• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Sports»Details of PGA Tour and Liv Golf Merger Reveal What’s Left to Settle
Sports

Details of PGA Tour and Liv Golf Merger Reveal What’s Left to Settle

June 27, 2023No Comments6 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Details of PGA Tour and Liv Golf Merger Reveal What’s Left to Settle
Share
Facebook Twitter LinkedIn Pinterest Email

The PGA Tour’s tentative deal with Saudi Arabia’s sovereign wealth fund included only a handful of binding commitments — such as a nondisparagement agreement and a pledge to dismiss acrimonious litigation — leaving many of the most consequential details about the future of men’s professional golf to be negotiated by the end of the year.

The five-page framework agreement was obtained Monday by The New York Times. The proposed deal, announced on June 6 by the tour and the wealth fund, the financial force behind the renegade LIV Golf circuit, has caused an uproar throughout the golf industry. But a review of the agreement points to the rushed nature of the secret, seven-week talks that led to the deal and the complex path that remains ahead for the new venture, a potential triumph for Saudi Arabia’s quest to gain power and influence in sports and, its critics say, to distract from its reputation as a human rights abuser.

Most crucially, the tour and the wealth fund must still come to terms on the values of the assets that each will contribute to their planned partnership. Bankers and lawyers have spent recent weeks beginning the valuation process, but the framework agreement includes no substantive details of projected figures or even the size of an anticipated cash investment from the wealth fund.

Instead, much of the agreement focuses on the basic structure of the new company that is to house what the accord describes as all of the “commercial businesses/rights” of the PGA Tour and the European Tour, now known as the DP World Tour.

The wealth fund is expected to contribute its “golf-related investments and assets,” including the LIV circuit that split the sport, and will have the first opportunity to invest in the new company. The tentative agreement says that the PGA Tour is to maintain “at all times a controlling voting interest” in the new company, but that Yasir al-Rumayyan, the wealth fund’s governor, will serve as the chairman of the new joint entity. Jay Monahan, the PGA Tour commissioner who recently went on leave because of an unspecified “medical situation,” is in line to become its chief executive.

See also  PGA Tour Caves, Merges with Saudi-Backed LIV

The new company, according to the agreement, could pursue “targeted mergers and acquisitions to globalize the sport” and may look to incorporate “innovations from LIV,” such as the team golf concept that the league has championed since it debuted last year.

Those provisions, though, are not binding until the tour and the wealth fund strike a final agreement. Instead, the only ironclad caveats of the agreement involve seeking the dismissal of litigation, a mandate fulfilled on June 16; a ban on recruiting players to rival circuits; a deadline of Dec. 31 to sign final accords, absent a mutual extension; and confidentiality and nondisparagement clauses.

The effective gag agreement appears far-reaching and prohibits the tour and the wealth fund from “any defamatory or disparaging remarks, comments or statements” about the other side and any “ultimate beneficial owners” — a phrase that could be interpreted to include the Saudi government, which the tour had previously condemned for its human rights record.

“I recognize everything that I’ve said in the past and in my prior positions,” Monahan, a leading architect of the deal, said this month. “I recognize that people are going to call me a hypocrite. Anytime I said anything, I said it with the information that I had at that moment, and I said it based on someone that’s trying to compete for the PGA Tour and our players. I accept those criticisms, but circumstances do change.”

Saudi officials have denied that their investments in sports, which include efforts in soccer, Formula 1 racing and boxing, are intended to sanitize the kingdom’s reputation. Instead, they have depicted those investments as a glossy component of a sweeping effort to diversify the country’s economy under Crown Prince Mohammed bin Salman, the kingdom’s de facto leader who is also the wealth fund’s chairman.

See also  Matt Fitzpatrick and Cameron Smith Don’t Know What’s Next After The LIV-PGA Tour Merger

Al-Rumayyan, the wealth fund’s governor, signed the agreement on behalf of the Saudis, with no evidence of direct involvement by Greg Norman, LIV’s commissioner.

Monahan and Keith Pelley, the DP World Tour’s chief executive, effectively represented the golf establishment when they signed the deal behind closed doors in San Francisco on May 30. It was sprung upon almost the entire golf industry, including most of the PGA Tour’s board, a week later.

The board, which has been considering the deal that it was largely shut out of negotiating, is expected to discuss the pact’s initial terms during a meeting in Detroit on Tuesday. The 11-member board is not believed to be planning a vote yet because the final nuances of the accord may not be hammered out for months.

The deal faces scrutiny well beyond the tour’s board. In Washington, Justice Department officials and congressional investigators are preparing to pore over the details of the accord, which antitrust regulators could ultimately try to block. The tour shared a copy of the agreement with a Senate subcommittee on Monday evening, just more than two weeks before a hearing on Capitol Hill that many expect to become contentious.

But tour executives concluded in recent months that the new economic order that LIV’s swift rise provoked — swelling legal bills, larger prize purses, a diluted product with the world’s most marketable players competing against one another only four times a year at golf’s major tournaments — was unsustainable. They sought a détente with the Saudis and found a receptive audience in and around the wealth fund, where some officials were frustrated by a series of legal setbacks connected to LIV and uneven success in gaining traction in the crucial American sports market.

See also  Oil prices settle near flat in choppy trade; Russia eases fuel export ban

The second paragraph of the framework nodded toward the turmoil, with the tour and the wealth fund saying they were interested in “ending divisions.” Some elements of the deal amounted to olive branches. In one section, for instance, the two sides agreed to “cooperate in good faith and use best efforts” to bring secure Official World Golf Ranking accreditation for LIV events.

The fate of LIV, which sapped the PGA Tour of some of its star players after offering exorbitant contracts and prize purses, is not included in a binding part of the deal. Instead, the new company, if it comes to pass, is expected to “undertake a full and objective empirical data-driven evaluation of LIV and its prospects and potential.”

The framework does not outline any financial penalties if the deal does not ultimately progress, but it says the tour and the wealth fund “can revert to operating their respective businesses” if the agreement collapses.

Details Golf left Liv merger PGA Reveal settle Tour Whats
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: Massive Telecom Merger Champions Workers In A Way Biden Admin Never Could, FCC Chair Says

May 20, 2025

‘They Came With Their A Game’: Donald Trump, Scott Bessent Reveal Which Country Could Be Close To Making Trade Deal

April 24, 2025

With Indonesia’s XL Axiata-Smartfren Merger, Telecom Consolidation Marches on 

December 20, 2024

‘No One Left Behind’: UNDP Representative Matilda Dimovska on Mongolia’s Development Journey

December 19, 2024
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Left-wing Hollywood Elite Sell Cheap to Avoid L.A.’s ‘Mansion Tax’

June 5, 2023

‘Minx’ Season 2 Review: Feminist Comedy Keeps The Fun Going On Starz

July 21, 2023

GOP-controlled Texas House votes to impeach Trump ally Ken Paxton 121-23

May 28, 2023

Recession talk tapers off on latest quarterly conference calls

May 3, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

How To Fix Physician Burnout Before It’s Burned In

September 19, 2023

Factbox: What is embattled British business group the CBI?

April 23, 2023

San Francisco To Fine Stores Trying To Deter Homeless Encampments On Streets: REPORT

March 28, 2024
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.