Golfs two biggest rivals are merging into one.
The PGA Tour and LIV Golf have agreed to combine their business operations, putting an end to the stream of litigation between the two enterprises and creating a global golfing giant.
The yet-to-be-named company will bring together the PGA and its Saudi-backed rival. The Saudi Arabia Public Investment Fund will invest billions into the new company, CNBC reported.
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. Going forward, fans can be confident that we will, collectively, deliver on the promise weve always made to promote competition of the best in professional golf and that we are committed to securing and driving the games future
The PGA Tour will appoint the majority of the board of directors of the new organization and will hold a majority voting interest in the company.
