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This is part of a case series. This case describes the genesis of the competitive battle and settlement between the PGA TOUR and European Tour, the two main professional golf circuits in the world. Then, it describes the irruption of LIV Golf, a Saudi-backed golf league, which changed the status quo in the industry. The structure of the case is as follows: In part A of the case (March 2020-July 2021), we describe the struggles of the PGA TOUR and the European Tour during the COVID-19 pandemic, how the PGA TOUR leveraged on European Tour's financial need to secure the most favorable terms in the alliance, and the proposal of the Saudi Public Investment Fund to partner with the European Tour. In part B of the case (September 2021-July 2022), we describe European Tour's refusal of the Saudi proposal and the emergence of LIV Golf. In part C of the case (August 2022-June 2023), we describe a dramatic turn of events, whereby the PGA TOUR, which had repudiated the Saudis, reaches an agreement that results in the creation of a 'NewCo' that unites PGA TOUR, European Tour, and the Saudi Public Investment Fund.