PGA Tour pros that remained loyal to the circuit will be the only players receiving equity shares under a new for-profit company that was finalised with Saudi PIF this week, confirms ESPN.
Jimmy Dunne, the PGA Tour policy board member primarily responsible for sorting out the new merger, told ESPN all current PGA Tour members will receive equity in the new enterprise based on an undisclosed formula.
Those on LIV Golf will get nothing.
Earlier this week, shock news emerged that the PGA Tour and DP World Tour were merging with Saudi PIF, which currently bankrolls the LIV Golf League.
But under the new for-profit company that will soon be formed, those players who left the PGA Tour for LIV Golf such as Phil Mickelson, Dustin Johnson, Brooks Koepka, Bryson DeChambeau and Cameron Smith, will not be entitled to the same opportunities as those that remained loyal.
Dunne revealed all in an exclusive interview with ESPN on Friday:
Dunne, who helped broker the shock merger between the PGA Tour, DP World Tour and LIV Golf, also told ESPN that current PGA Tour commissioner Jay Monahan will be in full control of LIV under the new agreement.
According to ESPN, Monahan will soon serve as CEO of the new entity with Saudi PIF governor Yasir Al-Rumayyan operating as the chairman.
Al-Rummayyan has a number of other roles in the world of sport, one of which includes acting as Newcastle United FC chairman.
Reports suggest Monahan is going to wait until the current LIV Golf season concludes in November before making any decisions on the future of the LIV Golf League.
There are seven more events left to play on the LIV Golf League this season.
Dunne told ESPN:
ESPN also reports how punishment for LIV players attempting a return to the PGA Tour will be considered on a case-by-case basis.
The report confirms the 11 LIV Golf players who sued the PGA Tour in federal court last year may also receive stronger penalties than other players.