On June 6, 2023, the three established professional golf entities—PGA Tour (PGA), DP World Tour and the Public Investment Fund (PIF)—announced a “landmark agreement” “to unify the game of golf, on a global basis. The parties have signed an agreement that combines PIF, PGA Tour and DP World Tour into a new, collectively owned, for-profit entity to ensure that all stakeholders benefit from a model that delivers maximum excitement and competition among the game’s best players.”

While the announcement was light on detail and the agreement has yet to be finalized, the language suggests a merger among all three golf entities. For the purposes of antitrust analysis, we will assume that a triple merger is intended.

Antitrust Blueprint: LIV’s Case Against PGA