1.
Monopolies have structural moats money can't break. PGA controlled the majors — no amount of signing bonuses mattered if stars couldn't play Masters or US Open.
2.
PR is a competitive weapon. One leaked audio clip about murdered journalist let PGA paint LIV as morally toxic, making defection socially costly for players.
3.
Establishment protects itself viciously. PGA banned defectors, stripped ranking points, then used Saudi threat to extract $1.5B and triple player pay — all while keeping control.
