New board of directors to come with merger
The new organization, which has not yet been given a name, will include a board of directors that will "oversee and direct all the new entity’s golf-related commercial operations, businesses and investments" and develop a "cohesive" calendar of events.
Al-Rumayyan, Monahan, PGA Tour executives Ed Herlihy and Jimmy Dunne, and Al-Rumayyan will all be board members of the new company, AL.com reported.
LIV Golf explained
LIV Golf is backed by the Saudi Arabia Public Investment Fund, which is under the Saudi crown prince.
The deal with PGA will end all pending litigation.
More on Monahan's statement
The statement continued: “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.”
'This is a historic day for the game we all know and love'
“After two years of disruption and distraction, this is a historic day for the game we all know and love,” PGA Tour Commissioner Jay Monahan said, per AL.com.
“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."
