By Doug Ferguson
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.
NYC officials are beginning to rethink the layout of city streets as biking ticks up in the city. Now, thousands of bike racks are being installed across the city. Cheddar's Chloe Aiello reports.
Along with other celebrities, Venus Williams is partnering with Delos' International WELL Building Institute in order to safely welcome back fans and attendees to live events.
Ezra Kucharz, chief business officer at DraftKings, talked to Cheddar about the online sportsbook's deal with the NFL and the future of legal sports gambling in the U.S.
New England Patriots Safety Devin McCourty and Broad Street Ventures president, Ralonda Johnson, joined Cheddar to discuss the VC firm's mission to educate athletes and Black and brown investors to expand their financial options.
Former NASCAR legend Jimmie Johnson spoke to Cheddar about tackling his childhood dream on the IndyCar circuit.
Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing. Topps Co.
Major League Baseball has moved the All-Star Game from Atlanta’s Truist Park, a response to Georgia enacting a new law last month restricting voting rights.
Chris Marinak, Major League Baseball's chief operations and strategy officer, talked to Cheddar about health protocols for the 2021 season to avoid much of the toll COVID-19 took on the league last season.
David Kaval, president of the Oakland Athletics, talked to Cheddar about accepting bitcoin as payment for suites during baseball games at RingCentral Coliseum.
American Cornhole League co-founder and commissioner Stacey Moore spoke to Cheddar about partnering with sports betting giant DraftKings and touted the players in one of the newer televised sports to gain in popularity.
