The most disruptive year in golf ended Tuesday when the PGA Tour and European tour agreed to a merger with Saudi Arabia's golf interests, creating a commercial operation designed to unify professional golf around the world.
As part of the deal, the sides are dropping all lawsuits involving LIV Golf against each other effective immediately.
Still to be determined is how players like Brooks Koepka and Dustin Johnson, who defected to Saudi-funded LIV Golf for nine-figure bonuses, can rejoin the PGA Tour after this year.
Also unclear was what form the LIV Golf League would take in 2024. Commissioner Jay Monahan said in a memo to players that a thorough evaluation would determine how to integrate team golf into the game.
The agreement combines the Public Investment Fund's golf-related commercial businesses and rights — including LIV Golf — with those of the PGA and European tours. The new entity has not been named.
“They were going down their path, we were going down ours, and after a lot of introspection you realize all this tension in the game is not a good thing,” Monahan said in a phone interview with The Associated Press.
“We have a responsibility to our tour and to the game, and we felt like the time was right to have that conversation.”
Yasir Al-Rumayyan, the governor of Saudi Arabia’s sovereign wealth fund, will join the board of the PGA Tour, which continues to operates its tournaments. Al-Rumayyan will be chairman of the new commercial group, with Monahan as the CEO and the PGA Tour having a majority stake in the new venture.
The PIF will invest in the commercial venture.
Monahan said the decision came together over the last seven weeks.
It's been an eventful past few weeks for the WNBA. One of the league's top players, Brittney Griner, remains in Russian custody after being detained at an airport last month. The league is also dealing with a scandal after fining a team for providing charter flights to their players. Emily Caron, sports business reporter for Sportico, joined Cheddar News' Closing Bell to discuss.
Tyler Fulghum, ESPN betting analyst, joins Cheddar Bets to break down the best value picks of the remaining teams in the biggest conference tournaments.
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BetMGM host Olivia Harlan Dekker joins Cheddar Bets to break down the biggest and best wagers on the quarterfinal round of NCAA Conference Tournament Week.
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Players have voted to accept Major League Baseball’s latest offer for a new labor deal, paving the way to end a 99-day lockout and salvage a 162-game regular season that will begin April 7.
One NFL player got caught gambling on his own team, and now it's going to cost him. The NFL announced Monday that Atlanta Falcons wide receiver Calvin Ridley will be suspended for at least the entire 2022 season. The league said Ridley bet on NFL games during a five-day period last November. Frank Shwab, NFL and Betting Reporter at Yahoo Sports, joins Cheddar News' Closing Bell to discuss.
NFT platform OneOf has partnered with Duke University's athletic program to create a special men's basketball NFT collection ahead of Mike Krzyzewski's final home game as Duke head coach this Saturday. Matt Marino, VP of Sports & Lifestyle at OneOf, joins Cheddar News' Closing Bell, where he takes viewers through the offerings available for collectors and his company's other pursuits in the sports collectibles space.
Major League Baseball has officially canceled opening day after no deal was reached between the league and its players before Tuesday's deadline. The first two series of the 2022 season were set to begin on March 31, but the players rejected the owners' 'best offer.' David Salituro, sports writer for Fansided, joins Cheddar News to discuss.
It has now been two days since Major League Baseball moved to cancel opening day games for the upcoming season. The announcement from MLB commissioner Rob Manfred came during the league's ongoing work stoppage, just the ninth in MLB history. Owners voted unanimously on December 2, 2021 to enact a lockout after the collective bargaining agreement between the league and players expired. On March 1, 2022, following over a week of daily negotiations between the two sides, and three months of on and off negotiations, the league officially canceled the first two series of the regular season. Gabe Lacques, MLB reporter and baseball editor for USA Today Sports, joins Cheddar News' Closing Bell to discuss.
