PGA Tour regarded European Tour Group as ‘borderline distressed asset’

• Legal documents highlight PGA Tour's dismissive view last year
• European Tour Group described as underinvested'

The PGA Tour regarded the European Tour Group as an underinvested and borderline distressed asset" during analysis aimed at facilitating a merger between the parties last year.

Through the proposed deal, the PGA Tour had targeted financial benefit from the Ryder Cup, a competition which is the domain of the ETG and the PGA of America. The merger was projected to cost the PGA Tour between $40m (31.5m) and $60m by way of a reserve fund" over five years.