The PGA Tour, DP World Tour and LIV Golf agreed to merge into a single, for-profit entity, the golf conglomerate announced Tuesday.
A transformation of professional golf is the likely outcome given the stakes and personalities involved.
The agreement puts an end to the pending litigation between the legacy tours and the Saudi-backed LIV league that would have gone to court in California next year, and it caps off a saga that caused turmoil in the sport for close to two years.
Saudi Arabia's Public Investment Fund -- which provided LIV with enough money to make star players massive guaranteed offers and pay record tournament purses to lure them away from the PGA Tour -- will make a capital investment into the combined entity as part of the agreement.
PIF governor Yasir Al-Rumayyan will be the chairman of the new entity, and PGA Tour commissioner Jay Monahan will be its CEO. The PGA Tour will appoint a majority of a new board of directors and hold the majori...