News of the deal structure comes ahead of a Senate hearing, in which top brass of all the parties have been asked to testify.
Details are emerging of how the PGA Tour and Saudi-backed LIV Golf plan to merge their commercial operations and bring the sport's top players back under one new entity.
In a five-page agreement obtained by CNBC, the parties — the PGA Tour, the Saudi Arabia Public Investment Fund and Europe's DP World Tour — agreed to create a for-profit subsidiary of the PGA Tour. The new entity will manage commercial assets for all the tours, while the PGA Tour will manage competitions.
Since its launch in 2022, LIV has been mired in controversy and criticism. The PIF is not, in fact, publicly held, as its name might suggest. It is a sovereign wealth fund controlled by the Saudi Crown Prince Mohammed bin Salman and has been accused of "sportswashing," effectively using LIV Golf and other sports investments to improve the image of the oil-rich nation and distract from the kingdom's history of human rights violations.
The tentative agreement also ends player recruitment during the negotiation process and establishes a set of requirements to guide toward the definitive deal, including a nondisparagement clause between all the entities. The entities previously said they would establish "a fair and objective process for any players who want to re-apply for membership with the PGA Tour or DP World Tour" following the end of the 2023 season.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PGA Tour sends 6 page 'framework' agreement on deal with LIV Golf to CongressThe golf world received a first look at the initial framework agreement for the new partnership between the PGA Tour, the DP World Tour and Saudi Arabia's Public Investment Fund on Monday night.
Read more »
Players returning from LIV Golf are part of Saudis’ agreement with PGA TourThe PGA Tour and European tour have agreed to work with Saudi backers of LIV Golf to decide how defectors to the rival league can return and what kind of punishment they should face.
Read more »
Framework of PGA Tour-LIV golf deal releasedThe framework of the merger agreement of the PGA Tour and Saudi-backed LIV Golf says a for-profit subsidiary of the U.S. golfing body will be created to manage commercial investments and assets for all tours, according to a copy reviewed by Reuters on Monday.
Read more »
PGA Tour, DP World Tour and PIF agreement sent to Senate subcommittee⛳ The signed agreement between the PGA Tour, DP World Tour and the leaders of LIV Golf was one of several documents sent to a Senate subcommittee that is looking into golf’s new entity.
Read more »
9/11 cancer cases cloud ‘sickening’ PGA-LIV golf mergerThe PGA’s shocking marriage with Saudi-back LIV Golf is infuriating not only 9/11 loved ones but those hero police, firefighters, EMTs, Salvation Army volunteers and so many more who raced to…
Read more »
Pak pulls away, powers through PGA Tour Canada's Elk Ridge OpenThe Elk Ridge Saskatchewan Open, the second event on the 2023 PGA Tour Canada season, wrapped up Sunday in northern Saskatchewan.
Read more »