In a shock transfer, the PGA Tour and its well-funded rival, LIV Golf, have agreed to merge, ending a seismic dispute between the 2 organizations.
“After two years of disruption and distraction, it is a historic day for the sport everyone knows and love,” PGA TOUR Commissioner Jay Monahan stated in an announcement.
Learn the assertion.
LIV Golf, began in 2021 by Saudi Arabia’s sovereign wealth fund, gained followers by signing a number of the sport’s largest names. The businesses stated Tuesday’s deal would finish all pending litigation, however didn’t disclose any additional phrases. As a part of the settlement, the PIF is ready to speculate billions of recent capital into the brand new entity, CNBC’S David Faber reported.
LIV Golf lured a number of distinguished golfers from the PGA Tour, together with Phil Mickelson and Cameron Smith, with hefty sponsorship funds, touching off an acrimonious authorized battle. Nonetheless, LIV has struggled to search out broadcast companions for its tournaments and doubtlessly acquire income and extra eyeballs.
LIV sued the PGA Tour final 12 months for allegedly participating in monopolistic conduct through the use of restrictive guidelines supposed to deprive golfers from taking part in in rival leagues. The PGA sought subpoenas to assemble further materials to assist its claims in its countersuit that LIV illegally pushed gamers to interrupt contracts with the legacy US-based tour by providing them exorbitant sums of cash.
PIF governor Yasir Al Rumayyan, himself a eager golfer, might be chairman of the brand new entity.
Up to date: 06 Jun 2023, 09:02 PM IST