Yahoo Sports reported:
...the PGA Tour, the DP World Tour and LIV Golf, the upstart breakaway tour funded by Saudi Arabia's Public Investment Fund, have agreed to merge and create a new entity to unify the tours.
The
details are still sparse and incomplete, but the fact that the PGA Tour
and LIV Golf have agreed to create a new entity after more than a year
of acrimony and litigation is significant. The deal was negotiated in
such a secretive fashion that not even the PGA Tour's players knew. LIV
Golf CEO Greg Norman apparently found out in a phone call just before
the announcement was made public.
The sole and exclusive financial investor in the new entity will be Saudi Arabia's Public Investment Fund. Saudi Arabia's Public Investment Fund also retains the right of first
refusal for any additional investment in the new entity. That, in
effect, gives Saudi Arabia's PIF enormous power in dictating the scope,
goals and direction of the new entity.
Golf is the now the shiniest sportswash gem in Prince Mohammed bin Salman's crown. No pariah here, just a giant pair of gold truck nuts dangling from bin Salman's throne.
Like all good PEU and SWF deals the tax implications are minimized:
The PGA tour will continue to retain its status as a 501(c)(6) tax-exempt
organization, and will retain so-called "inside-the-ropes
responsibilities" of its events.
The greed and leverage boys want both money and image. State sponsored industries now include professional golfers. Are they ready to pay homage to their new owner?
The average citizen gets to pay more for gas to fund this deal. Who's ready to cheer on higher oil prices?
Golf, but LOUDER. Gas, but HIGHER!
Update 6-7-23: Many PGA players expressed concerns about the deal and called the PGA Commissioner a hypocrite. It's amazing how tons of money can change one's principles. Maybe the opposition will decrease when all the players get their set of gold MBS truck nuts. Can they spare a few sets for the 9-11 families, who are legitimately disgusted by the PGA's grotesque sellout?
PGA players experienced the kind of duplicitous, selfish behavior of the people in charge. You can't call it leadership because executives sold out their core beliefs and principles. Lesson here is greed wins. That's a sick and sad distortion, not close to any substantive transformation.
PEU Carlyle wants to exploit sports as well as Saudi Arabia's evil Crown Prince: