According to a report, the PGA Tour are mulling a ‘monster’ investment offer by Fenway Sports Group as negotiations with LIV Golf intensify.
A report claims that the owners of Liverpool in the Premier League, Fenway Sports Group, have made a “monster” offer to the PGA Tour that would surpass the Saudi PIFs.
The journalist says he has heard that the framework agreement between LIV’s financiers and the North American circuit is rapidly “falling apart,” according to Alan Shipnuck.
The author referenced people he said were “close to the deal” on Wall Street and in Silicon Valley.
“It looks increasingly likely we go back to LIV vs. the Tour,” he wrote.
The aforementioned framework agreement was announced on 6 June. A few days after the remarkable announcement, the five-page document was leaked.
It was signed on 30 May by PGA Tour commissioner Jay Monahan, his European counterpart Keith Pelley and the alleged mastermind behind the rival league, Yasir Al-Rumayyan.
Talks to ratify the vague agreement, which is essentially a deal to work towards a deal, have clearly intensified after the Ryder Cup.
Davis Love III recently suggested PIF representatives are being tough on the negotiations and described the current stalemate as ‘bizarre’.
Another report by Golf Channel suggested LIV players believe the deal is unlikely to be agreed.
LIV Golf takeaways after two years: The good, bad and ugly
One professional from the breakaway tour stated, speaking under anonymity, “We’re no further along in this thing.” The individuals involved are the same [on both sides].
“At the Tour, I haven’t really noticed any changes. I don’t believe anything will occur.
What does this mean?
Analysis by Ben Smith
If true, this is an interesting but largely expected development. We have heard there are a number of parties interested in investing in the Tour.
Should the NewCo. get set up, it would certainly be more palatable and help appease politicians who voiced their concerns over LIV Golf if the PIF’s investment is diluted considerably.
Alternatively, if the Tour had the backing FSG – valued at approximately $7.35bn – it would allow them to battle LIV in the future without worrying about their resources being depleted.
Tiger Woods and Rory McIlroy’s TGL will also put more guaranteed money in players’ pockets, meaning its unlikely anyone who signed up to the tech-fused golf league will join LIV in the future.
The PGA Tour was left to fight LIV on its own, according to the aforementioned Monahan’s complaint to the US government four months ago.
He stated: “We were largely left on our own to fend off the attacks, ostensibly due to the United States’ complex geopolitical alliance with the Kingdom of Saudi Arabia, although we are grateful for the written declarations of support we received from certain members.”
It’s obvious that Monahan always desired independence. Do the Tour now have the funds to do so, is the question.