PGA Tour agrees to join forces with Saudi-funded LIV Golf
The PGA Tour has announced a memorandum of understanding to merge with LIV Golf and DP World Tour on Tuesday in an announcement that shocked the world of golf according to CNBC.
LIV Golf and the PGA Tour had an acrimonious relationship prior to this agreement with the two sides engaging in anti-trust litigation.
LIV Golf was founded in 2021 and was backed by the PIF. The PIF (Public Investment Fund) is the sovereign wealth fund of Saudi Arabia with assets estimated at $650 billion and is run by Crown Prince Mohammed bin Salman.
LIV Golf was frequently criticized as an attempt by the Saudi government to shift focus from their human rights abuses and re-frame the country’s perception through sports.
The new agreement would end all litigation between LIV Golf and the PGA Tour and also call for the PIF to invest significant capital in the new entity.
The agreement is not yet definitive and is still subject to change.
This story was originally published June 6, 2023 at 9:27 AM.
