PGA Tour, LIV Golf, DP World Tour agree to merger, “new commercial entity”

May 12, 2023

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In a surprise announcement Tuesday, the PGA Tour and LIV Golf have agreed to a merger.

From a joint PGA Tour, DP World Tour release: "The parties have signed an agreement that combines 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 into a new, collectively owned, for-profit entity…"

Saudi Arabia's sovereign wealth fund-backed LIV and the PGA Tour have been enmeshed in months of litigation, all of which will now end, according to the release. Additionally, players who departed the PGA and DP World Tours for LIV will be offered a "fair and objective process…to re-apply for membership."

The DP World Tour is also included in the agreement. All parties will combine commercial and business rights in a yet-to-be-named for-profit company.

Terms of the deal were not disclosed.

PGA Tour commissioner Jay Monahan is scheduled to meet with players — who were sent a memo Tuesday morning — at the RBC Canadian Open.

This is a developing story.

The PGA Tour's full statement is below.

"The PGA TOUR, DP World Tour and the Public Investment Fund (PIF) today announced a landmark agreement to unify the game of golf, on a global basis. The parties have signed an agreement that combines 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 into a new, collectively owned, for-profit entity to ensure that all stakeholders benefit from a model that delivers maximum excitement and competition among the game's best players.

"In addition, PIF will make a capital investment into the new entity to facilitate its growth and success. The new entity (name TBD) will implement a plan to grow these combined commercial businesses, drive greater fan engagement and accelerate growth initiatives already underway. With LIV Golf in the midst of its second, groundbreaking season, the PGA TOUR, DP World Tour and PIF will work together to best feature and grow team golf going forward.

"Notably, today's announcement will be followed by a mutually agreed end to all pending litigation between the participating parties. Further, the three organizations will work cooperatively and in good faith to establish a fair and objective process for any players who desire to re-apply for membership with the PGA TOUR or the DP World Tour following the completion of the 2023 season and for determining fair criteria and terms of re-admission, consistent with each Tour's policies.

"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. "This transformational partnership recognizes the immeasurable strength of the PGA TOUR's history, legacy and pro-competitive model and combines with it the DP World Tour and LIV – including the team golf concept – to create an organization that will benefit golf's players, commercial and charitable partners and fans. Going forward, fans can be confident that we will, collectively, deliver on the promise we’ve always made – to promote competition of the best in professional golf and that we are committed to securing and driving the game's future.

"We are pleased to move forward, in step with LIV and PIF's world-class investing experience, and I applaud PIF Governor Yasir Al-Rumayyan for his vision and collaborative and forward-thinking approach that is not just a solution to the rift in our game, but also a commitment to taking it to new heights. This will engender a new era in global golf, for the better."

"Today is a very exciting day for this special game and the people it touches around the world," said PIF Governor Yasir Al-Rumayyan. "We are proud to partner with the PGA TOUR to leverage PIF's unparalleled success and track record of unlocking value and bringing innovation and global best practices to business and sectors worldwide. We are committed to unifying, promoting and growing the game of golf around the world and offering the highest-quality product to the many millions of long-time fans globally, while cultivating new fans.

"There is no question that the LIV model has been positively transformative for golf. We believe there are opportunities for the game to evolve while also maintaining its storied history and tradition. This partnership represents the best opportunity to extend and increase the impact of golf for all. We look forward to collaborating with Jay and Keith to bring the best version of the game to communities around the world."

"Under the terms of the agreement, the Board of Directors of the new entity will oversee and direct all the new entity's golf-related commercial operations, businesses and investments. The new entity will work to ensure a cohesive schedule of events that will be exciting for fans, sponsors and all stakeholders. PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf and the DP World Tour. Going forward, PIF will have the exclusive right to further invest in the new entity, including a right of first refusal on any capital that may be invested in the new entity, including into 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 remain in place as a 501(c)(6) tax exempt organization and retains administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events, the administration of the competition and rules, as well as all other "inside the ropes" responsibilities, with Jay Monahan as Commissioner and Ed Herlihy as PGA TOUR Policy Board Chairman. PIF's Governor Yasir Al-Rumayyan will join the PGA TOUR Policy Board. The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.

"The Board of Directors of the new commercial entity will include Al-Rumayyan as Chairman and Monahan as Chief Executive Officer; the new entity's Board will also include an Executive Committee comprising Al-Rumayyan, Monahan, Herlihy and PGA TOUR Policy Board member Jimmy Dunne. The full Board will be announced at a later date, and it is anticipated that all three founding members will have representation.

"Keith Pelley, Chief Executive of the DP World Tour, said "This is a momentous day. We are delighted to be able to not only reignite our relationship with PIF, but also to 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 to bring the game to all corners of the globe. To partner in this new entity and influence the growth of the game for all our DP World Tour members is energizing and exciting."

"All parties will work in the months to come to finalize terms of the agreement, with details to be announced in due course."

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With the PGA Tour playing north of the border this week, GolfWRX stayed in the States and headed to the Korn Ferry Tour's BMW Charity Pro-Am.

In addition to a couple of general galleries, we have nine WITBs for you to check out as well as a look at a new Aldila Rogue shaft.

Check out links to all of our photos below.

See what GolfWRXers are saying in the forums.

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Good Thursday morning, golf fans, as the fallout from wildest week in the sport's history continues.

Joel Beall for Golf Digest…"To those who sensed that McIlroy might be feeling betrayed after Tuesday's stunning announcement between the tour and Saudi Arabia's Public Investment Fund, well, you’re right."

ESPN's Mark Schlabach…"I still hate LIV," McIlroy said. "Like, I hate LIV. I hope it goes away, and I would fully expect that it does. I think that's where the distinction here is. This is the PGA Tour, the DP World Tour and the PIF — very different from LIV."

Monahan on his lack of transparency…"There's no question that yesterday was a setback, and I’ve had setbacks before and in terms of rebuilding the trust it begins with having conversation like I had through the night last night and being here in the morning and talking to players and explaining to them this deal and how this is a great outcome for every PGA Tour member and the game. I don't expect everybody to understand right off the bat. I think this is going to take some time but when you look out over the horizon I’m entirely confident when I talk to our players that this is where I’m going to take them. That's essentially where we are right now.

Monahan on ‘owning his hypocrisy’

Via Golf Channel's Brentley Romine…"People would be more open to it if it were this conversation two years ago before all the s— started," said the anonymous player. "The Tour messed up in the beginning and took such a hard stance. … To go back on his words literally a year later after making all these changes. Honestly, the PGA Tour is in a good spot with all the designated events and the changes. But I also think the litigation is the real reason [for the merger]. … I think LIV was going to be perfectly fine dragging out the court case. There's a lot of stuff."

Golf Channel's Ryan Lavner…"In a memo to players Wednesday, DP World Tour chief executive Keith Pelley reiterated that the joint commitment between his circuit, the PGA Tour and Saudi Arabia's Public Investment Fund doesn't change the short-term prospects of the LIV players who resigned their European tour membership last month."

Golf Channel's Ryan Lavner…"Jay Monahan promised Wednesday that the superstars who rejected offers from Saudi Arabia's Public Investment Fund to remain loyal to the Tour will be compensated in some fashion."

ESPN's Bob Harig…"Norman, who was not mentioned in any of the news releases associated with the agreement between the PGA Tour, DP World Tour and Public Investment Fund that was announced Tuesday, told more than 100 people on a 30-minute call that LIV will see no operational changes and that work is already being done on a 2025 schedule."

Literally and figuratively the final paragraphs of his Quad column…"The major championship organizations also must feel more secure knowing they draw larger audiences and have history as an eternal draw for players and fans. They’ll still face pressures due to the PGA Tour mismanaging the threat at every turn and showing a willingness to sell out. But unlike Monahan's Tour taking their eye off the ball so regularly, the USGA, R&A, Augusta National and PGA of America have certainly not morphed into marketing machines oblivious to their missions."

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Golfers on professional tours use a wide range of wedge lofts to hit the shots they need in order to score well. Not many of us amateurs go with a high-lofted lob wedge like Joey Garber's 64-degree Vokey. His Vokey is a prototype but there was a 64 W Grind that was available to us in a limited edition through Vokey's WedgeWorks program. The W Grind offers a wider, low-bounce, sole for firm conditions and courses with lots of elevated greens.

Vokey describes the 64 W Grind

"The 64W is a unique wedge made for players who play in firm conditions, golf courses with elevated greens and tricky short-sided lies. This wedge is made for the player with quick hands who likes to see the ball elevate quickly, the fearless player who isn't afraid to attack any pin. The sole is a medium-width sole with slight camber and an effective bounce of 4°."

It looks like Garber's wedge might have a little more bounce than the retail model as we see a "9" stamped in the Proto stamping on the toe. He has also gone with what looks like a raw steel finish over the retail model's black finish.

A Mitsubishi MMT Scoring Wedge 125 TX is the shaft of choice and the wedge is finished off with a Golf Pride Tour Velvet Cord grip.

Driver: Titleist TSR2 (9 degrees) Shaft: Aldila Rogue M-AX 3-wood: Titleist TSR2 (15 degrees) Shaft: Mitsubishi Tensei AV Blue 75...

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