WEST PALM BEACH, Fla. (CBS12) — The PGA Tour, DP World Tour, and the Public Investment Fund (PIF) announced an agreement that combines the entities into a new, collectively owned, for-profit entity.
For the past year, the PGA Tour and LIV Golf, a tour funded by PIF, have been at odds as prominent golfers like Phil Mickelson chose to play in the new LIV tournament over the PGA Tour. As part of the agreement, all pending litigation between the PGA Tour and LIV Golf is ending. The agreement also mentioned the three organizations will "workcooperatively and in good faith to establish a fair and objective process for any players who desire to re-apply for membership with the PGA TOUR or the DP World Tour following the completion of the 2023 season..."
“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 in a statement. “This transformational partnership recognizes the immeasurable strength of the PGA TOUR’s history, legacy and pro-competitive model and combines with it the DP World Tour and LIV – including the team golf concept – to create an organization that will benefit golf’s players, commercial and charitable partners and fans."
The new entity, which is not yet named, will have a Board of Directors to oversee "golf-related commercial operations, businesses and investments," according to the statement.
PIF will be the exclusive investor in the new entity initially, and has a right of first refusal on any capital that may be invested. The statement said the PGA Tour will appoint the majority of the Board and hold a majority voting interest.
Additionally, the PGA Tour will remain a501(c)(6) tax exempt organization and "retains administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events."
ncG1vNJzZmihlJa1sLrEsKpnm5%2BifK%2Bx1qxmp5mknryvedaoqaWcX6W0onnTqKyrZZyew26zzqWdZqiZm3qlvIywpquklGK6pr7GnmSsmaWZtm6uwJyinpxdmLyuvMStoK2nomLAsbvRrapmqJieuW65yJyinqSjpLtutsCyZKannpa1orqMqZirrJ6av7S0yKlkqaqfm7K0v8iopZqkXZbAtLvCopitoZ%2Bjend5lWZpaWpj