There are a lot of stories in the media about the government blocking this merger, but is it really a merger in the traditional sense?

Right now, there are 3 companies: PGA Tour, DP World Tour, and LIV Golf.

The announcement was that the majority owners of LIV, the PIF, are forming a brand new company in partnership with officers of the PGA Tour and the DP World Tour. After this is formed, the PGA Tour, DP World Tour, and LIV Golf will continue operations as they have been for the last 18 months with few changes in the make-up of those entities, just transferring some business aspects from PGA and DP to the new company. LIV is 100% unchanged.

Now, if the PGA/DP and LIV agree to allow members to play in the others' events and not to schedule evens against each other, then everyone still exists and no merger has occurred.

Even if LIV decides to one day cease operations, and then the PGA/DP lifts suspensions, that still doesn't constitute a merger, does it, especially if neither the tours nor the new company absorbs any of LIV's assets.

Is there anything in here that's illegal? Is there anything in here where the government can say, "hey, you can't do that." Is there anything stopping the PIF from owning LIV and being an investor in the new company? Would remaining a minority investor in the new company make a difference?

Traditionally, trust busters haven't been able to touch professional sports. Baseball has a bona-fide exemption. Football in theory if not in reality has the same thing. The PGA Tour has been able to fight off several antitrust battles over the years. If there are any barriers to this, I don't think the Feds will be one of them. Thoughts?