Will PGA-LIV-DP Tour Merger be a Lengthy Proccess like Washington Commanders Sale?
The golfing landscape is on the brink of significant change as the PGA Tour, LIV Golf, and the DP Tour begin their journey toward an impactful merger. However, the road to this new partnership is long, with the timeline and details still under discussion.
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Drawing from history in corporate practice, the process from term sheet to finalizing a purchase agreement is far from swift. Take, for example, the ongoing Washington Commanders sale, a topic we’ve previously discussed. Despite months passing since Josh Harris was identified as the buyer, the finer points of the agreement are still under negotiation, and NFL approvals are pending.
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Given the magnitude of this golf merger, we can expect a similar, if not lengthier, timeline. The powers of golf are changing hands and consolidating into a newly formed entity, making for a complex and intricate process. This merger impacts many lives, and the complexities extend beyond the players and administrators.
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Consider, for example, the assignment clause or a consent clause. Any investment involving the LIV or the PGA may necessitate consultation with each sponsor, requiring their consent to remain on board in light of the new ownership structure. The devil, as they say, truly is in the details.
The shock and awe of this announcement are certainly understandable. In sports history, we’ve seen mergers occur after conflicts between upstart leagues and incumbents, such as the American Basketball Association, the USFL, and the World Hockey Association. However, this situation in golf is unprecedented.
A key point to note is the sudden shift in stance from PGA Commissioner Jay Monahan, who previously condemned LIV and the Public Investment Fund but is now openly doing business with them. This change should have been communicated carefully, with advanced notice given to key players like Tiger Woods instead of the shocking revelations on Twitter, as we saw with Collin Morikawa.
I love finding out morning news on Twitter
— Collin Morikawa (@collin_morikawa) June 6, 2023
This is a delicate deal involving substantial sums of money. Some players stand to gain immensely, while others may not. The process deserved a gentle and nuanced approach instead of abruptly ripping the band-aid off. As we try to make sense of these developments, we wait and watch as the future of golf unfolds.
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