The PGA Tour said it signed an agreement with the Saudi Public Investment Fund and the Dubai-based DP World Tour to combine their golf-related businesses and rights including the fund’s LIV Golf into a “new, collectively owned, for-profit entity.” The deal will “unify the game of golf," according to the statement.
What exactly the new entity will look like remains to be seen, but the PGA has offered some details. The Public Investment Fund “will have the exclusive right to further invest in the new entity” and the entity will have a board of directors. A majority of the board will be appointed by the PGA, which will “hold a majority voting interest.” The new entity will also further develop the team golf concept, according to the PGA.
The agreement will also be followed by a deal to end all pending litigation between the entities, and the three will determine a process by which golfers can reapply to join the PGA Tour. Further details will be announced at a later time.