PGA Tour commissioner Jay Monahan said discussions with the Public Investment Fund of Saudi Arabia “continue” after a summit meeting in the Bahamas.
In a memo to tour members, revealed by Ryan French of Monday Q Info on X, Monahan said player directors on the PGA Tour policy board met with Yasir Al-Rumayyan in a “constructive” conversation that “represents an important part of our due diligence process in selecting potential investors for PGA Tour Enterprises”.
The meeting had been trailed last week at the Players Championship, with Patrick Cantlay describing the gathering as a “meet and greet”.
Negotiations have been ongoing between the PGA Tour and the PIF since the pair shocked the golf world last June by announcing a joint framework agreement.
That aimed to combine the PIF’s golf-related businesses, including LIV Golf, with that of the PGA Tour and DP World Tour. Litigation between the parties ceased following the move, which would establish a “new, collectively owned, for-profit entity”.
A deadline of December 31 was set to reach a conclusion but the talks have dragged on and the PGA Tour have since struck a $3 billion investment deal with Strategic Sports Group.
That commercial venture, named PGA Tour Enterprises, will see more than $1.5 billion accessible as equity to the players.
PGA Tour-PIF talks: ‘An important part of our due diligence process’
In a message to players following the conclusion of Monday’s meeting, Monahan said: “As you may know, your PGA Tour Enterprises Player Directors joined me today in a meeting with Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF).
“The conversation throughout was constructive and represents an important part of our due diligence process in selecting potential investors for PGA Tour Enterprises.
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“This mirrors the approach we employed earlier this year as we evaluated an investment offer from the Strategic Sports Group.
“During the session, Yasir had the chance to introduce himself to our Player Directors and talk through his vision, priorities and motivations for investing in professional golf.
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“As we continue these discussions with the PIF, we will keep you updated as much as possible, but please understand that we need to maintain our position of not conducting negotiations in public. To that end, we will provide no further comments to the media at this time.”
LIV Golf is bankrolled by the PIF, which has been able to coax a series of high-profile players from the PGA Tour and DP World Tour since its inception in the summer of 2022.
Ahead of its third season, Jon Rahm became its most eye-catching acquisition yet – reportedly signing a contract worth up to £450 million. Rahm’s Ryder Cup colleague Tyrrell Hatton soon followed, as did four-time DP World Tour winner Adrian Meronk.
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What do you make of the ongoing saga between the PGA Tour and LIV Golf? Should the two organisations come to a deal? Let me know by leaving a comment on X.
- NOW READ: PGA Tour and DP World Tour announce stunning ‘merger’ with LIV Golf
- NOW READ: It’s done! Jon Rahm signs for LIV Golf
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