The drama surrounding golf is tailor-made for the latest chapter. For years the sport had been quietly suffering, as younger generations applied more leisure time to screens, and a movement into U.S. cities drew the next generation away from suburbs. The political zeitgeist moved against the sport, too. Golf was often played at country clubs, and they were exclusive.
Covid-19 started to reverse the negative golf trend, but still some big American stars were motivated to look elsewhere to monetize their years of success that were going underappreciated. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP.
The unnamed for-profit entity combines the licensing and marketing deals for the PGA, DTP and LIV Golf and will be collectively owned by the three groups. The PGA, which will remain a non-profit, will have a majority stake in the enterprise. PIF, meanwhile, will initially be the exclusive investor pouringinto the new establishment.
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