The combination of the PGA Tour and rival LIV circuit is the world's oddest merger, involving a nonprofit, Saudi Arabia's sovereign wealth fund and a deal contract that has no agreed price. Here is how it will work, according to people familiar with the details.The two golf tournament organizers agreed to the merger without pinning down financial terms, in a bid to end a long-running legal dispute.
PGA Tour and LIV have now signed a framework agreement that calls for investment banks M Klein & Co and Allen & Co to carry out a valuation analysis of the assets of LIV and PGA Tour, respectively. It is not clear how the two sides would proceed if disagreements arise over the valuations.A new company will be created that will be majority-owned by the existing PGA Tour, which is a nonprofit.
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