Just over a year after the creation of the “LIV Golf” golf circuit by Saudi Arabia, the PGA Tour announces an agreement with the country’s Public Investment Fund (PIF).
In detail, the merger concerns the commercial activities and rights related to the golf activities of the PIF and those of the PGA TOUR and the DP World Tour. A new entity will be created.
Saudi Arabia Public Investment Fund will make a capital investment in the new entity to “facilitate its growth and success”. The new entity (name to be determined) will implement a “plan to grow these combined business operations, drive greater fan engagement and accelerate growth initiatives already underway”.
Keith Pelley, Chief Executive of the DP World Tour on today’s landmark agreement between DP World Tour, PGA TOUR and PIF. pic.twitter.com/ezV07DQKnQ
— DP World Tour (@DPWorldTour) June 6, 2023
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