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Explainer: Hole in one: How PGA Tour and LIV Golf's merger is set up

  • 📰 Reuters
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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.

seeking punitive damages against the PGA Tour for its "tortious interference" with contracts with golfers. PGA Tour had countersued, making similar claims.

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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