The PGA Tour chief executive gave an update on negotiations when speaking at the end-of-season Tour Championship
Jay Monahan said he was “certain” an agreement would be reached with the Public Investment Fund of Saudi Arabia that “achieves a positive outcome for the PGA Tour”.
Speaking ahead of the end of season Tour Championship at East Lake, the chief executive gave an update on the ongoing negotiations following the Framework Agreement with PIF and the DP Tour.
That controversial announcement back in June revealed the PGA Tour and PIF – the organisation that funds LIV Golf – would come together in a commercial entity to end the conflict that threatened to tear the sport apart.
Though plenty remains to be resolved ahead of a deadline at the start of next year, Monahan expressed confidence the ongoing negotiations would “result in an agreement that strengthens the PGA Tour in the long run,” said a statement.
It added: “The Framework Agreement ended the litigation that was dividing the golf world and included safeguards that guaranteed the PGA Tour will remain in a position of control.”
Monahan said: “As I sit here today, I am confident that we will reach an agreement that achieves a positive outcome for the PGA Tour and our fans. I see it and I’m certain of it.
“And I see it because when you look at the performance of our players, you look at the commitment of our players, our partners, our fans, all of our constituents, our tournaments, I feel like we’re in the strongest position to be able to succeed and successfully conclude these negotiations in a way that protects the legacy of the PGA Tour on a long-term basis.”
Monahan explained: “There’s an intensity and an urgency [to come to an agreement]. There’s a lot of good work being done.
“If you saw the amount of conversation and time that the PGA Tour, DP World Tour and PIF are spending working forward from a framework to a definitive [agreement], I think would you see the sincerity of the efforts there.
“Our commitment is to move from the divisive nature of the relationship we had to a productive one, for us to be able to make a fundamental transition to our business with the formation of the NewCo, to have an investable entity for PIF to be able to invest in that previously didn’t exist, for the PGA Tour to be in control of the future of men’s professional golf, and for us to be partners.”
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