PGA TOUR, DP World Tour and PIF have announced the formation of a new commercial entity dedicated to uniting the world of golf. This partnership combines the golf-related assets and rights of the three organizations into a single entity
A Historic Announcement: PGA TOUR, DP World Tour, and PIF Unify Golf Worldwide
PONTE VEDRA BEACH, Fla. The PGA TOUR, the DP World Tour, and the Public Investment Fund (PIF) today announced a historic agreement to unify the game of golf worldwide. The parties have signed an agreement combining PIF's business activities and golf rights (including LIV Golf) with the business activities and rights of the PGA TOUR and DP World Tour into a new joint, for-profit entity to ensure that all interested parties thereof benefit. The model offers
maximum excitement and competition among the best players in the game
In addition, MTP will make a capital investment in the new company to promote its development and success. The new company (to be called TBD) will implement a plan to expand these joint business ventures, increase fan engagement, and accelerate development initiatives already underway. As LIV Golf enters its historic second season, the PGA TOUR, DP World Tour, and PIF will work together to better represent and expand team golf in the future.
It should be noted that today's announcement will be followed by an agreed-upon conclusion of all pending litigation between the parties involved. In addition, the three organisations will work together in good faith to establish a fair and impartial process for any player who wishes to reapply for PGA TOUR or DP World Tour membership after the 2023 season and fair criteria and terms to define new player registration. entry according to the rules of each trip.
"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. "This transformative partnership recognises the immeasurable power of the PGA TOUR's history, legacy, and pro-competitive model and combines it with the DP World Tour and LIV—including the concept of team golf—to create an organisation that empowers golfers, businesses, and charities." Partners and fans alike. Going forward,
Fans can rest assured that together we will deliver on the promise we have always made: to nurture competition for the best professional golfers, and that we are committed to securing and leading the future of gaming.
"We are pleased to continue building on LIV and PIF's world-class investment experience and commend PIF CEO Yasir Al-Rumayyan for his vision, collaborative approach, and forward-thinking that not only provides a solution to the gap in our game but also a commitment to taking it to a new level that will usher in a new era in world golf for the better."
"Today is a very emotional day for this unique game and the people it touches around the world," said PIF Governor Yasir Al-Rumayyan. "We are proud to partner with the PGA TOUR to leverage PIF's success and unmatched track record of creating value and delivering innovation and global best practises to businesses and industries around the world." Our purpose is to unite, promote, and develop the game of golf around the world and provide the highest quality products to millions of longtime
fans around the world while attracting new fans.
"There is no doubt that LIV has changed golf for the better. We believe the game has an opportunity to evolve while preserving its history and tradition. This partnership represents the greatest opportunity to expand and increase the impact of golf for all. " We look forward to working with Jay and Keith to bring the best version of the game to communities around the world." MTP will initially be the sole investor in the combined company, along with PGA TOUR, LIV Golf, and DP World Tour. Going forward, MTP will have the exclusive right to make further investments in the combined company, including first refusal on any capital that may be invested in the combined company, including the PGA TOUR, LIV Golf, and DP World Tour. The PGA Tour will appoint the majority of directors and hold the majority of votes in the combined company.
Regardless, PGA TOUR Inc. will remain a 501(c)(6) exempt organisation and maintain administrative oversight of events involving PGA TOUR-provided property, including event sanctioning, competition administration, and the rules of all other "internal" duties, with Jay Monahan as Commissioner and Ed Herlihy as Chair of the PGA TOUR Policy Board. PIF Governor Yasir Al-Rumayyan will join the PGA Tour Policy Council. The DP World Tour and LIV Golf will provide similar administrative oversight of events at their respective circuits.
The Board of Directors of the new entity will include Al-Rumayyan as Chairman and Monahan as Chief Executive Officer. The new company's board of directors will also include an executive committee consisting of Al-Rumayyan, Monahan, Herliha, and PGA TOUR Policy Council member Jimmy Dunne. The full composition of the board will be announced at a later date, and it is expected that all three founding members will be represented.
DP World Tour CEO Keith Pelley said, "Today is an important day. We are excited to not only reinvigorate our relationship with PIF but also to have the opportunity to leverage our existing strategic alliance partnership with the PGA TOUR. Together, we will be stronger than ever and well positioned to continue bringing the game to every corner of the world. It is challenging and exciting to work with this new company and impact game development for all members of the DP World Tour.
All parties will work in the coming months to finalise the terms of the agreement. Details on this will be announced in due course.