PGA Tour, LIV Golf, DP World Tour agree to merger, “new commercial entity”

Mar 11, 2023

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In a surprise announcement Tuesday, the PGA Tour and LIV Golf have agreed to a merger.

From a joint PGA Tour, DP World Tour release: "The parties have signed an agreement that combines PIF's golf-related commercial businesses and rights (including LIV Golf) with the commercial businesses and rights of the PGA TOUR and DP World Tour into a new, collectively owned, for-profit entity…"

Saudi Arabia's sovereign wealth fund-backed LIV and the PGA Tour have been enmeshed in months of litigation, all of which will now end, according to the release. Additionally, players who departed the PGA and DP World Tours for LIV will be offered a "fair and objective process…to re-apply for membership."

The DP World Tour is also included in the agreement. All parties will combine commercial and business rights in a yet-to-be-named for-profit company.

Terms of the deal were not disclosed.

PGA Tour commissioner Jay Monahan is scheduled to meet with players — who were sent a memo Tuesday morning — at the RBC Canadian Open.

This is a developing story.

The PGA Tour's full statement is below.

"The PGA TOUR, DP World Tour and the Public Investment Fund (PIF) today announced a landmark agreement to unify the game of golf, on a global basis. The parties have signed an agreement that combines PIF's golf-related commercial businesses and rights (including LIV Golf) with the commercial businesses and rights of the PGA TOUR and DP World Tour into a new, collectively owned, for-profit entity to ensure that all stakeholders benefit from a model that delivers maximum excitement and competition among the game's best players.

"In addition, PIF will make a capital investment into the new entity to facilitate its growth and success. The new entity (name TBD) will implement a plan to grow these combined commercial businesses, drive greater fan engagement and accelerate growth initiatives already underway. With LIV Golf in the midst of its second, groundbreaking season, the PGA TOUR, DP World Tour and PIF will work together to best feature and grow team golf going forward.

"Notably, today's announcement will be followed by a mutually agreed end to all pending litigation between the participating parties. Further, the three organizations will work cooperatively and in good faith to establish a fair and objective process for any players who desire to re-apply for membership with the PGA TOUR or the DP World Tour following the completion of the 2023 season and for determining fair criteria and terms of re-admission, consistent with each Tour's policies.

"After two years of disruption and distraction, this is a historic day for the game we all know and love," said PGA TOUR Commissioner Jay Monahan. "This transformational partnership recognizes the immeasurable strength of the PGA TOUR's history, legacy and pro-competitive model and combines with it the DP World Tour and LIV – including the team golf concept – to create an organization that will benefit golf's players, commercial and charitable partners and fans. Going forward, fans can be confident that we will, collectively, deliver on the promise we’ve always made – to promote competition of the best in professional golf and that we are committed to securing and driving the game's future.

"We are pleased to move forward, in step with LIV and PIF's world-class investing experience, and I applaud PIF Governor Yasir Al-Rumayyan for his vision and collaborative and forward-thinking approach that is not just a solution to the rift in our game, but also a commitment to taking it to new heights. This will engender a new era in global golf, for the better."

"Today is a very exciting day for this special game and the people it touches around the world," said PIF Governor Yasir Al-Rumayyan. "We are proud to partner with the PGA TOUR to leverage PIF's unparalleled success and track record of unlocking value and bringing innovation and global best practices to business and sectors worldwide. We are committed to unifying, promoting and growing the game of golf around the world and offering the highest-quality product to the many millions of long-time fans globally, while cultivating new fans.

"There is no question that the LIV model has been positively transformative for golf. We believe there are opportunities for the game to evolve while also maintaining its storied history and tradition. This partnership represents the best opportunity to extend and increase the impact of golf for all. We look forward to collaborating with Jay and Keith to bring the best version of the game to communities around the world."

"Under the terms of the agreement, the Board of Directors of the new entity will oversee and direct all the new entity's golf-related commercial operations, businesses and investments. The new entity will work to ensure a cohesive schedule of events that will be exciting for fans, sponsors and all stakeholders. PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf and the DP World Tour. Going forward, PIF 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 PGA TOUR will appoint a majority of the Board and hold a majority voting interest in the combined entity.

"Separately, PGA TOUR Inc. will remain in place as a 501(c)(6) tax exempt organization and retains administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events, the administration of the competition and rules, as well as all other "inside the ropes" responsibilities, with Jay Monahan as Commissioner and Ed Herlihy as PGA TOUR Policy Board Chairman. PIF's Governor Yasir Al-Rumayyan will join the PGA TOUR Policy Board. The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.

"The Board of Directors of the new commercial entity will include Al-Rumayyan as Chairman and Monahan as Chief Executive Officer; the new entity's Board will also include an Executive Committee comprising Al-Rumayyan, Monahan, Herlihy and PGA TOUR Policy Board member Jimmy Dunne. The full Board will be announced at a later date, and it is anticipated that all three founding members will have representation.

"Keith Pelley, Chief Executive of the DP World Tour, said "This is a momentous day. We are delighted to be able to not only reignite our relationship with PIF, but also to have the opportunity to build on our current Strategic Alliance partnership with the PGA TOUR. Together we will be stronger than ever and well positioned to continue to bring the game to all corners of the globe. To partner in this new entity and influence the growth of the game for all our DP World Tour members is energizing and exciting."

"All parties will work in the months to come to finalize terms of the agreement, with details to be announced in due course."

Morning 9: US Open qualies: Winners and losers | Hovland caddies | Zhang could be transcendent

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Good Tuesday morning, golf fans, as we gear up for the Canadian Open.

Our Matt Vincenzi… "With a growing number of non-exempt LIV golfers quickly falling down the Official World Golf Rankings, many were forced to try and qualify for the U.S. Open through local qualifying.

ESPN Report…"Michael Block, the teaching pro who finished tied for 15th at last month's PGA Championship, came up short in his bid to qualify for next week's U.S. Open."

Reuters report…"Less than 24 hours after securing the biggest win of his PGA Tour career, Norwegian world No. 5 Viktor Hovland is caddying Monday for a former college teammate who is looking to secure a spot in next week's U.S. Open."

Golfweek's Beth Ann Nichols…"The LPGA has been desperate for a moment like this. There hasn't been a player on the LPGA with the potential to move the needle in the United States like Rose Zhang since a prodigious Michelle Wie West."

Golf Channel's Brantley Romine…."The whole day, people kept asking me what my [future] plans were," Biondi said, "and I couldn't answer them because I didn't even know."

Our Jason Daniels…"In reply, a parody account for the convicted former CEO of Enron, got involved in the gambling debate."

Douglas MacKinnon for the Palm Beach Daily News…"That stated, let's turn our attention to the People's Republic of China and its multi-multi-million-dollar partnerships – such as the past winter Olympics – with NBC Sports. The same company that owns the Golf Channel."

Mike Hall for Golf Monthly…"Woods didn't just win last week's Major Championship at Village Golf Course in Florida, he cruised to the title by an incredible eight shots over its 36 holes. Woods’ opening round 72 included four birdies and the following day, he performed even better, with five birdies in his round of 71 to finish far ahead of closest competitor Noah Manly."

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Last week, four lucky GolfWRX members visited Fujikura Headquarters in Carlsbad, California, to meet Fujikura's team of product experts, learn about how VeloCore benefits the golfer throughout the bag, and get fit into Ventus woods and Axiom irons. The four WRXers — @Puppetmaster, @hammergolf, @CactusGolf, and @eric61 — enjoyed a once-in-a-lifetime experience thanks to Fujikura.

hammergolf: "The Axiom feels different from any of the other graphite shafts I’ve played previously. They feel much more stable and maybe a touch stiffer than my current shafts, however, I ball speed, carry distance, launch, and spin with TIGHTER patterns. I’ve played them all, Steelfiber, Recoil, and now MMT. Hands down Axiom is better."

"My god are these good. We were hitting into the wind on the range so it was a really good test for the shafts. First thing I noticed is seeing a different peak height, and tighter pattern. I hit it side by side with my gamer (PXG Gen3XP MMT 70 R) I really liked my gamers before I hit Axiom. It's just on a different level. Because of the advantage of using Velocore, Fujikura can make a shaft do something that all others I’ve had can't. The Axiom is so stable yet helps me to launch the ball much higher, (my indoor testing showed almost 4* more launch) with more spin (indoor test showed me almost 900rpms more) and a much higher decent angle (indoor test showed almost 5* increase of decent). Well I saw all that with my own eyes outside yesterday. However, here's what crazy. I hit the Axiom side by side with my gamer. I was able to hit the Axiom higher, spin it more, and land it softer but it carried the same distance as my gamer. That was great, but here's what I’m still scratching my head about. It was an even tighter dispersion pattern… Side by side, the Axiom is much more stable and to me feels stiffer than the MMT. I just don't understand how something can feel more stable and stout, but deliver more launch, more spin, and not lose any distance. That's what Fujikura call Velocore. And it wasn't just me, I saw @Puppetmaster, @CactusGolf, and @eric61 all hitting great shots with Axiom. Another thing that amazed me was how four guys with 4 different swings and four different clubhead speeds can have the same great results. I think that's a testament to how Fujikura has designed 3 different weight and profiles to fit anyone.

"The one thing I haven't mentioned is feel. They have a great feel that is not mushy, but just the right amount of feedback, yet no unpleasant shock or vibration. In summary, Fujikura just flat out nailed it. If you’re thinking about switching, or have hand, wrist, shoulder pain, these are an absolute no brainer. Hands down the best performing shaft I’ve ever hit. Can't wait to get them built and in the bag!"

eric61: "The first thing I noticed is that the 75S is more stout than you’d think, and the 125X is more playable than you’d think. The way they’ve managed to separate weight and flex is really impressive.

"The next thing: Axioms for me launched pretty high with relatively high spin. (And not just the 105X that Andrew fitted me into — I found this to be true in the full range.) They didn't have an i230 fitting head, but I was hitting a P790 — Andrew measured my i230 at 34 degrees of loft and the P790 was at 31. The P790 with the Axiom 105X was going 9 yards further, as you’d expect given the loft and head design differences, but it was actually almost identical in terms of peak height and landing angle, and it was spinning only a couple hundred RPMs less than my i230s.

"I’m not really looking for more distance — my home course is 6,700 yards from the back tees, so I really just need control. And what I found in the Axiom 105X was significantly tighter dispersion.

"My swing speed would usually indicate I’m more of an S than an X. But Andrew noticed I looked like I was losing the club head a bit in transition with the 105S, and the 105X really tightened things up quite a lot for me.

"The other thing I liked about them is the profile. They are stout handle, softer mid, stout tip shafts."

"I think the Axiom shafts are going to pair really well with player's distance type irons, where they’ll allow you to get the ball speed and forgiveness those iron heads offer while gaining the height and spin to make them really playable. Lower-spin guys in players’ irons will also love them.

"The other thing I’ll say, for folks who haven't hit graphite iron shafts before, is that they really take the sting out of impact. This is the first time in a while where I’ve had absolutely no wrist pain after a round. And it doesn't come at the cost of the iron heads’ feel. The T100 I mentioned was still buttery soft."

Puppetmaster: "The Tour V, much like my driver post above, did not spin enough, even though to my eye, they still launched decently high. Andrew, who is a fantastic fitter btw, wanted me to get more spin and a steeper descent angle. The Axiom 105 did just that, with a tight dispersion, were easier to load and had the right amount of feel (yes, subjective) for my swing. I think Fujikura is pretty darn close to that holy grail of both stability and feel with the Axiom (and Ventus). The hardstep was to give me more of the firmer feel I wanted, without needing to go into the 105X, which was too much work for me given my transition characteristics.

"Also, I hit a few draws and cuts for giggles after the fitting with the 105S and was able to do that, at least, to the best of my limited ability.

"One more note – I tried the 75S and 125X too, I think all of us did. The 75 did not feel like a 75 gram, felt much more stable than the weight would suggest. The 125X was stout but didn't feel like a pipe. Definitely felt all of the 125 grams, but again, they’ve done a nice job of leaving enough feel in it even though it's stiff, heavy shaft."

eric61: "Just wanted to start by thanking all 24 employees at Fujikura's U.S. operation here in Carlsbad. Spencer, Eric, Marshall and Kelsi were super generous with their time and knowledge. Andrew Hoang was just terrific in our fittings for Axiom iron shafts and Ventus driver shafts.

"One particular highlight for me was the tour Spencer gave us of the behind-the-scenes stuff — showing us how a shaft is made in-house, from raw materials (thanks Kevin, who showed us how shafts are rolled and admitted the Axiom 125s are the toughest to make) to the paint job to shipping the shafts out."

CactusGolf: "This has been one of the best, once-in-a-lifetime experiences that I’ve ever had for a multitude of reasons! I want to make sure I think everyone at WRX and Fujikura for the opportunity. I was shocked to have been selected and unbelievably excited to dive in head-first into the fitting and product process."

Puppetmaster: "I just wanted to say again how awesome this was in terms of the experience, education, and the chance to sit around and dialog about shaft design, fittings, and everything else golf related. So much learning – from the design/prototyping process to the actual production to the fitting and everything else in between and beyond."

hammergolf: "First and foremost, thank you again to everyone at Fujikura for making us all feel at home. Spencer, Eric, Marshall, Kelsi, and Andrew were all incredible! The phrase is used too much, but these people and this company just get it. They are all dedicated to make the best product possible to help all golfers play their best golf. Fujikura are first class in every thing they do."

Head over to the thread for more comments, reviews, and future updates. Don't forget to become a member today for future opportunities like this, plus product member testing and giveaways!

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Viktor Hovland started his final nine holes at the Memorial four strokes behind and made the lone birdie on 17 to get into a playoff. After beating Denny McCarthy in the playoff, Viktor put on his Audemars Piguet Royal Oak Offshore "Indigo" and received the crystal trophy from golf legend Jack Nicklaus. And of course, Jack was wearing his solid gold Rolex Day-Date Ref 18038.

Name: Audemars Piguet Royal Oak Offshore 42Reference: 26470ST.OO.A030CA.01Limited: NoDate: 2018Case: Stainless SteelBezel: Stainless SteelDial: Indigo "Méga Tapisserie"Size: 42mmMovement: Calibre 3126/3840, 59 JewelsPower Reserve: 50 HoursGlass: Sapphire CrystalWaterproof: 100 MetersBracelet: Indigo Rubber StrapPrice: ~$34,000

The Royal Oak Offshore was the idea of Emmanuel Gueit, a young watch designer who was inspired to create a larger and more rugged version of the iconic Royal Oak model, originally designed by Gérald Genta in 1972. Gueit's vision was to create a watch that would appeal to a new generation of watch enthusiasts who desired a sportier and more contemporary timepiece. When the Royal Oak Offshore was unveiled at the Baselworld watch fair in 1993, it caused quite a stir in the watchmaking community. The watch featured a larger case size of 42mm, which was significantly larger than the average watch size at the time. Viktor's "Indigo" version was released in 2018 and can be had with the matching rubber strap as well as a stainless steel bracelet.

A 42mm stainless steel case might not be as big today as it was in 1993 but the long, 55mm, lug-to-lug length does give this Offshore a larger feel on the wrist. On the right side of the case is a blue ceramic crown and matching ceramic pushers. This was Audemars Piguet's first use of Blue Ceramic in the 42mm Offshore line. The caseback is held in place with 8 screws and features a sapphire crystal display window where you can see the movement. On top of the case is the iconic Royal Oak octagon bezel with a thick rubber gasket between them. The bezel is held in place by 8 steel hex screws, another timeless Royal Oak design. An indigo dial sits under the sapphire crystal and contains AP's Méga Tapisserie pattern for a unique texture. Méga Tapisserie is made up of small squares that also contain what looks like milling and there have been a few different sizes of Tapisserie over the years. Most blue Offshore dials have contrasting subdials, but this model keeps a more subtle chronograph look. Hour markers are numerals made from white gold, along with the hour and minute hands. There is also an inner bezel with a tachymeter scale printed on it and done in metallic blue paint. A date window sits at 3 o’clock with an inverse, magnifying, cyclops lens over it in the sapphire crystal.

Inside the Indigo Offshore is a Calibre AP 3126 self-winding, automatic movement that is built from 365 parts. The 3126 is built in-house by AP and contains a modified Dubois-Depraz chronograph module in order to run the chronograph functions. There are 59 jewels in the movement to help it run smoothly and is backed up by a 50-hour power reserve. An Indigo rubber strap holds the piece on Viktor's wrist and is fitted to the case with small screws. The rubber strap comes together with a larger pin buckle and has a satin finish applied to the AP logo. This is a pretty collectible watch and there doesn't seem to be tons of them online for sale. If you are looking to add this piece to your collection then expect to pay around $34,000.

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