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Message
Official: LIV golf in the hands of PGA Tour Leaders
Posted on 6/26/23 at 10:21 pm
Posted on 6/26/23 at 10:21 pm
The PGA TOUR - PIF framework agreement that flipped professional golf on its head has been obtained by @TheAthletic with the senate subcommittee hearing looming. We’ve summarized the key points :
— The deal is 6 pages in length
— Future of LIV Golf remains uncertain
— Creation of NewCo as well as a ‘communications committee’
— Scale of PIF’s initial investment is reportedly still being negotiated ($2-3 billion is the rumored figure)
— Valuations of each entity in the new company need to be completed. PGA Tour’s valuation will include all commercial interests, media rights and properties.
— Future of LIV to be determined by NewCo board and PGA TOUR has majority interest
— Review will take into account 1 year of empirical driven data and overseen by Jay Monahan
—Framework says LIV and PGA TOUR will work in good faith to determine ‘a fair and objective process’ for those wanting to return to DPWT and PGA TOUR
— PIF will contribute their golf assets including LIV GOLF plus a cash investment to NewCo
— PIF will gain right of first refusal on sponsorship opportunities
— PIF will become a ‘premier’ corporate sponsor of the PGA TOUR and DPWT
— NewCo structure: Rumayyan will serve as chairman. Monahan as CEO. The executive board will consist of Monahan, al-Rumayyan and PGA Tour board members Jimmy Dunne and Ed Herlihy.
— The deal is 6 pages in length
— Future of LIV Golf remains uncertain
— Creation of NewCo as well as a ‘communications committee’
— Scale of PIF’s initial investment is reportedly still being negotiated ($2-3 billion is the rumored figure)
— Valuations of each entity in the new company need to be completed. PGA Tour’s valuation will include all commercial interests, media rights and properties.
— Future of LIV to be determined by NewCo board and PGA TOUR has majority interest
— Review will take into account 1 year of empirical driven data and overseen by Jay Monahan
—Framework says LIV and PGA TOUR will work in good faith to determine ‘a fair and objective process’ for those wanting to return to DPWT and PGA TOUR
— PIF will contribute their golf assets including LIV GOLF plus a cash investment to NewCo
— PIF will gain right of first refusal on sponsorship opportunities
— PIF will become a ‘premier’ corporate sponsor of the PGA TOUR and DPWT
— NewCo structure: Rumayyan will serve as chairman. Monahan as CEO. The executive board will consist of Monahan, al-Rumayyan and PGA Tour board members Jimmy Dunne and Ed Herlihy.
8
Posted on 6/26/23 at 10:26 pm to lsupride87
I expect anger in here, attacking the messenger, and pure melts
Posted on 6/26/23 at 11:01 pm to lsupride87
quote:
I expect anger in here
Only people angry about this are you and a couple of your other pga obsessed buttbuddies
quote:
attacking the messenger
The messenger is gonna get attacked because he’s a grade A moron not because of the message
quote:
and pure melts
Only one melting is you pal
This post was edited on 6/26/23 at 11:05 pm
Posted on 6/26/23 at 11:05 pm to lsupride87
So PIF becomes:
- The biggest investor (I.e. - owner)
- The biggest corporate sponsor
- The decider of who can and can’t sponsor
- The chairman of the company with the biggest monetary stake
How the frick is this good for the pga tour?
- The biggest investor (I.e. - owner)
- The biggest corporate sponsor
- The decider of who can and can’t sponsor
- The chairman of the company with the biggest monetary stake
How the frick is this good for the pga tour?
Posted on 6/26/23 at 11:14 pm to CFDoc
quote:
How the frick is this good for the pga tour?
quote:
— Future of LIV to be determined by NewCo board and PGA TOUR has majority interest
Posted on 6/26/23 at 11:24 pm to lsupride87
quote:
Future of LIV to be determined by NewCo board
Which is owned by PIF.
Again, how the frick is this good for the PGA tour?
To put in other terms, Monohan just sold the PGA Tour to PIF. How is this a good thing?
This post was edited on 6/26/23 at 11:28 pm
Posted on 6/27/23 at 7:17 am to CFDoc
I mean if the owner/"premier sponsor" wants to keep LIV, I don't see how they get rid of it totally. Maybe they make some changes to format, etc., but you aren't going to piss off the guy with the money.
Posted on 6/27/23 at 7:22 am to CFDoc
When it comes to this merger nothing is certain. The framework is still all we have to look at and it sounds like Congress and the DOJ are going to be taking their time and doing their due diligence to figure out all the anti-trust litigation leading up to now.
When Monahan said publicly that the merger with LIV would take a "competitor off the board" that was a huge no-no. That directly plays into the idea that the new PGA/PIF is a monopoly. Which is what the original antitrust suit was all about. This is going to be one long rectal examination.
When Monahan said publicly that the merger with LIV would take a "competitor off the board" that was a huge no-no. That directly plays into the idea that the new PGA/PIF is a monopoly. Which is what the original antitrust suit was all about. This is going to be one long rectal examination.
Posted on 6/27/23 at 7:25 am to lsupride87
I understand you don’t get how business works, but the people who supply the money get what they want. PIF bailed out the PGA tour financially and retains funding rights in the future.
If and when LIV goes away, it won’t be the PGA Tour’s decision.
If and when LIV goes away, it won’t be the PGA Tour’s decision.
Posted on 6/27/23 at 7:28 am to CFDoc
quote:
How the frick is this good for the pga tour?
No more Pride month bullshite?
Posted on 6/27/23 at 7:46 am to lsupride87
I’ve said from the beginning that it’s looking like LIV becomes the new WGC. I just don’t see them doing away with it
Posted on 6/27/23 at 7:51 am to CoachChappy
quote:just listing the actual factual data from the documents as it’s written and not speculation. Sorry if they make you mad
No more Pride month
This post was edited on 6/27/23 at 7:52 am
Posted on 6/27/23 at 8:02 am to lsupride87
quote:
just listing the actual factual data from the documents as it’s written and not speculation. Sorry if they make you mad
Sorry you’re not getting the reactions you were hoping for. Saudis now own the tour. That’s not a good thing.
Posted on 6/27/23 at 8:04 am to BBONDS25
Nothing like “owning” something where you don’t have control of it
Posted on 6/27/23 at 8:44 am to lsupride87
quote:
Nothing like “owning” something where you don’t have control of it
If there’s one thing the Saudis are known for, it’s not meddling in the affairs of their majority investments. lol
Posted on 6/27/23 at 8:50 am to CFDoc
quote:That kinda is what they are known for with their sports investments actually
If there’s one thing the Saudis are known for, it’s not meddling in the affairs of their majority investments. lol
Posted on 6/27/23 at 8:58 am to lsupride87
Looks to me like the PGA Tour is in charge on paper, but PIF has frick you money and an insane amount of options, rights to refusal, etc.
If you’re the PGA Tour, it’s an, “Okay we “won” and let’s hope for the best” situation, but you better go on and make peace with certain possibilities in case the frick you money shows up one day and says frick you.
If you’re the PGA Tour, it’s an, “Okay we “won” and let’s hope for the best” situation, but you better go on and make peace with certain possibilities in case the frick you money shows up one day and says frick you.
Posted on 6/27/23 at 9:47 am to GooseCreekMafia
quote:That’s what I think. LIV guys will go back to the tours (it’s in the commercial best interest for the best to be playing each other) and LIV will die and be replaced with some global events that may include some LIV like team component.
I’ve said from the beginning that it’s looking like LIV becomes the new WGC
This post was edited on 6/27/23 at 9:49 am
Posted on 6/27/23 at 10:25 am to WDE24
quote:
That’s what I think. LIV guys will go back to the tours (it’s in the commercial best interest for the best to be playing each other) and LIV will die and be replaced with some global events that may include some LIV like team component.
Posted on 6/27/23 at 10:50 am to lsupride87
quote:
That’s what I think. LIV guys will go back to the tours (it’s in the commercial best interest for the best to be playing each other) and LIV will die and be replaced with some global events that may include some LIV like team component.
Why would they go back to the PGA and Euro Tour? The PIF owns the Asian Tour and its expanding into Europe in 2024.
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