PGA TOUR AND SAUDI PIF DEADLINE “LIKELY TO BE PUSHED BACK” CLAIMS REPORT.
The wait for a PGA Tour and PIF alliance will likely be extended, claims Bloomberg.
According to Bloomberg, the deadline for completing the shocking merger between the PGA Tour and the Saudi Public Investment Fund (PIF) on December 31, 2023 “may be pushed back due to a series of issues”.
According to the report, those issues include regulatory concerns in the United States as well as demands from Tour players such as Tiger Woods and Rory McIlroy to get a stake in the new organization.
While PGA Tour Commissioner Jay Monahan recently said negotiations were progressing well, an agreement still appears to be a long way off as the Tour and PIF respond to a U.S. Department of Justice investigation into the concerns. antitrust concerns when working with Tour players regarding the level of control. they will exercise. Sometimes a new alliance is formed.
The PGA Tour and DP World Tour have announced plans for a shock merger with PIF, which currently sponsors the LIV Golf League, in June 2023.
“PGA Tour golfers are deeply involved in negotiations and are seeking to gain control of the new entity formed by the proposed combination,” Bloomberg reports.
With the December 31 deadline for a formal agreement possibly pushed to next year, it means the PGA Tour and LIV Golf will have to continue their separate tournament schedules until the deal is signed and sealed . Bloomberg’s report writes:
“PGA Tour player leadership will be critical because a deal cannot be completed until golf tournaments reach terms that provide common ground to appease Tour golfers affected by the merged and paved the way for LIV golfers to return to the tour.
“PGA Tour players, advised by investment bank Raine Group, are leading the negotiations,” sources said. That stands in stark contrast to the tentative agreement reached after secret discussions between a small group of top PGA Tour officials and PIF leadership.” , Yasir Al-Rumayyan, without the participation of the players.
The discussions were not about compensation, sources said. The equity financing was not necessarily seen as rewarding players, including Tiger Woods and Rory McIlroy, who have rejected offers. lucrative offer to switch ‘loyalty to LIV, but to insure the PGA Tour players are large corporations.” it has a stake in the new entity, they said.
Will the shocking merger between the Tour and Saudi PIF still go as planned? What do you think about the current professional golf scene? Share your thoughts and comments on GolfMagic social media.
