A filing describing the merger of the PGA Tour with Saudi-backed LIV Golf shows the deal’s broad outlines, but also how much of the biggest union in golf history still needs to be worked out.
The five-page provisional agreement, filed to U.S. lawmakers and reviewed by Bloomberg News, was provided ahead of a July 11 hearing by a Senate panel investigating the merger. It discloses new details about the understanding between the two golf circuits, its leadership structure, and a potential path for LIV golfers who can’t play at any PGA Tour tournaments to return to the U.S.-based tour next year.
But the framework leaves out fundamental financial provisions of the merger, as they seek to value their respective assets. That includes the precise valuation of the assets, the amount the Saudi fund will invest, how players will be compensated and any changes to deals and commercial rights of brands and others that do business with the pro golf leagues.