While merging the tours is complex and not everyone can be made happy, the following is a possible way to combine the PGA Tour and LIV Golf, capturing the best of both tours. We believe that it is better for the fans and the players and will maximize value for all.
The Public Investment Fund exchanges LIV, LIV Team Ownership and Cash for a stake in PGA Tour Enterprises.
PGA Teams, a division of Enterprises, holds 4 US and 8 International Team Events. Participants have to be over 38 years old and have 10 years on the tour to qualify.
Golfers under 38 with less than 10 years can own part of a team. Team owners under 38, who choose to can play in only one US Event and 2 International events.
PGA Enterprises can grant partial team ownership to anyone who stayed with the Tour. Prior LIV players who qualify could stay on Teams, but any prior LIV golfer who wants ownership has to buy it.
All LIV Golfers are reinstated on the PGA Tour but have to earn status (sponsor exemptions, Monday qualify.). Teams-qualified Golfers can play in Individual events if they have status.
PGA Teams would not have an individual component. The tournament purse is allocated based on finish and split between the players in the event and the team. There would be a year end championship.
The Public Investment Fund has already indicated an interest in investing in PGA Enterprises. They have funds to invest and they own LIV Golf and 75% of each of the 13 teams. Assigning a random, but defendable valuation of $125 million per team. Their 75% stake in all 13 teams would be worth approximately $1.2 Billion. In this plan they would contribute the team ownership that they have, the league and an additional $1.2 Billion of cash in exchange for a large, minority stake in PGA Enterprises, approximately $2.5 Billion of ownership in an arguably $7 to $9 Billion organization. PIF gets a Board seat on Enterprises, but no influence over the PGA Tour. LIV Golf becomes PGA Teams, a Division of PGA Enterprises.
PGA Teams would sponsor, structure and manage 4 US and 8 International team golf events consisting of 13, 4 (or more)-man teams, in 54 hole events with all competitors on the course at or near the same time. But, the LIV teams would not merely be absorbed as they are because there would be a new requirement that to play on a PGA Teams squad, a golfer has to be 38 years old or older and have 10 years of prior PGA Tour membership. (I.E, DJ qualifies, but Bryson does not. Sergio qualifies, but Rahm does not. Phil qualifies, but Brooks does not).
Except that PGA Enterprises would allow any golfers of any age to OWN part of a team, and the PGA Tour would permit a team "owner" who does not otherwise qualify, to be a player substitute on his team, in one US event and two international events (if he wants to). PGA Teams generating success leads to wealth creation for all team owners. (Anybody want to sponsor the team where Scottie, Jordan and JT have ownership, that puts Billy Horschel, Matt Kucher, Charlie Hoffman and Ryan Palmer on the course?)
PGA Enterprises would control PGA Teams and could reward those golfers who did not leave the PGA Tour with an ownership share of a PGA Teams squad. (Rory gets 20% and Shane gets 8% of the Majesticks.). Any LIV team where the captain and at least one other member qualify would be absorbed by PGA Teams, with any non-qualifying member being replaced with a golfer who is at least 38, with 10 years of PGA Tour membership and who wants to participate in team events. (Zack Johnson joins 4Aces...). A LIV Golf team captain who qualifies could retain his captaincy. Those who do not qualify would have to relinquish the position. Previous LIV Team owners (like Rahm and Bryson) could convert LIV Team ownership into PGA Teams ownership by paying a transfer fee equal to his share at the PGA Teams valuation. Non-PGA Teams qualifying, prior LIV Team members who seek to be owners would have to buy in. (They would have to give back some of the LIV money.)
All LIV golfers who were PGA Tour members would be reinstated and eligible to play in PGA Tour events but entry into events, especially elevated events, would have to be earned. Those lacking ranking and status who want to play in a PGA Tour event would have to obtain a sponsors exemption or Monday qualify. Any LIV golfer who was not a PGA Tour member would have to earn a Tour card. Until they are 38 with at least 10 years of PGA Tour membership, golfers would be forced to focus on PGA Tour events (except for the three PGA Teams events they are excused to play with their respective team.)
PGA Teams would reward those golfers who have given much to the Tour and deserve a less stressful downhill stroll in their career. However, a PGA Teams member can also keep his tour card and if he wants to play and qualifies to play in a PGA Tour event, he can. (Adam Scott can play in 12 Teams events for the Rippers and play in 7 PGA Tour events to earn individual honors and FedX Cup points.)
PGA Team events would not have an individual winner component. The entire PGA Team purse would be split among the 13 teams in order of finish. The share of the purse earned by each team in each event would be split 60% to the golfers on the team and 40% to the team to be distributed to team owners at year end, except that any non-qualifying participant’s share would go 100% to the team. At the end of each season, PGA Teams would have a three round championship from the top 6 teams with the top two teams earning a first round bye into semi-final match. The winner of this “ryder cup-like’ format event would be the champion team of the year.
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