⛳ The signed agreement between the PGA Tour, DP World Tour and the leaders of LIV Golf was one of several documents sent to a Senate subcommittee that is looking into golf’s new entity.
Last July, the PGA Tour suspended players who participated in LIV events because they did not have the necessary releases to switch tours.
Less than a year later, the PGA Tour and European Tour joined forces with Saudi Arabia’s sovereign wealth fund, which runs LIV, with “a common goal of creating a global golf partnership and of growing and promoting the game of golf globally, ending divisions and unifying the game of golf for the benefit of all of their shareholders, including players, sponsors, and fans of the game worldwide.” The PGA Tour is given “full decision-making authority” for all matters connected to competition.
While the document does not include how much the PIF will invest into the new entity, the PGA Tour has said the agreement will not affect its status as a tax-exempt nonprofit. However, Blumenthal told Monahan that the agreement with the PIF could put the tax-exempt status in jeopardy.. It will then need approval from the PGA Tour Policy Board.
“The framework outlines a future for professional golf under the PGA Tour's leadership that benefits players, fans, and the sport,” the PGA Tour said Monday in a statement Monday. “Following the recent resolution of litigation, we're working productively towards a definitive agreement.”
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