PGA Tour unveils $3bn partnership deal to reward players who resist LIV
The PGA Tour announced a $3 billion partnership to reward players who experience LIV.
The PGA Tour has announced a $3bn (£2.35bn) deal with a consortium led by the owner of Liverpool FC. The deal will handsomely reward players like Rory McIlroy and Tiger Woods who refused to accept payment from LIV Golf.
This deal is expected to catapult Saudi Arabia to the top of the golf table. Additional investments from the Sovereign Wealth Fund, which financed the Rebels’ LIV tour, are subject to regulatory approval as the US Department of Justice closely monitors golf power struggles.
The PGA Tour, European Tour Group and PIF announced in June that they had signed a framework agreement with LIV aimed at ending golf’s civil war. So far, the result has been the creation of a new for-profit entity called PGA Tour Enterprises, which provides $1.5 billion in equity to some of the sport’s highest-paid players.
The PGA Tour said the money will be earned based on “career performance, recent performance, future involvement and service” to players. That’s good news for big-time PGA Tour players like McIlroy and Woods. The overseas investment was made by Strategic Sports Group.
