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

[Beastie]

Well Rory has been hung out to dry. I just hope that Greg Norman doesn’t have much influence in the new structure

[saevel25]

Edited....

35 minutes ago, DeadMan said:

 

Just saw your post after I posted the same thing, @DeadMan

[PatrickMurtha]

1 minute ago, Beastie said:

Well Rory has been hung out to dry. I just hope that Greg Norman doesn’t have much influence in the new structure

Reminder to Rory that revenge is a dish best served cold, so he might want to hold his fire for now. 

[Elmer]

28 minutes ago, Killa said:

I wonder how all of the “holier than thou” folks will comment on this now. I guess watching golf is off the table all together now. 

I did not like LIV golf due to the backers. I did not like LIV golf because of the format.
If the PGA turns to LIV's format and incorporates more of the TFG, I have no issue watching less.
In reality, I enjoy playing golf. I dont live (no pun intended) to watch golf. Maybe the Majors, with the Masters and British Open taking top honors.

Secondly, when the PGA announcement to players indicates “Execution of the agreement", did anyone else think what I thought?

[Pretzel]

9 minutes ago, imsys0042 said:

Nothing in any of this tells me that the net effect of this is that the new company will try (half heartedly or genuinely who knows?) to make what LIV was doing better and viable and that the PGA basically retains control of everything (if I read the press release right).

You read it dead wrong, actually - per the article:

Quote

Under the terms of the agreement, the Board of Directors of the new entity will oversee and direct all the new entity’s golf-related commercial operations, businesses and investments. The new entity will work to ensure a cohesive schedule of events that will be exciting for fans, sponsors and all stakeholders.  PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf and the DP World Tour. Going forward, PIF will have the exclusive right to further invest in the new entity, including a right of first refusal on any capital that may be invested in the new entity, including into the PGA TOUR, LIV Golf and DP World Tour. The PGA TOUR will appoint a majority of the Board and hold a majority voting interest in the combined entity

PIF (the Saudi investment fund) is the exclusive investor and has exclusive rights to invest more money, including the right to refuse money from other investors. The PGA Tour will appoint a majority of the board that handles commercial operations, but the PGA Tour and DP World Tour will be minority stakeholders in terms of financials and can/will be barred from investing further into the joint entity while PIF is the only one allowed to increase their financial stake.

Edited June 6, 2023 by Pretzel

[Elmer]

3 minutes ago, Beastie said:

Well Rory has been hung out to dry. I just hope that Greg Norman doesn’t have much influence in the new structure

Seriously, he stayed with the PGA. Turned down a 💩ton of money. Only to end up merging. Ooooof!

[klineka]

9 minutes ago, imsys0042 said:

the ugliness is taking the money from SA.  I wonder what triggered the reversal, but it doesn’t sound anywhere near as bad as I thought at first reading.  Only that the LIV sports washing money will be a part of it.  Which I think is dead wrong.  

Isn't that bad enough?

[iacas]

1 hour ago, jxdama said:

If a LIV player wins the  US Open then the PGA will seem to have the  less talented  players. Koepka  may have  made this  possible.

LIV has like four good players and a whole lot of terrible ones. And… THE PGA IS NOT THE PGA TOUR.

1 hour ago, DeadMan said:

There is not a ton of details in that press release, but to me it sounds like the Saudi PIF is going to create and invest a company that owns the PGA Tour, DP World Tour, and LIV. I think the Saudis are buying out the PGA Tour and the DP World Cup. The Saudi PIF is going to own the major professional golf tours. I could be reading that wrong, but I doubt it.

If that's true, gross.

Super gross. I read later a minority stake? So they won't own it, but they are going to have a big say in things.

Gross doesn't begin to describe it. I may be done with the PGA Tour.

Plus, I heard they may be renaming the new entity? So it won't be named "PGA Tour" anymore. Has anyone seen further news there?

40 minutes ago, Killa said:

I wonder how all of the “holier than thou” folks will comment on this now. I guess watching golf is off the table all together now. 

First, it's not "holier than thou." And like who? I'm still disgusted. This sucks.

31 minutes ago, PatrickMurtha said:

So much for the principled stance on sportswashing. 🙄 Just about everyone will now be bending over backwards to say that was never really the issue, money is money in today’s globalized world, etc. 

I’m a very cynical guy, and my cynicism is inadequate to this! 

I won't. Many I know won't.

But Jay already has.

25 minutes ago, saevel25 said:

Jay Monahan is a piece of work (insert other word options).

Yep.

I get that it makes business sense, but there's more to the world than literally just money.

25 minutes ago, saevel25 said:

Yep, let's do that 180-degree flip. It is all good now that I get the perk of running a bigger tour with more power and wealth available to me.

Spot on.

25 minutes ago, saevel25 said:

I will probably watch The US Open (USGA), The Open (R&A), and The Masters (Augusta National). 

I will probably not watch other tournaments. It is up in the air. 

Add the PGA and I'm there with you.

The PGA is not the PGA Tour.

12 minutes ago, snapfade said:

I doubt PGA Tour ticket sales will drop.

Ticket sales are almost irrelevant.

[IceMike]

I dont watch enough golf to really care who owns PGA or unifies it all etc but if it goes ahead then those who remained loyal to PGA are getting screwed and deserve a payout of some kind.

I understood the appeal of a LIV payout to those on a tailend of a career looking to play less and earn but for me it was always going to be a retirement division - regardless of age etc

[snapfade]

6 minutes ago, iacas said:

LIV has like four good players and a whole lot of terrible ones. And… THE PGA IS NOT THE PGA TOUR.

Super gross. I read later a minority stake? So they won't own it, but they are going to have a big say in things.

Gross doesn't begin to describe it. I may be done with the PGA Tour.

Plus, I heard they may be renaming the new entity? So it won't be named "PGA Tour" anymore. Has anyone seen further news there?

First, it's not "holier than thou." And like who? I'm still disgusted. This sucks.

I won't. Many I know won't.

But Jay already has.

Yep.

I get that it makes business sense, but there's more to the world than literally just money.

Spot on.

Add the PGA and I'm there with you.

The PGA is not the PGA Tour.

Ticket sales are almost irrelevant.

In regards to ticket sales not dropping. Its relevant if people that are so opposed to LIV, and a PIF merger and so forth stop going it would effect ticket sales. Would that put a dent in the overall bottom line? Doubtful, but I'd like to see some stats of  on the ticket sales next year. There is that, "I'll never watch a PGA Tour event crowd." So one would assume there is the will not attend group. If enough people stop watching/going to Tour events, it could have a slight impact. But, not going to happen. I will still go to tour events along with everyone else.  

[saevel25]

7 minutes ago, iacas said:

Plus, I heard they may be renaming the new entity? So it won't be named "PGA Tour" anymore. Has anyone seen further news there?

So, the PGA Tour will slap their label on stuff to get their cut, which funds their non-profit. 

8 minutes ago, iacas said:

Add the PGA and I'm there with you.

The PGA is not the PGA Tour.

My bad. 

[imsys0042]

 

3 minutes ago, klineka said:

Isn't that bad enough?

It is.   I think it's disgusting and with PIF acting as such a large investor I won't be watching.   

However I am hopeful that in the long term the source of this funding is not around forever and that the DP and PGA tours retain control of whatever this becomes long term.

[snapfade]

Here's something that got me to thinking, and maybe someone here has a good answer. For the Tour come up with 20mil designated events, were they 1, nervous and wanted to do something to keep players, or 2, knew something was coming down the road and they would get a good return on investment? 

[iacas]

5 minutes ago, imsys0042 said:

However I am hopeful that in the long term the source of this funding is not around forever and that the DP and PGA tours retain control of whatever this becomes long term.

It's going to stick around.

Woof.

Is Jay Monahan the PGA Tour commissioner (or whatever this new super league is called) on June 6, 2024?

[billchao]

I guess valuing integrity only applies to golfers playing by the rules and not to the people running the organization.

[mcanadiens]

23 minutes ago, Pretzel said:

PIF (the Saudi investment fund) is the exclusive investor and has exclusive rights to invest more money, including the right to refuse money from other investors.

That's probably the most significant thing there. 

[PatrickMurtha]

Oddly enough, I don’t feel angry, actually kind of amused, although I do feel the sudden need for a long shower.

Really, it was to be expected. “Money talks, shit walks.”

This is why I’m only 5% as interested in sports as I was when I was 25 - and that 5% has been directed to (a) golf (until now), (b) minor league baseball, and (c) sports (mainly baseball) history. The big organizations - Olympics, World Cup, MLB, NFL, etc - became too corrupt and big-money-oriented for me, and mostly that happened quite a long while ago. It’s not that I’m so holy, it’s that if I want business news and political news and crime news, I’ll go to those sections of the paper, OK? The actual SPORTS are almost an afterthought. 

Also, as I have said in relation to other things, from now on everyone is going to have to go to law school just to be able to understand the news every day. 

Edited June 6, 2023 by PatrickMurtha

[Elmer]

4 minutes ago, billchao said:

I guess valuing integrity only applies to golfers playing by the rules and not to the people running the organization.

PGA to golfers-"dont take that money or your dead to us"
PGA to PIF (the Saudi investment fund)- "we will take that money, just leave it on the night stand"