PGA Tour’s Unexpected Financial Move Sends Bryson DeChambeau & Co. a Reality Check as Merger With PIF Sees No Light

It has been some 719 odd days since the Framework Agreement was announced. The expectation was that the PGA Tour must reunify the sport it didn’t fracture, and its members must make concessions to simplify the return of LIV players. But take Scottie Scheffler as an example, who disagreed with that sentiment. “If you wanna figure out what’s going to happen to the game of golf, go to the other tour and ask those guys.” After all, didn’t they leave on their own accord?

However, what LIV players may not have as much agency as Scheffler thinks, and what Yasir Al-Rumayyan (chief of Saudi Arabia’s PIF) wants is unclear. He hasn’t spoken to the Tour after meeting at the White House, which happened in February. But what we do know is that the reunification will have to stand on three cornerstones: Money, product, and players. So, let us get into each aspect.

1. Money: Remember the PGA Tour’s partnership with SSG Group? The PGA Tour secured a $3 billion investment from Strategic Sports Group, led by Fenway Sports Group. This partnership will provide nearly 200 players with access to over $1.5 billion as equity owners in PGA Tour Enterprises. The shocking part? According to Golf Week, while the Tour plans to distribute $1.5 billion in performance-based incentives to loyal players over the next five years, it hasn’t used the other half of the investment.

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Any potential deal between the PIF and the PGA Tour would likely focus on financial interests, despite claims of unity and a shared vision. The Tour currently does not need this conditional investment, as it has not yet used any of the $1.5 billion it received from SSG 16 months ago. Perhaps this also served as the reason when the Tour, in April, rejected the PIF $1.5B investment offer. Well, there goes the one point PIF was leading on. Unfortunately, many other factors prove the Tour can make do without a merger.

2. Product: There doesn’t seem to be much that LIV can offer PGA in terms of market scale to exploit. How about the most recent TV ratings? LIV Golf’s ratings for the Korea event from May 2–4 fell significantly short of those for the CJ Cup Byron Nelson. The event attracted 30,000 viewers on Friday, 59,000 on Saturday, and 48,000 on Sunday, while the final round of the CJ Cup drew 2.918 million viewers. On the final day, LIV Golf was outperformed by over 60 times, highlighting its struggle to connect with the average golf fan despite its claims of being the future of the sport.

The PGA Tour is performing well in regard to sponsors as well. Despite the ongoing feud with LIV Golf, the PGA Tour maintains strong sponsor confidence, as evidenced by Commissioner Jay Monahan’s announcement of 14 sponsorship deals worth $400 million signed in the last quarter.

This marks a 143% increase over 2024, bringing total sponsorship commitments to $4 billion over the next 10 years. However, the ball isn’t entirely in the PGA Tour’s court. There’s one thing working in LIV Golf’s favor—its players.

#3: The PGA Tour might want some of LIV’s players, but not all!

LIV Golf can capitalize on the strong performances of its players in major championships as a significant advantage in its competition with the PGA Tour. While the PGA Tour remains confident and has seen recent increases in viewership, LIV golfers such as Bryson DeChambeau and Jon Rahm consistently perform well in majors, with DeChambeau finishing in the top ranks in five of the last six majors and winning the U.S. Open. Brooks Koepka, despite not winning a major recently, claimed victory at Oak Hill just two years ago, highlighting the competitiveness of LIV players.

This success challenges the PGA Tour’s narrative that LIV golfers struggle in major events, as they continue to prove their elite capabilities. The PGA Tour has historically relied on access to major championships to retain players, but this advantage is diminishing. This year, three major championships have established explicit or de facto exemption categories for LIV competitors, and LIV’s new CEO is actively seeking recognition from the Official World Golf Ranking, which could further enhance their players’ access to majors.

While the PGA Tour may not want all of the LIV players, names like Patrick Reed or Sergio Garcia could bring in a lot of entertainment and commercial value. Though the rest of the LIV roster might not be as intriguing, they may find the DP World Tour another option to take their talents to.

As long as LIV golfers remain competitive and prominent on major leaderboards, the PGA Tour will face significant challenges in dismissing the Saudi-backed circuit. Maybe the LIV Golf is not strong, however, it is likely here to stay for a very long time. Sometimes, as fans say, the off-course actions between these circuits and their players sometimes seem entertaining!