LIV Golf (Saudi PIF), "Mergers," and More

[nevets88]

Senate hearing in about a month.

PGA Tour officials to testify before Senate subcommittee

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The proposed plan to merge the PGA Tour and Saudi-backed LIV Golf sent shockwaves across the golf world earlier this month.

No changes to RC according to Luke Donald.

LIV Golf stars told "nothing has changed" with Ryder Cup after PGA Tour merger - Mirror Online

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European captain Luke Donald has provide an update of player eligibility on the back of the proposed merger between the PGA Tour, DP World Tour and LIV Golf

Quote

The IRS “could initiate an examination if they wanted to. They could ask for contracts and anything associated with the deal,” said Chris Anderson, a nonprofit tax specialist for Cleveland-based firm Maloney + Novotny.

It is not uncommon, Anderson said, for a nonprofit organization to be closely aligned with a for-profit venture.

“The bigger the organizations are, the more sophisticated they are. ... When you look at colleges and universities — Harvard, Princeton — you’ll find a ton of for-profit subsidiaries,” he said. “It’s the nature of the beast.”

But with so many unanswered questions about what the PGA Tour-Saudi beast will look like, the IRS certainly could have questions.

“Being a 501(c)(6) is supposed to be a trade association or business league that promotes an industry in general, something that does things for the good of the industry and the good of the public,” Anderson said. “I’m not saying they aren’t, but that argument kind of breaks down when you’re talking about professional athletes and professional competition.”

https://www.washingtonpost.com/sports/2023/06/22/pga-tour-nonprofit-saudi-liv/

[snapfade]

The High Flyers hat and polo are sold out on the Liv site. I guess people are snapping them up before they have to change their logo. That is unless they win against the footwear company. I just can't get into the whole team names. It's like a golf game app in real life. 

[Elmer]

46 minutes ago, snapfade said:

I just can't get into the whole team names.

I do not understand the team names, or the need for teams for that matter,

I just think it is dumb, and will not compel me to watch.

[StuM]

13 minutes ago, Elmer said:

I do not understand the team names, or the need for teams for that matter,

I just think it is dumb, and will not compel me to watch.

I get "Teams" for College, High School and the Ryder Cup/President's Cup but not a season long golf team event.  I've not paid a lot of attention to the LIV Format and knowing they have teams has not encouraged me to learn how they work.  To me a team has some type of "Bond" to hold it together.  Professional Sport Teams represent a geographic area and I can't seem to grasp why I would root for one LIV Golf team over another.

[StuM]

It sounds like the media is confused on "PGA" vs "PGA Tour".   Waugh tells them "Look, this is not our news story".

'I Don't Think It Is A Merger' - PGA Of America Boss On PGA Tour-PIF Deal

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PGA of America CEO Seth Waugh does not think the "handshake" between the PGA Tour and Saudi PIF is a merger deal

 

 

[turtleback]

I hope one of the Senators asks Monahan if he gets any money beyond his regular salary for 'facilitating' this deal.

[Elmer]

1 hour ago, StuM said:

I get "Teams" for College, High School and the Ryder Cup/President's Cup but not a season long golf team event.  I've not paid a lot of attention to the LIV Format and knowing they have teams has not encouraged me to learn how they work.  To me a team has some type of "Bond" to hold it together.  Professional Sport Teams represent a geographic area and I can't seem to grasp why I would root for one LIV Golf team over another.

Your absolutely spot on.

College, High School and the Ryder Cup/President's Cup turn golf into a team sport.
My golf league utilizes teams for end of year tournaments. This allows for more golfers to potentially be eligible for prizes, usually tees and balls.
But the teams are determined by blind draw so beyond calling names for prizes there is no rooting stake.

I feel the same way about LIV teams. Why shoudl I root for a team with a dumb name, comprised of random golfers with nothing in common, except golf?

[nevets88]

Quote

Voting interest is dictated by board representation, which means the Tour will be expected to maintain a majority representation on the board. At the moment, only four figures have been appointed to it: Al-Rumayyan, Monahan and the two independent directors from the Tour Policy board, Ed Herlihy and Jimmy Dunne. 

Those four figures were all heavily involved in the initial agreement and will make up the initial executive committee of the NewCo board, with other additions to the board requiring approval from both the PIF and the Tour. It is unclear how many board members there will be but it is expected that the DP World Tour will be represented. According to the source, it is spelled out within the agreement that increased investment from the PIF — in addition to its first right of refusal on outside investment — will not give it a controlling voting interest. In other words, the PIF cannot buy greater control of the Tour. Future operations of NewCo will be dictated by the board, with recommendation from Monahan.

How the new PGA Tour-Saudi PIF deal ensures Tour will maintain control

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The PGA Tour's planned deal with the Saudi Arabian Public Investment Fund has safeguards for the Tour to keep control. Here's a closer look.

 

[iacas]

https://int.nyt.com/data/documenttools/framework-agreement/e6d16d2b509ae1fa/full.pdf

The full PDF of the Framework Agreement.

[Vinsk]

So, what becomes of ole Sharky boy? 😃

[boogielicious]

6 hours ago, Vinsk said:

So, what becomes of ole Sharky boy? 😃

He works here now.

 

[snapfade]

Well he has been called to testify. I see him eventually getting swept under the rug.  

[Rick Graham]

Let the LIV players play 5 events on pga tour other than majors, then have a system where pga tour players get to go after big money on LIV tour.

Say, 5-8 players ranked 50-125 on pga tour $ list will have a chance for big money on liv tour each tournament.

I also think the liv tour should evolve into a world golf tour with the best international players playing all over the globe.

[iacas]

27 minutes ago, Rick Graham said:

Let the LIV players play 5 events on pga tour other than majors, then have a system where pga tour players get to go after big money on LIV tour.

Say, 5-8 players ranked 50-125 on pga tour $ list will have a chance for big money on liv tour each tournament.

I also think the liv tour should evolve into a world golf tour with the best international players playing all over the globe.

There's likely not going to be a LIV Tour after this year. It's a money pit.

[snapfade]

Tiger finally chimed in.

 

Edited July 3, 2023 by snapfade

[Vinsk]

I’m sure Brooks thinks this is just waaaay cool! FFS. Just embarrassing.

Edited July 8, 2023 by Vinsk

[iacas]

Oy. Flash mobs stopped being a thing like ten years ago.

[Vinsk]

5 minutes ago, iacas said:

Oy. Flash mobs stopped being a thing like ten years ago.

Yeah…and so did the song 😁