Golf: PGA Tour, DP World Tour & LIV Golf announce joint commercial entity (PIF, Saudi Arabia)

The PGA Tour, the organisation in charge of the professional golf circuit, the DP World Tour (formerly the European Tour), organiser of the European circuit, and the Saudi Arabian sovereign wealth fund Public Investment Fund (PIF), majority shareholder in LIV Golf Investment, a rival world circuit launched on 01/02/2022, have jointly announced the creation of a new commercial entity (whose name has yet to be determined) aimed at "unifying golf", on 06/06/2023.

"The agreement establishes a common goal to promote and grow the game globally for the benefit of all stakeholders and ends litigation," said the parties.

As a result, the three companies will combine their golf-related rights and business activities in a new for-profit entity that is collectively owned, but in which the PIF "will be the sole investor." The Saudi Arabian sovereign wealth fund "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 three organisations…