The sports world was rocked earlier this week by the announcement of a merger between the PGA Tour and LIV Golf. In a memo to his employees, PGA Commissioner Jay Monahan cited the inability to compete with the Saudi Arabian Public Investment Fund (PIF), which boasts an estimated $620 billion. The PGA had already spent $50 million on legal fees and budgeted another $100 million for higher purses in its tournaments. “We cannot compete with a foreign government with unlimited money,” Monahan reportedly said.
Despite the PGA’s superstars remaining loyal to the tour, Monahan said in a memo that the PIF would be contributing “a significant financial investment” in the deal. The move ends all pending litigation between the PGA, LIV, and DP World Tour.
In a press release, Monahan stated that the new agreement would merge the PIF’s golf-related businesses, including LIV Golf, with the PGA Tour and DP World Tour, creating a collectively-owned, for-profit entity that maximizes excitement and competition among the game’s top players.
Interestingly, Monahan had previously expressed reservations about the merger, stating that he did not expect a truce with LIV. However, he later explained that the timing was right, given that the PGA waited to be in the strongest possible position to get the deal done.
In the wake of the merger, golfers who turned down LIV and stayed with the PGA Tour could potentially receive equity in the new venture. As the golf world adapts to this groundbreaking change, one thing is clear: the sport will never be the same.
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