golf game
On Tuesday, the Saudi Public Investment Fund, the Professional Golfers Association (PGA Tour) and DP World Tour announced a historic agreement to combine their operations to create the world’s largest golf entity.
The parties signed an agreement to merge the golf-related businesses and interests of the Saudi Public Investment Fund, including “LIV Golf” supported by the Fund, with those of the Professional Golfers Association “PGA Tour” and the DP World Tour. , at A new collectively owned and for-profit entity to ensure owners benefit from a model that provides maximum excitement and competition among the best players in the game.
In its statement, the Public Investment Fund said it will make capital investments in the new entity to facilitate its development and success.
According to the statement, the new entity, which will be named at a later date, will implement a plan to grow the joint business, enhance fan engagement with the game and accelerate growth plans already underway.
Under the agreement, the PGA Tour and LIV Golf agree to terminate all legal proceedings between them and, in addition, the parties will cooperate in good faith to establish a fair and objective process for any player wishing to reapply for professional status. golf course. Become a member of the Association Tour or DP World Tour after the 2023 season.
“After two years of turmoil and competition, this is a historic day for the game we all know and love,” said PGA President Guy Monahan. combines the PGA’s history, legacy and immense power to foster a competitive model, and brings together DP World Tour and LIV Golf” to create an entity that benefits golfers, commercial and philanthropic partners, and fans. From now on, fans can trust that together we will deliver on the promise we have always made to strengthen the game in professional golf and work to secure and advance the future of the game. “
In turn, Yasser Al-Rumayyan, President of the Public Investment Fund, said: “We are committed to unifying, promoting and growing the global game of golf and delivering a quality product to millions of long-time fans around the world while developing new audiences.”
Under the terms of the agreement, the new entity’s board of directors will oversee and direct all golf-related business, corporate and investment operations.
The new entity will also ensure a consistent event schedule to keep fans, sponsors and all stakeholders excited.
According to the statement, the Public Investment Fund will initially be the sole investor in the new entity, along with the Association of Golf Professionals, “LIV Golf” and DP World Tour. Afterwards, the fund will have exclusive rights to increase its stake in the new entity, including a right of first refusal. Any investment in new entities, associations, “LIV Golf” and DP World Tour.
Under the agreement, Yasser Al-Rumayyan, president of the Saudi Public Investment Fund, will serve as chairman of the board of the new entity and will oversee and direct all golf-related operations, commercial operations and investments, with Monaghan serving as chief executive officer.
DP World Tour and LIV Golf will also retain management oversight of their respective tour events.
Keith Bailey, CEO of DP World Tour, said: “Working with this new entity and influencing the development of games for all members of DP World Tour is positive and exciting.”
The statement concluded that the parties will work in the coming months to finalize the terms of the agreement, which will be announced in due course.
Notably, each partner has broadcast deals and sponsorship deals worth billions of dollars.