The PGA TOUR and LIV Golf are combining its commerical operations under a new name to be determined later.
It Sounds like a Business merger or Takeover to me.
PGA TOUR spokeswoman Laura Neal is not calling it a Merger, but a separate commercial entity that includes, European DP World Tour, LIV Golf and other golf-related commercial businesses of the Saudi Arabian Investment Fund(PIF). The PGA Tour Inc. will exist as before under the 501c6 tax exempt structure.
But Is It A Merger?
Yes, it is a merger, with the PIF calling the shots. When PIF started throwing millions at top players and they pounced without a second thought, the PGA knew the end was near because they don’t have the Kingdom’s Bucks. Saudi Arabia has money like the grains of sand in its vast desert, covering oil and more oil.
The PIF is valued at 600 billion dollar and dispersed hundreds of millions to top players like Phil Mickelson, Dustin Johnson, and Brooks Koepka just to name a few, at the detriment of PGA Tour.
Jay Monahan PGA commissioner said he regrets not speaking to 9/11 victim families before the deal with LIV Golf, because most of the hijackers that blew up the twin towers on 9/11 came from Saudi Arabia. But he announced the deal with PIF Governor Yasir Al-Rumsyyan serving as Chairman and Monahan, CEO. He maybe CEO but his funding come from PIF, and nothing gets approved without Mohammed bin Salmon(MBS).
The U.S. Congress know the Saudis are taking over the golfing institution and they are worried, because the amount of money at play here is enough to buy several dozen senators and house members.
The PGA fought like hell to keep Black Golfers from the Tour until Boxer Joe Louis an amateur golfer himself criticized the entity in a New York Times interview in 1952. They relented and allowed a few Black players to compete in the Phoenix Open.
Saudi money forced the PGA to cut a deal, otherwise they would be a minor league golf association with a few golfers, because they would’ve lost sponsors, advertisers and the best players.
Just like Trump and Biden went begging MBS to increase oil production to lower gas prices in America, the PGA Tour cut a deal to survive uder Saudi money. And Monahan should not stick out his chest because MBS will pull his purse strings.
Hubie Jones
hubiejones.com 