A PGA TOUR stamp is considered after play changed into suspended as a outcome of extreme storms for the length of the third spherical of THE PLAYERS Championship held at THE PLAYERS Stadium route at TPC Sawgrass on Might perchance perchance perhaps honest 14, 2011 in Ponte Vedra Sea hasten, Florida.
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PGA Tour and LIV Golf are working to prolong their proposed merger closing date, which changed into on the starting up acquire 22 situation at Dec. 31, Commissioner Jay Monahan suggested gamers in a memo on Sunday.
“Whereas we had on the starting up acquire 22 situation a closing date of December 31, 2023, to attain an agreement, we are working to prolong our negotiations into subsequent year in step with the growth we have made to this level,” in step with the memo purchased by CNBC.
Monahan suggested gamers their purpose for 2024 is to attain agreements with Strategic Sports activities Community (SSG), the Public Investment Fund (PIF) and DP World Tour, bringing them on board as minority co-merchants in PGA Tour Enterprises.
The PGA Tour no longer too prolonged ago announced that it changed into within the closing spherical of negotiations with a coalition of U.S. merchants, known as Strategic Sports activities Community. The SSG is led by Fenway Sports activities Community. Monahan mentioned they’ve made “well-known growth” and have equipped SSG with the due diligence knowledge they requested.
“These partnerships will enable us to unify, innovate and invest within the game for the serve of gamers, followers and sponsors,” he mentioned.
The competing golf leagues are anticipated to plan a formal resolution on the combo before the Masters tournament in April, in step with The Telegraph, which first reported the extension.
The prolong is the latest replace in a prolonged and tumultuous saga between the PGA Tour and Saudi Public Investment Fund-backed LIV Golf that has divided gamers and will dramatically substitute genuine golf if the merger is performed.
The two entities agreed in June to mix industrial operations, enticing the worldwide golf community and raising questions spherical competition and human rights concerns. Below the structure of the agreement, PGA Tour would defend a everlasting controlling hobby within the fresh entity’s board of administrators and PIF might perchance perhaps perchance perchance be a noncontrolling minority investor.
If the proposed merger is performed, PIF is prepared to invest $1 billion into the fresh industrial business. The agreement additionally entails the DP World Tour, additionally in most cases known because the PGA European Tour.
The deal is self-discipline to seemingly antitrust scrutiny from the U.S. Federal Replace Commission and Justice Division.
Sooner than the agreement, PGA Tour and LIV were locked in heated litigation as LIV Golf lured Tour gamers away, offering gigantic contracts. LIV Golf most no longer too prolonged ago signed world No. 3 player Jon Rahm to a contract price a reported $300 million.
Final month, the Tour suggested gamers it will perhaps perhaps perchance initiate offering narrate equity ownership within the fresh firm after it reaches a take care of merchants.
In tiresome November, PGA Tour Commissioner Jay Monahan suggested Andrew Ross Sorkin on the DealBook Summit that he changed into assembly with Yasir Al-Rumayyan, chairman of LIV Golf and PIF governor, to continue discussions.
“When this will get finalized, the PGA Tour goes to be in a blueprint where the athletes are owners of their sport and also you have purchased no longer most productive the PIF, but you have seemingly purchased one other co-investor with well-known expertise in business, in sport and [in] stamp that’s going to attend take the PGA Tour to one other stage,” Monahan mentioned on the time.
Correction: The story has been updated to accurately assume the name of Jay Monahan, which changed into misspelled as a outcome of an editing error.
