The PGA Tour defended its proposed deal with LIV Golf, while its board goes through a shakeup with the resignation of former AT&T chief Randall Stephenson.
of the proposed deal shows it would create a for-profit subsidiary of the PGA Tour, and the new entity would manage commercial assets for all the tours. The PGA Tour would manage competitions.
Negotiations are still ongoing and the framework ends litigation between the two entities. Price contended that due to the confidential nature of the deal, "much of the initial reaction has been negative, colored by misinformation or misunderstanding." Price defended the framework agreement so far as a favorable outcome not only for the tour, but also for professional golf as a whole.
Price also contended the deal "is not a merger." He wrote that the tour would remain intact, and that the newly formed subsidiary will include PIF as a non-controlling, minority investor, as it is in "many other American businesses." The majority of the board that leads the PGA Tour Enterprises will be appointed by the tour and run by Monahan.
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