LIV Golf a step closer to buying 6% stake in PGA commercial unit
Saudi Arabia's sovereign fund started LIV Golf in 2022 as a rival to the PG, setting off court battles after the new league lured away star golfers
Dustin Johnson tees off during LIV Golf Invitational-DC at Trump National Golf Club in May2023 (Getty Images)
LIV Golf, the upstart league backed by Saudi Arabia’s Public Investment Fund, is generating renewed buzz in its two-year dance with the PGA tour.
The sovereign wealth fund is nearing a deal to acquire a stake of about 6% in PGA Tour Enterprises, which would value the U.S.-based golf league’s commercial arm at $12 billion, Bloomberg reported on Wednesday, citing unnamed sources familiar with the negotiations.
The PIF started LIV Golf in 2022 as a rival to the PGA Tour, setting off court battles after the new league lured away star golfers for contracts worth hundreds of millions of dollars.
The two organizations agreed to a merger deal in 2023, but have since been unable to agree on the terms.
LIV is also considering a possible merger with Europe’s DP World Tour, Bloomberg reported last month.
The two golf leagues already have a strategic alliance on prize money growth and some reciprocal memberships.