join LIV Golf.

Persons: LIV, LIV Golf, Mohammed bin Salman, ”, Jay Monahan, Monahan, Yasir Al, PIF, Rory McIlroy, Tiger Woods, “, ” Woods, Richard Heathcote, Phil Mickelson, Mickelson Organizations: CNN, PGA, PGA Tour, Saudi Arabia’s Public Investment Fund, MBS, LIV Golf, Getty, Twitter Locations: Saudi, Saudi Arabia

☆ PGA Tour, European Tour and LIV announce merger
▼ + stars: | 2023-06-06 | by ( Frank Pingue | ) www.reuters.com time to read: +4 min

Additionally, the three organizations said in a joint news release that they will work cooperatively to allow a process for any LIV Golf players 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 said in a joint news release. "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 PGA Tour had sought to fend off competition from LIV by barring PGA Tour players from participating in LIV tournaments. Some PGA Tour players took to Twitter to express their surprise having not been informed of the agreement before its announcement.

Persons: Hideki Matsuyama, Mike Segar, LIV, Jay Monahan, Yasir Al, Tour's Monahan, Phil Mickelson, Dustin Johnson, Brooks Koepka, Cameron Smith, Mickelson, Collin Morikawa, Mackenzie Hughes, we’d, Donald Trump, LIV Golf's, Liv Golf, Frank Pingue, Alex Richardson, Christian Organizations: Golf, Tour, LIV, Saudi Arabia Public Investment Fund, Public Investment Fund, PGA, Al, Rumayyan, Justice Department, Fame, Twitter, Liv, Thomson Locations: Augusta , Georgia, U.S, Saudi, Collin Morikawa ., Toronto

☆ PGA Tour agrees to merge with Saudi-backed rival LIV Golf
▼ + stars: | 2023-06-06 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +13 min

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

PinnedThe PGA Tour and LIV Golf, the insurgent league bankrolled by billions of dollars from Saudi Arabia’s sovereign wealth fund, said on Tuesday that they had agreed to a merger, ending a bitter and costly fight for supremacy of men’s professional golf that had divided top players, everyday fans and corporate sponsors. Now, by merging with the PGA Tour, it has gained a foothold that guarantees it outsize influence in the game’s future. The PIF also will have right of first refusal on new investments in the merged tour, according to the statement announcing the merger. “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, the statement said, and hold a majority voting interest in the combined entity. In a memorandum to PGA Tour players on Tuesday, Monahan said the wealth fund would have a minority position in the new for-profit company that will control men’s golf.

Persons: LIV Golf, bankrolling LIV, “, PIF, LIV, Jay Monahan, we’ve, LIV . Monahan, Yasir al, Monahan, Brooks Koepka, Dustin Johnson, Phil Mickelson, LIV signees, Graeme McDowell, “ It’s, ” Organizations: PGA, Premier League soccer, Public Investment Fund, PGA Tour, ”, Public Investment, U.S Locations: Saudi, Riyadh, Saudi Arabia

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