June 7, 2023: In a groundbreaking announcement, the PGA TOUR, DP World Tour, and the Public Investment Fund (PIF) have come together to create a unified global platform for golf. Through a newly formed commercial entity, these organizations will combine their resources, commercial businesses, and rights to maximize excitement and competition among the world’s best players.
The agreement signifies a shared commitment to promote and grow the game of golf globally, ensuring that all stakeholders benefit from a model that prioritizes maximum engagement and entertainment. This collaboration includes PIF’s golf-related businesses and rights, such as LIV Golf, merging with the PGA TOUR and DP World Tour’s commercial ventures into a collectively owned for-profit entity.
PIF will make a significant capital investment to facilitate the new entity’s growth and success. The goal is to expand the combined commercial businesses, enhance fan engagement, and accelerate existing growth initiatives. Notably, this partnership will also focus on developing and promoting team golf through LIV Golf, which has already made waves in its second season.
Moreover, this announcement marks the end of all pending litigation between the parties, highlighting their commitment to cooperation and resolution. Additionally, they will work collaboratively and in good faith to establish a fair process for players who wish to re-apply for membership with the PGA TOUR or the DP World Tour after completing the 2023 season, ensuring transparency and adherence to each Tour’s policies.
PGA TOUR Commissioner Jay Monahan expressed his enthusiasm for this historic day, emphasizing the transformative power of the partnership. The collaboration recognizes the rich history and competitive nature of the PGA TOUR while integrating the DP World Tour and LIV Golf, including the innovative team golf concept. Monahan assures fans that the collective effort will fulfill their promise to promote top-tier competition and secure the game’s future.
Yasir Al-Rumayyan, PIF Governor, shared his excitement about this partnership’s impact on the global golf community. Leveraging PIF’s successful track record and expertise in unlocking value and driving innovation, they are committed to unifying, promoting, and growing the game worldwide while delivering the highest-quality product to existing and new fans.
Under the terms of the agreement, the new entity’s Board of Directors will oversee all golf-related commercial operations, businesses, and investments. Their primary focus will be creating an engaging event schedule for fans, sponsors, and stakeholders. PIF will be the initial exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf, and the DP World Tour. PIF will also have the sole right to further invest in the entity, including the PGA TOUR, LIV Golf, and DP World Tour.
It’s important to note that PGA TOUR Inc. will continue to operate as a tax-exempt organization and maintain administrative oversight of events, competition, rules, and other responsibilities. Jay Monahan will retain his position as Commissioner, while Yasir Al-Rumayyan will join the PGA TOUR Policy Board. The DP World Tour and LIV Golf will include similar administrative oversight for their tours.
The newly formed entity will have Al-Rumayyan as Chairman and Monahan as Chief Executive Officer, with an Executive Committee comprising Al-Rumayyan, Monahan, Ed Herlihy, and PGA TOUR Policy Board member Jimmy Dunne. The entire Board of Directors will be announced later, including representation from all three founding members.
Keith Pelley, Chief Executive of the DP World Tour, expressed his excitement about reigniting their relationship with PIF and further strengthening their Strategic Alliance partnership with the PGA TOUR. Pelley emphasized the collective strength and global reach that this collaboration will bring, ensuring the game of golf reaches every corner of the world
In the coming months, all parties will work together to finalize the agreement’s terms, with further details to be announced in due course. This landmark collaboration sets the stage for an exciting future, where golf’s potential for growth and global impact will be unlocked through unified efforts and shared vision.