The Public Investment Fund (PIF), the DP World Tour, and the PGA TOUR today announced a historic deal to integrate golf on a worldwide scale. In order to ensure that all stakeholders profit from a model that delivers the greatest amount of excitement and competition among the best players, the parties have signed an agreement that combines PIF’s golf-related commercial businesses and rights (including LIV Golf) with the commercial businesses and rights of the PGA TOUR and DP World Tour into a new, collectively owned, for-profit entity.

In order to support the new entity’s development and success, PIF will also inject funds into it. The merged commercial enterprises will be expanded, more fan interaction will be encouraged, and growth will be accelerated by the new corporation (name to be determined).actions already in motion. In order to best showcase and develop team golf moving ahead, the PGA TOUR, DP World Tour, and PIF will collaborate. LIV Golf is currently in the middle of its second, ground-breaking season.

Notably, all current litigation between the parties will be amicably terminated following today’s statement. Following the conclusion of the 2023 season, the three organisations will cooperate and act in good faith to establish a fair and impartial application process for any players who wish to reapply for membership with the PGA TOUR or the DP World Tour, as well as for determining fair standards and conditions for re-admission, consistent with each Tour’s policies.

This is a momentous day for the game we all know and love, according to PGA TOUR Commissioner Jay Monahan, after two years of disturbance and diversion. The PGA TOUR’s history, reputation, and pro-competitive ethos are of enormous strength, and this revolutionary relationship unites them with the DP World brand.Incorporating the idea of team golf, the Tour and LIV want to establish a company that will serve the interests of golf’s players, sponsors, and supporters. Fans may have faith that we will, as a group, keep our word to promote the finest professional golf competitions and that we are dedicated to ensuring and advancing the future of the sport.

I commend PIF Governor Yasir Al-Rumayyan for his vision and collaborative and forward-thinking approach, which is not only a solution to the rift in our game but also a commitment to taking it to new heights. “We are pleased to move forward, in line with LIV and PIF’s world-class investing experience. The world of golf will enter a new age as a result, for the better.

PIF Governor Yasir Al-Rumayyan remarked, “Today is a very exciting day for this wonderful game and the people it impacts throughout the world. We are honoured to work with the PGA TOUR in order to take advantage of PIF’s illustrious history of unlocking value and delivering innovation and best practises from across the world to businesses and industries everywhere. We are devoted to fostering unity and advancingexpanding the game of golf internationally, providing the best possible product to the many millions of ardent fans everywhere, and fostering new ones.

“There is no denying that golf has positively changed as a result of the LIV concept. We think there are ways for the game to advance while still upholding its rich legacy and history. The possibility to spread and broaden the benefits of golf for everyone is best represented by this relationship. To make the game the best it can be for communities throughout the world, we are eager to work with Jay and Keith.

The Board of Directors of the new corporation will oversee and manage all golf-related commercial operations, enterprises, and investments as per the conditions of the agreement. The new organisation will strive to provide an engaging calendar of events for participants, sponsors, and fans. PIF will begin as theAlong with the PGA TOUR, LIV Golf, and the DP World Tour, it is the sole stakeholder in the new organisation. PIF will now have the only right to make additional investments in the new company, including a first-choice right to any cash that could be put there, including into the PGA TOUR, LIV Golf, and DP World Tour. The PGA TOUR will hold a majority voting stake in the amalgamated company and appoint the majority of the Board members.

Separately, PGA TOUR Inc. will continue to exist as a 501(c)(6) tax exempt organisation and maintain 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. Jay Monahan will continue to serve as Commissioner and Ed Herlihy will continue to serve as Chairman of the PGA TOUR Policy Board. Yasir Al-Rumayyan, Governor of PIF, will join the PGA TOUR Policy Board. Similar administrative control over the tournaments on their respective Tours will continue to be exercised by the DP World Tour and LIV Golf.

Al-Rumayyan will serve as the chairman of the new commercial entity’s board of directors and Monahan will serve as its chief executive officer. The new entity’s board will also have an executive committee made up of Al-Rumayyan, Monahan, and, Jimmy┬áDunne, a member of the PGA TOUR Policy Board, and Herlihy. All three of the founding members should be represented on the entire Board, which will be revealed later.

This is a historic day, said Keith Pelley, Chief Executive of the DP World Tour. We are excited to be able to expand on our current Strategic Alliance agreement with the PGA TOUR as well as rekindle our relationship with PIF. Together, we will be better equipped to spread the game to all corners of the world and stronger than ever. It is stimulating and fascinating to collaborate with this brand-new organisation and help the game develop for all of our DP World Tour participants.

The agreement’s parameters will be finalised over the next months; specifics will be made public when they are ready.

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