As a press release points out, this agreement “represents the unification of golf in the world”. To this end, a new collective entity will be created which will seek to ensure that all parties benefit.
On Tuesday, the World Tour, PGA Tour and LIV Golf announced a joint agreement to unify golf around the world . As they stated in a statement, the goal is to combine the businesses and commercial rights of all parties to create a new collective entity from which everyone benefits.
To this end, the Public Investmen Found, which holds the commercial rights to LIV Golf under its wing, will make a significant capital investment with the aim that the new organization, whose name has not yet been defined, can develop and succeed and thus attract more sports fans.
With this, by the way, the end of the dispute that had dragged on for two years after the emergence of the LIV Golf in which Joaquín Niemann and Mito Pereira are now located. .
“After two years of interruptions and distractions, it’s a historic day for the game we all know and love. began by pointing out PGA Tour commissioner Jay Monahan.
“This transformative partnership recognizes the immeasurable strength of the PGA TOUR’s history, heritage and pro-competitive model and combines with it the DP World Tour and LIV, including the concept of team golf, to create a organization that will benefit golfers, commercial and charities, members and enthusiasts . Going forward, fans can rest assured that we will collectively deliver on the promise we have always made: to promote competition among the best in professional golf, and that we are committed to securing and driving the future of the game.”
“We are happy to move forward, in line with the world-class investment experience of LIV and PIF, and I commend PIF Governor Yasir Al-Rumayyan for his forward-thinking vision and approach and collaborations that are not only a solution to the gap in our game, but also a commitment to take it to new heights . This will usher in a new era in world golf, for the better,” Monahan concluded.
For his part, PIF Governor Yasir Al-Rumayyan said, “We are proud to partner with the PGA TOUR to build on PIF’s unprecedented success and track record of creating value and contributing of innovation and global best practices to companies and sectors around the world. We are committed to unifying, promoting and growing the game of golf worldwide and to delivering the highest quality product to millions of long-time fans around the world, while cultivating new fans. ”.
“There is no doubt that the LIV model has been a positive transformation for golf. . We believe there are opportunities for the game to evolve while retaining its history and lore. This association represents the greatest opportunity to expand and increase the impact of golf for all,” he continued.
They also clarified that the three organizations “will work cooperatively and in good faith to establish a fair and objective process for any player who wishes to reapply for PGA TOUR or DP World Tour membership after the end of the 2023 season and determine the criteria and conditions for reinstatement, in accordance with the policies of each tour ”.
Finally, they established that the new business entity’s board of directors will include Al-Rumayyan as chairman and Monahan as executive director; The new entity’s board will also include an executive committee comprised of Al-Rumayyan, Monahan, Ed Herlihy and PGA TOUR board member Jimmy Dunne. The full composition of the Board of Directors will be announced at a later date and it is expected that all three founding members will be represented.
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Source: Latercera
I am David Jack and I have been working in the news industry for over 10 years. As an experienced journalist, I specialize in covering sports news with a focus on golf. My articles have been published by some of the most respected publications in the world including The New York Times and Sports Illustrated.
