Today marks one year since the PGA Tour and Saudi Arabia’s Public Investment Fund entered into a framework agreement that stunned the golf world.
It was a jarring development that blindsided most of golf’s key stakeholders. The sight of Tour Commissioner Jay Monahan sitting next to PIF Governor Yasir Al-Rumayyan during a TV hit for CNBC felt like a fever dream.
Immediately, grand conclusions and rash generalizations were being made—and justifiably so, given that a partnership between these bitter rivals seemed inconceivable.
“The Saudis own professional golf now,” thousands posted on social media.
The framework agreement, which was erroneously touted as a “merger” during the initial rollout, promised a reunification of the professional game. LIV Golf, which is bankrolled by the PIF, appeared destined to dissolve, as most concluded the game’s best would reunite in one place that already enjoyed infrastructure and corporate sponsorship stability. The original framework agreement said that an “empirical data-driven evaluation” would be conducted to determine LIV’s future and that Monahan “will determine the ongoing plan and strategy.”