PGA TOUR, DP World Tour, and PIF Announce Historic Agreement to Unify Global Golf

Ponte Vedra Beach, Florida - The PGA TOUR, DP World Tour, and the Public Investment Fund (PIF) have announced a significant agreement aimed at unifying the game of golf on a global scale. The parties have signed an agreement that merges 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. This collaboration establishes a new collectively owned, for-profit entity with the goal of ensuring that all stakeholders benefit from a model that maximizes excitement and competition among the world's top players.

In addition, PIF will make a capital investment in the newly formed entity to support its growth and success. The entity, which is yet to be named, will implement a plan to expand these combined commercial businesses, enhance fan engagement, and accelerate existing growth initiatives. With LIV Golf currently in its second groundbreaking season, the PGA TOUR, DP World Tour, and PIF will collaborate to further feature and promote team golf in the future.

Importantly, this announcement also marks the end of all pending litigation between the participating parties, as mutually agreed. Furthermore, the three organizations will work cooperatively and in good faith to establish a fair and objective process for players who wish to reapply for membership with the PGA TOUR or the DP World Tour after the conclusion of the 2023 season. This process will determine fair criteria and terms for readmission, in line with the policies of each respective tour.

PGA TOUR Commissioner Jay Monahan expressed his enthusiasm, stating, "After two years of disruptions and distractions, today marks a historic day for the game we all cherish. This transformative partnership recognizes the immeasurable strength of the PGA TOUR's history, legacy, and pro-competitive model, and combines it with the DP World Tour and LIV, including the team golf concept, to create an organization that will benefit players, commercial and charitable partners, and fans. Going forward, fans can be assured that we will collectively fulfill our promise to promote competition among the best in professional golf and remain committed to securing and advancing the future of the game. We are pleased to move forward with the world-class investing experience of LIV and PIF, and I commend PIF Governor Yasir Al-Rumayyan for his visionary and collaborative approach, which not only resolves the divisions within our game but also commits to taking it to new heights. This partnership heralds a new era in global golf, for the better."

Yasir Al-Rumayyan, PIF Governor, shared his excitement, stating, "Today is an incredibly exciting day for this extraordinary game and its global community. We are proud to partner with the PGA TOUR, leveraging PIF's unrivaled success, track record in unlocking value, and introducing innovation and global best practices to businesses and sectors worldwide. Our commitment is to unify, promote, and grow the game of golf worldwide, delivering a high-quality product to millions of longtime fans while attracting new enthusiasts. The LIV model has undoubtedly brought positive transformation to golf. We believe there are further opportunities for the game to evolve while preserving its rich history and tradition. This partnership represents the best chance to extend and enhance the impact of golf for everyone. We look forward to collaborating with Jay and Keith to bring the best version of the game to communities around the world."

According to the agreement, the Board of Directors of the new entity will oversee and direct all golf-related commercial operations, businesses, and investments. The new entity will work towards establishing a cohesive schedule of events that excite fans, sponsors, and all stakeholders. Initially, PIF will be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf, and the DP World Tour. Moving forward, PIF will have the exclusive right to further invest in the new entity, including a right of first refusal for any capital investments, including those in the PGA TOUR, LIV Golf, and DP World Tour. The PGA TOUR will appoint a majority of the Board and hold a majority voting interest in the combined entity.

Separately, PGA TOUR Inc. will continue to operate as a tax-exempt 501(c)(6) organization, retaining administrative oversight of the assets contributed by the PGA TOUR, which includes event sanctioning, competition administration, rules, and all other responsibilities related to events. Jay Monahan will remain as Commissioner, and Ed Herlihy will continue as PGA TOUR Policy Board Chairman. PIF Governor Yasir Al-Rumayyan will join the PGA TOUR Policy Board. Similarly, the DP World Tour and LIV Golf will retain administrative oversight of events on their respective tours.

The Board of Directors of the new commercial entity will consist of Chairman Al-Rumayyan and Chief Executive Officer Monahan. The Executive Committee will include Al-Rumayyan, Monahan, Herlihy, and PGA TOUR Policy Board member Jimmy Dunne. The full Board composition will be announced at a later date, with all three founding members expected to have representation.

Keith Pelley, Chief Executive of the DP World Tour, expressed his excitement, saying, "This is a momentous day. We are thrilled to reignite our relationship with PIF and have the opportunity to build on our current Strategic Alliance partnership with the PGA TOUR. Together, we will be stronger than ever and well-positioned to continue bringing the game to every corner of the globe. Partnering in this new entity and influencing the growth of the game for all our DP World Tour members is invigorating and exhilarating."

In the coming months, all parties will work together to finalize the terms of the agreement, with further details to be announced in due course.