PGA Tour and Saudi-backed LIV Golf in active merger discussions, potentially increasing Tour investments

From CNBC: 2024-06-06 12:30:39

The PGA Tour and Saudi-backed LIV Golf are in active discussions, one year after their announcement to merge. A seven-person committee, including Rory McIlroy and Tiger Woods, have been meeting with the Saudi Public Investment Fund representatives frequently. A deal is pending, with an additional $1.5 billion set to be invested in the Tour.

Efforts have been made by the Tour to retain players and prevent defections to LIV by increasing prize money and introducing PGA Tour Enterprises. The tour recently secured up to $3 billion from investors, including Fenway Sports Group. However, the deal process has faced criticism and backlash, sparking scrutiny from lawmakers.

The merger could have a significant impact on professional golf, as it has been met with concerns about “sportswashing” Saudi human rights violations and the potential shift in the golfing landscape. Despite criticisms and frustrations from players, the Tour remains optimistic about the proposed deal and its benefits for the sport.



Read more at CNBC: PGA, Saudi-backed LIV active discussions merger