{"id":69955,"date":"2023-10-07T15:23:01","date_gmt":"2023-10-07T19:23:01","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/pga-tour-and-liv-golf-merger-could-be-delayed-over-antitrust-questions-player-demands\/"},"modified":"2023-10-07T15:23:04","modified_gmt":"2023-10-07T19:23:04","slug":"pga-tour-and-liv-golf-merger-could-be-delayed-over-antitrust-questions-player-demands","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69955","title":{"rendered":"PGA Tour and LIV Golf merger could be delayed over antitrust questions, player demands"},"content":{"rendered":"
\n

The most disruptive year in golf history ended in June when the PGA Tour and LIV Golf, which is funded by Saudi Arabia\u2019s sovereign wealth fund, agreed to merge to create a new entity to \u201cunify\u201d golf.<\/p>\n

But that merger is far from complete and could face delays beyond its Dec. 31 deadline. Many PGA Tour golfers are asking to become stakeholders in the new proposed golf entity, Bloomberg reported, and the proposed merger is also reportedly being looked at by the Justice Department over antitrust concerns.<\/p>\n

\n

A delay beyond the Dec. 31 deadline could mean that LIV Golf may continue to operate as a separate sports organization for some or all of the upcoming professional golf season. LIV has two more events this year scheduled. One at Royal Greens Golf & Country Club in Saudi Arabia, and another at Trump National Doral in Miami.<\/p>\n

The PGA Tour and LIV are working through merger details like financial stipulations of the PIF investment in the new golf entity, and what to do with contracts signed by broadcasters and tour sponsors, per the report. The proposed Saudi investment in the PGA from the Saudi\u2019s Public Investment Fund, which is still being negotiated, could be \u201cnorth of $1 billion,\u201d PGA executive Ron Price told Congress in July.<\/p>\n

LIV Golf and the PGA Tour did not immediately respond to MarketWatch\u2019s request for comment.<\/p>\n

See also: <\/strong>PGA Tour commissioner says LIV Golf merger is on \u2018right path,\u2019 but some players remain skeptical<\/p>\n

The PGA Tour and the Saudi-backed LIV Golf announced a merger this summer after years of bad blood between the two organizations. LIV poached several big name golfers away from the PGA, and members of both parties at times pursued legal action against one another.\u00a0<\/p>\n

As part of the deal, the sides agreed to drop all lawsuits involving each other.<\/p>\n

When the merger agreement was announced, many PGA golfers were shocked and one American golfer Dylan Wu tweeted \u201cI guess money always wins.\u201d<\/p>\n

Many high-profile golfers \u2014 including Dustin Johnson, Phil Mickelson, Bryson DeChambeau, and Patrick Reed \u2014 were among those who joined LIV Golf. Mickelson was reportedly offered $200 million just to play in the league, and Johnson was reportedly offered $150 million to play. Those amounts were simply for participation, and further tournament winnings for LIV golf events made payments to those golfers even larger.<\/p>\n

Critics of golfers and the PGA Tour for getting involved with LIV often cite Saudi Arabia\u2019\u2019s human rights record.<\/p>\n

According to the U.S. Department of State, Saudi Arabia has been accused in recent years of multiple human rights violations, including: unlawful killings; executions for nonviolent offenses; forced disappearances; torture and cases of cruel, inhuman or degrading treatment of prisoners and detainees by government agents; harsh and life-threatening prison conditions; arbitrary arrest and detention; and taking political prisoners or detainees, among other offenses<\/p>\n

Some U.S. lawmakers have accused the current Saudi regime of \u201csportswashing,\u201d which is a term used to define entities using athletic events to improve a tarnished reputation. Saudi Crown Prince Mohammed bin Salman embraced those accusations in a recent interview.<\/p>\n

\u201cWell, if sportswashing is going to increase my GDP by way of 1%, I will continue doing sportswashing.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The most disruptive year in golf history ended in June when the PGA Tour and LIV Golf, which is funded by Saudi Arabia\u2019s sovereign wealth fund, agreed to merge to create a new entity to \u201cunify\u201d golf. But that merger is far from complete and could face delays beyond its Dec. 31 deadline. Many PGA […]<\/p>\n","protected":false},"author":1,"featured_media":69956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-69955","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nPGA Tour and LIV Golf merger could be delayed over antitrust questions, player demands | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The most disruptive year in golf history ended in June when the PGA Tour and LIV Golf, which is funded by Saudi Arabia\u2019s sovereign wealth fund, agreed to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=69955\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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