![]() ![]() LIV Golf is a part of the PIF’s “ Vision 2030,” a plan “to drive Saudi Arabia’s economic transformation through active, long-term investments and high standards of governance and transparency.” Since LIV Golf’s inception, the PIF has invested almost $1 billion into LIV Golf, the start-up league. The man who defended his tour, the same man who loathed and lambasted the Saudi-backed LIV Golf Tour, went behind the scenes and struck a deal with the Public Investment Fund (PIF), the benefactor of LIV. Circuit Court of Appeals, which was likely to extend the lawsuit deep into 2024 if not longer.PGA Tour Commissioner Jay Monahan sold out, pure and simple. The PIF appealed the ruling to the Ninth U.S. Being open to depositions would leave the kingdom’s leaders more vulnerable to legal action, including lawsuits demanding they reveal business deals in the United States.Ī federal judge had ruled the PIF could not claim immunity from the Foreign Service Immunity Act because of its commercial work with LIV Golf in the U.S. The concern for PIF was whether its leaders could be deposed, which Saudi Arabia wanted to avoid. LIV joined as plaintiffs, and the PGA Tour countersued. Phil Mickelson and Bryson DeChambeau were among 11 players who filed an antitrust lawsuit against the PGA Tour last August. Dunne and Ed Herlihy, chairman of the PGA Tour’s board, will serve on the board of the commercial venture. Monahan said the merger came together the last seven weeks, with PGA Tour board member Jimmy Dunne responsible for bringing together Monahan and Al-Rumayyan. He weighed in Tuesday and called it a “glamorous deal for the wonderful world of golf.” Trump predicted last July that a merger was inevitable and said anyone not signing with the Saudi league would be losing out. The PIF initially will be the exclusive investor in the new entity and will have the exclusive right to further invest, including a right of first refusal on any capital that may be invested.Īl-Rumayyan has been spotted wearing a “MAGA” hat during LIV events at courses owned by former President Donald Trump. He said PIF would make a financial investment to become a “premier corporate sponsor” of the PGA Tour, the European tour and other international tours. Monahan’s memo to players indicated a strong Saudi Arabian presence. Augusta National said the deal “represents a positive development in bringing harmony to men’s professional golf.” R&A CEO Martin Slumbers said it would help golf “move forward in a collaborative, constructive and innovative fashion.”Īs for the new role of Greg Norman, Al-Rumayyan said only that Norman is LIV Golf’s commissioner and details of his future role would be announced in the coming weeks. ![]() “This is a huge development and obviously upends a world of golf, which has been perhaps more tradition-bound in the past,” said Kristian Ulrichsen, a Middle East fellow at Houston’s Baker Institute.Īugusta National and the Royal & Ancient welcomed the news because it ends the bitter feud. ![]() News of the deal came as a surprise to many watchers of the lawsuits and Saudi Arabia’s inroads into U.S. As soon as we learn more, we will share with our partners, sponsors and fans.” Steve Worthy, CEO Fore!Kids Foundation & tournament director of the Zurich Classicįrom 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. We have received no information beyond what is in today’s press release, but we are hoping for some clarity soon on how this will affect our tournament and our ability to generate funds for children’s charities in the New Orleans area. “We are as surprised as everyone else by this announcement. PGA, LIV golfers react to merger of rival leagues: ‘Nothing like finding out through Twitter’įrom 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 $150 million range. ![]()
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