Why Acushnet Holdings (GOLF) Stock Is Popping Today - Acushnet Hldgs (NYSE:GOLF)

Acushnet Holdings Corp GOLF shares are trading higher by 5.00% Tuesday following the announcement of PGA Tour merger with LIV Golf.
Today, PGA Tour, DP World Tour (or the European PGA Tour) and LIV Golf signed a merger agreement for an undisclosed term.
LIV Golf is backed by the Saudi Arabia Public Investment Fund (PIF), controlled by the Saudi crown prince.
With the acquisition, all entities decided to end all pending litigation between them.
All organizations will work together to set a fair and objective process for players who want to re-apply for PGA or DP World Tour membership after completing the 2023 season.
PIF will invest new capital into the new, yet-to-be-named company, which is expected to boost commercial businesses, drive increased fan engagement and accelerate growth initiatives.
“This transformational partnership recognizes the immeasurable strength of the PGA TOUR’s history, legacy and pro-competitive model and combines with it the DP World Tour and LIV – including the team golf concept – to create an organization that will benefit golf’s players, commercial and charitable partners and fans.” said PGA TOUR Commissioner Jay Monahan.
The Board of Directors of the new entity will include PIF Governor Yasir Al-Rumayyan as Chairman and Jay Monahan as Chief Executive Officer.
In the future, the PGA Tour will appoint a majority of the Board and hold a majority voting interest in the combined entity.
Price Action: GOLF shares are up 5.19% at $49.04 pn the last check Tuesday.
Photo by Tyler Hendy via Pexels

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Why Acushnet Holdings Stock Is Popping Today