The merger is still on-going. After it was announced this summer that the Saudis were going to invest in the tour, a lot of PE firms were like “huh, we didn’t even know you were open for outside investment”.
The deadline for the tour and PIF is the end of the year, but no one knows if that deadline will be extended or if there will be multiple partners (PE, PIF, or some combination) that will be making an investment.
Consensus seems to be the PIF will have an investment so LIV and the tour can live in harmony along with a PE group like the Fenway people, because they will help the tour’s success from the sports side.