A landmark agreement has been reached in the world of golf.
The PGA Tour, DP World Tour, and the Public Investment Fund (PIF) have announced that they have signed an agreement that combines PIF’s golf-related commercial businesses and rights (including LIV Golf) with the commercial businesses and rights of the PGA TOUR and DP World Tour into a new, collectively owned, for-profit entity. It will ensure all stakeholders will benefit from a model that delivers maximum excitement and competition among the game’s best players. A name has yet to be announced for this new entity, and the terms of the agreement will be finalized in the coming months, with details to then be released.
Previously, PGA and the Saudi-backed LIV Golf (a much newer entity) had both filed antitrust suits. This news has put an end to both. While Disney/ESPN, NBCUniversal, and Paramount have the rights to the former, the latter is part of The CW’s programming.
“After two years of disruption and distraction, this is a historic day for the game we all know and love,” said PGA Tour Commissioner Jay Monahan in a statement. “This transformational partnership recognizes the immeasurable strength of the PGA Tour’s history, legacy and pro-competitive model and combines with it the DP World Tour and LIV — including the team golf concept — to create an organization that will benefit golf’s players, commercial and charitable partners and fans. Going forward, fans can be confident that we will, collectively, deliver on the promise we’ve always made — to promote competition of the best in professional golf and that we are committed to securing and driving the game’s future.”
Added PIF Governor Yasir Al-Rumayyan, “We are committed to unifying, promoting and growing the game of golf around the world and offering the highest-quality product to the many millions of long-time fans globally, while cultivating new fans. There is no question that the LIV model has been positively transformative for golf. We believe there are opportunities for the game to evolve while also maintaining its storied history and tradition. This partnership represents the best opportunity to extend and increase the impact of golf for all.”
LIV Golf is in the middle of its second season, and with this agreement, the PGA Tour, DP World Tour, and PIF will work to best feature and grow team gold moving forward.
This story originally appeared on TV Insider