In a surprise move, the PGA Tour and its well-funded rival, LIV Golf, have agreed to merge, ending a dispute between the two tours.
“After two years of disruption and distraction, this is a historic day for the game we all know and love,” PGA TOUR Commissioner Jay Monahan said in a statement.
According to Bloomberg, LIV Golf, started in 2021 by Saudi Arabia’s sovereign wealth fund, gained fans by signing some of the sport’s biggest names. The companies said Tuesday’s deal would end all pending litigation, but didn’t disclose any further terms. As part of the agreement, the PIF is prepared to invest billions of new capital into the new entity, CNBC’S David Faber reported.
PIF governor Yasir Al Rumayyan, himself a keen golfer, will be chairman of the new entity.
