This is disturbing to say the least.
The PGA Tour is merging with Saudi-backed rival LIV Golf, following months of tensions and mounting lawsuits between the competitors.
The two entities signed an agreement that would combine the PGA Tour’s and LIV Golf’s commercial businesses and rights into a new, yet-to-be-named for-profit company. The agreement includes DP World Tour, also known as the PGA European Tour.
IV Golf is backed by the Saudi Arabia Public Investment Fund, an entity controlled by the Saudi crown prince and has been embroiled in antitrust lawsuits with the PGA Tour in the last year. The deal announced Tuesday would end all pending litigation.
PIF is prepared to invest billions of new capital into the new entity, CNBC’s David Faber reported Tuesday. Terms of the deal weren’t disclosed.
The agreement — the second stunning sports deal in just months, following World Wrestling Entertainment’s merger with Endeavor Group’s UFC — will require the approval of the PGA Tour policy board, Commissioner Jay Monahan said in a memo to players that was obtained by CNBC.
Source: CNBC: PGA Tour agrees to merge with Saudi-backed rival LIV Golf
Let us not forget 9/11 and Osama Bin Ladin’s backers, who were, in fact, some of the Saudi princes. If I were a professional golfer, I would resign from the PGA and find something else to do. Let’s not forget about the Saudi’s cozy relationship with China too.
This stinks like a rat.
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