Saudi-backed LIV Golf League, PGA Tour and the Public Investigation Fund of Saudi Arabia officially agreed to end their lawsuits and countersuits among all the parties on Friday night. The news came during the second round of the U.S. Open, and a few days after the PGA Tour Commissioner Jay Monahan in an interview explained how the parties decided to pursue a new entity in golf.
According to the Associated Press, the PGA Tour sent a notice to players that said, "Pursuant to the Framework Agreement announced last week, documents have now been filed with the court bringing a formal end to all pending litigation between the PGA Tour, PIF and LIV Golf."
As per an American daily, Wall Street Journal, the tour executives told the staff legal fees were closing in on $50 million, and all sides will be responsible for their legal fees. Meanwhile, the motion to dismiss was filled with prejudice, which means neither LIV’s antitrust case against the PGA Tour nor the Tour’s countersuit would be able to be reopened in future. The lawsuit claimed that the PGA Tour has used monopoly power to squash competition. The Tour won an early court decision when a federal judge denied a restraining order that would have let the three LIV players take part in the tour.
The proposed combined entity will see Yasir Al-Rumayyan serve as the chairman, who is currently the governor of PIF. Not only this, but it will have Mohanan as the CEO. The PGA Tour will appoint a majority of the board holding a majority voting interest.