PGA Tour and LIV Golf: History, Financing, Valuation and Prospects

Between June 2022 and June 2023, two gold leagues, one open (PGA Tour) and the other closed (LIV Golf) – which have now merged (merger on 6 June 2023) – coexisted on a world level. The purpose of this article is to analyze this situation and the resulting perspectives. The comparison focuses on three of the economic cornerstones of these two leagues. First, their historical origins: organization and participants. Secondly, economic and financial aspects: financing and remuneration of the operators. Finally, the business models that were chosen and therefore the conditions under which value was created, transmitted and then “captured” in return in both leagues. The final section presents the terms of the agreement that led to the merger, and looks at the future prospects for professional golf.