As part of the deal, the sides are immediately dropping all lawsuits and may allow LIV Golf players to rejoin the PGA Tour.
The PGA Tour has ended its expensive fight with Saudi Arabia’s golf venture and now is joining forces with it, making a stunning announcement on Tuesday of a merger that creates a commercial operation with the Public Investment Fund and the European tour.
As part of the deal, the sides immediately are dropping all lawsuits involving LIV Golf.
From the golf side, still to be determined is how players like Brooks Koepka and Dustin Johnson can rejoin the PGA Tour after defecting last year for signing bonuses reported to be in the €140 million range.
From the commercial side, the governor of Saudi Arabia’s sovereign wealth fund joins the PGA Tour board of directors and leads the new business venture as chairman, though the PGA Tour will have a majority stake.
And from a player side, most were bewildered by the shocking turnaround.
It didn’t help that a news outlet broke the embargoed announcement before PGA Tour Commissioner Jay Monahan could send a memo to the players. Most learned of the development on social media.
While this likely will only lead to greater riches in golf, there still was explaining to do on why the tour would merge with a group that tried to take away some of the PGA Tour’s best players and was seen as the latest example of “sportswashing.”
Source: Euro News
