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PGA Tour and PIF extend talks after failing to meet NYE deadline

December 31 is gone, and the PGA Tour and the Public Investment Fund haven’t reached a deal, so on we go into 2024…

 

The PGA Tour’s talks with the Public Investment Fund will rumble into 2024.

Tour chief executive Jay Monahan told players in a memo the deadline of December 31 would be extended into the new year “based on the progress made to date.”

The memo described talks with the PIF and the DP World Tour as “active and progressive,” but a new target date wasn’t mentioned.

James Corrigan of the Telegraph had previously reported a deal is hoped to be completed before the Masters in April, the first major of the year.

Monahan informed the membership on December 10 that talks were ongoing with the primary investors of LIV Golf as time ticked towards the New Year’s Eve cut-off.

The initial framework agreement with the Sovereign Wealth Fund of Saudi Arabia was revealed on June 6 in what was a groundbreaking announcement.

But nearly six months later, a verdict is yet to be delivered.

pga tour pif

Tiger Woods, a player director on the PGA Tour Policy Board, said parties had been “talking and aggressively working on trying to get a deal done” at the Hero World Challenge.

The memo on Sunday also said the tour has made “meaningful progress” in negotiations with Strategic Sports Group and is finalising terms and “drafting necessary documents.”

SSG is a consortium of American-based sports team investors. The tour has been exploring options with different private equity candidates such as SSG in the last few months, as well as ongoing talks with the PIF.

The memo made clear the tour’s intention to “bring SSG, PIF and the DP World Tour on board as minority co-investors in PGA Tour Enterprises in 2024.”

“These partnerships will allow us to unify, innovate and invest in the game for the benefit of the players, fans and sponsors,” Monahan wrote.

The Sentry Tournament of Champions will get underway this week, kicking off the new PGA Tour season and playing host to the first Signature Event of the year.

Defending champion Jon Rahm won’t be in the field after being suspended by the PGA Tour for joining LIV Golf.

NOW READ: The gap year of golf! Why the DP World Tour should be cherished…

NOW READ: A super Swede and a South Korean star: Keep an eye on these players in 2024

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