LIV Golf boss didn't know about PGA Tour merger

It was only just before the televised announcement that LIV Golf CEO Greg Norman was informed that the company he runs was merging with the PGA Tour.

Norman received the news by phone from Yasir Al-Rumayyan, chairman of the Saudi Public Investment Fund (PIF). The PIF is a major shareholder, holding 93% of the shares in the company that operates LIV Golf League. This economic organization is managing a net asset of up to 650 billion USD, estimating 2 billion USD for LIV Golf League by the end of 2023.

"I called Greg right before this interview because he's our partner," Al-Rumayyan told CNBC . The PIF chief appeared on US television alongside PGA Tour Special Envoy Jay Monahan to provide more details about the merger that shocked the international golf world.

Norman was not mentioned in the full statement released on June 6. According to Golf Channel , Monahan said there have been four face-to-face negotiations with Al-Rumayyan in the past seven weeks.

Norman was not involved in the merger negotiations between LIV Golf and the PGA Tour. Photo: AP

Norman holds the CEO position at LIV Golf, but is third in line for power, with Al-Rumayyan making the final decision, while Majed Al Sorour holds the second position. LIV Golf launched the LIV Golf League in June 2022. Al Sorour served as CEO throughout the inaugural season, stepping down earlier this year, but still holds a seat on the board.

Under the merger agreement, LIV Golf, the PGA Tour and its ally DP World Tour will form a joint venture that will combine the three companies’ commercial operations. Al-Rumayyan will serve as chairman of the board of directors of the joint company, while Monahan—the PGA Tour’s most powerful figure—will serve as CEO.

Initially, PIF will be the sole investor and will have veto power over the admission of additional shareholders or capital into the PGA Tour, DP World Tour and LIV Golf League. In terms of reciprocal authority, PGA Tour will appoint the majority of the Board of Directors and hold the controlling vote in all joint venture operations.

When the PGA Tour joined hands with the LIV Golf League, the two sides also ended their unfair competition lawsuits in US courts. This legal conflict broke out in August 2022 after a series of PGA Tour stars went to compete in the LIV Golf League and were banned from returning to the top US golf arena. However, with the newly established friendly relationship, the so-called "defector" group has a chance to return to the PGA Tour from next year. This is a big surprise in the international golf world, when last week, the PGA Tour still denied that possibility.

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