The PGA Tour stated that the deadline for the framework agreement with the Public Investment Fund of Saudi Arabia (PIF) has been pushed back from December 31 to a later date. When the Tour said they were going to work with the Saudi fund in June of last year, it shocked the sports world.
After a year-long fight, the Tour revealed last summer that it was going to join forces with LIV Golf. Even though it’s been almost seven months, the two sides still haven’t come to an agreement to end golf’s civil war. Tour bosses gave an update on the plans for the union just hours before the December 31 deadline was missed.
There are only hours left until the Framework Agreement with the PIF and DP World Tour expires on December 31. The statement said, “The memo talked about an effort to push the deadline into the new year based on the progress made so far.” Monahan said that the talks about the PIF and DP World Tour were “active and productive.”
The PGA Tour announced less than a month ago that it was also going to make a deal with U.S.-based backer Strategic Sports Group (SSG) as part of their for-profit business, in addition to their deal with PIF. As part of this deal, SSG will reportedly put a huge $3 billion into PGA Tour Enterprises.
The American circuit also gave a report on their plans to work with SSG. They stated: “Monahan noted that we have made ‘meaningful progress’ in negotiations with SSG and are currently working towards finalisation of terms and drafting necessary documents.”
Some people in the sport were surprised by their deal with the American investor, and the PGA Tour’s deal with the Saudi fund was called into question. But players on the Tour were told that there were plans for both backers to work with the Tour as part of the profitable business.
In the memo, they also said, “The TOUR’s goal in all negotiations is to get SSG, PIF, and the DP World Tour to join PGA Tour Enterprises as minority co-investors in 2024.” Monahan stated, “These partnerships will allow us to unify, innovate and invest in the game for the benefit of the players, fans and sponsors.”
This news comes just in time for the Tour’s 2024 season to begin this Thursday at the Sentry Tournament of Champions. Last year’s winner, Jon Rahm, won’t be there, though, because his Tour membership was revoked because he made a big move to LIV Golf last month.
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