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PGA Tour-PIF ‘framework agreement’ creates board that will determine LIV Golf’s future

The agreement between the PGA Tour, Saudi Arabia’s Public Investment Fund and DP World Tour, which merged the three entities and ended litigation between the PGA Tour and LIV Golf, was leaked on Monday.

The leak was first reported by The Athletic.

Before the leak, there was little information about the details of the agreement, which sent shockwaves throughout the sport as some golfers said they were unaware that the PGA Tour and LIV were discussing a deal.

The deal was signed May 30 and establishes the composition of a board for the new venture, which will be controlled by a Tour majority and determine LIV Golf’s future. The new venture is referred to as NewCo in the agreement.

PGA Tour Commissioner Jay Monahan will serve as CEO of the new venture and Public Investment Fund governor Yasir Al-Rumayyan will be the chairman.

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Another stipulation of the agreement is the creation of a communications committee to “help facilitate a smooth business transition” and “coordinate and manage communications” between PIF, LIV and the PGA Tour.

“PIF will contribute their golf-related investments and assets, including LIV, to NewCo along with a cash investment, in exchange for the issuance to PIF of an equity ownership interest in NewCo at a fair value mutually agreed by the parties,” part of the agreement states.

PGA Tour Commissioner Jay Monahan

PGA Tour Commissioner Jay Monahan

The Public Investment Fund will also be “a premier corporate sponsor” with its name being front and center as a title sponsor for at least one “high-profile” event.

According to The Athletic, the six-page document was sent by the PGA Tour to the US Senate Permanent Subcommittee on Investigations (PSI), chaired by Sen. Richard Blumenthal, D-Conn. Monahan, Al-Rumayyan and LIV Golf CEO Greg Norman were invited to testify in a hearing on July 11 in Washington.

This article originally appeared on USA TODAY: PGA Tour, PIF agreement: LIV Golf future to be decided by new board