{"id":69288,"date":"2023-06-10T21:04:44","date_gmt":"2023-06-11T01:04:44","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/pga-commissioner-jay-monahan-said-tour-couldnt-compete-with-saudi-funds-which-led-to-liv-merger-report-69288"},"modified":"2023-06-10T21:04:44","modified_gmt":"2023-06-11T01:04:44","slug":"pga-commissioner-jay-monahan-said-tour-couldnt-compete-with-saudi-funds-which-led-to-liv-merger-report","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/pga-commissioner-jay-monahan-said-tour-couldnt-compete-with-saudi-funds-which-led-to-liv-merger-report-69288","title":{"rendered":"PGA Commissioner Jay Monahan said tour couldn’t compete with Saudi funds, which led to LIV merger: report"},"content":{"rendered":"
\n

The merger between the PGA Tour and LIV Golf<\/a> shocked the sports world earlier this week, but Jay Monahan apparently has his reasons for agreeing to it.<\/p>\n

According to the Wall Street Journal, Monahan told employees the tour<\/a> could not continue to compete with the Saudi Arabian Public Investment Fund (PIF), which boasts an estimated $620 billion.<\/p>\n

The PGA had already racked up $50 million in legal fees and earmarked another $100 million for higher purses in its tournaments, according to the report<\/a>.<\/p>\n

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM<\/strong><\/a><\/p>\n

“We cannot compete with a foreign government with unlimited money,” Monahan reportedly told employees. “This was the time. \u2026 We waited to be in the strongest possible position to get this deal in place.”<\/p>\n

The merger ends all pending litigation involving the PGA, LIV and DP World Tour.<\/p>\n

Despite the PGA’s superstars remaining loyal to the tour, though, Monahan not only merged with the PGA’s former rival, he said in a memo to his players that the PIF will be “contributing \u2026 a significant financial investment<\/u><\/a>” in the deal.<\/p>\n

“The new agreement will merge the PIF\u2019s golf-related businesses, which include LIV Golf, with that of the PGA Tour and the DP World Tour into a “\u200b\u200bnew, collectively owned, for-profit entity to ensure that all stakeholders benefit from a model that delivers maximum excitement and competition among the game\u2019s best players,” Monahan said in a press release earlier this week.<\/p>\n

The move seems to conflict with a video that recently resurfaced<\/a> of Monahan using the Sept. 11 terrorist attacks as a reason PGA members should not have jumped ship.<\/p>\n

GOLFERS WHO TURNED DOWN LIV, STAYED WITH PGA TOUR COULD GET EQUITY IN NEW VENTURE<\/strong><\/a><\/p>\n

“Well, I talked to players, I talked at a player meeting. And I’ve talked to a number of players individually for a long period of time,” Monahan said at last year’s RBC Canadian Open. “And I think you’d have to be living under a rock to not know that there are significant implications.\u00a0<\/p>\n

“And as it relates to the families of 9\/11, I have two families that are close to me that lost loved ones. So, my heart goes out to them. And I would ask any player that has left or any player that would ever consider leaving: Have you ever had to apologize for being a member of the PGA Tour?”<\/p>\n

Monahan also said in September he did not expect a truce with LIV.<\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/sports\/pga-commissioner-jay-monahan-said-tour-couldnt-compete-saudi-funds-which-led-liv-merge-report <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The merger between the PGA Tour and LIV Golf shocked the sports world earlier this week, but Jay Monahan apparently has his reasons for agreeing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[16563],"tags":[],"stock_ticker":[],"class_list":["post-69288","post","type-post","status-publish","format-standard","hentry","category-market-news","entry"],"acf":[],"yoast_head":"\nPGA Commissioner Jay Monahan said tour couldn't compete with Saudi funds, which led to LIV merger: report - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/pga-commissioner-jay-monahan-said-tour-couldnt-compete-with-saudi-funds-which-led-to-liv-merger-report-69288\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PGA Commissioner Jay Monahan said tour couldn't compete with Saudi funds, which led to LIV merger: report - 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