The Framework Agreement between the PGA Tour, DP World Tour and Saudi Arabia’s Public Investment Fund (PIF) is due to be finalised by the end of the year; Keith Pelley provided an update during the DP World Tour Championship
DP World Visit CEO Keith Pelley accepts golf’s principal visits are more spurred than any other time in recent memory to secure in a conclusive concurrence with Saudi Arabia’s PIF (Public Speculation Asset) this month’s cutoff time.
A shock bargain between the PIF – who bankroll LIV Golf – the PGA Visit and DP World Visit was reported on June 6, with an underlying cutoff time of December 31 set to conclude the subtleties of the organization.
The deadline could pass before a definitive deal, which would aim to unify the sport, is agreed, with Pelley confirming that talks have been ongoing to try and find a resolution for the sport.
“I think everyone understands and everyone respects some of the reasons, I don’t need to go into them, that for the past four or five months it hasn’t moved as quickly as we would have hoped after signing on June 6 in San Francisco,” Pelley told Sky Sports at the DP World Tour Championship.
“I said to a number of journalists a couple of weeks ago that I thought things would heat up and conversations would intensify after the Ryder Cup in Rome and that is exactly what has happened.
“The conversations are confidential in nature, so I can’t really go into the details of it, but I do believe that all three parties are in the exact same position that they we were in June.
“I think we’re more motivated now to do a deal, and that’s of course the PIF [Public Investment Fund], the PGA Tour and ourselves, to try to take the framework to the next step, to sign a definitive agreement which unifies the game, which I believe is in the best interests of global golf.
PGA Tour commissioner Jay Monahan said in August there was no reason why the merger between the PGA Tour, DP World Tour and LIV Golf will not be completed before the end of the year
“I’m optimistic that we can move these conversations on in the next month.”
What could happen next?
The PGA Tour is also understood to be assessing potential funding from alternative private equity sources, with Fenway Sports Group – owners of Liverpool and the Boston Red Sox – reported to be one of the interested parties.
Rory McIlroy, who is one of the PGA Tour’s player directors, knows better than most what is happening behind the scenes, but acknowledged any deal with the PIF would need to be approved by the United States government.
“I believe on the off chance that you were in it, you would see that there’s a way ahead,” McIlroy said in his question and answer session in front of the DP World Visit Title. “It’s simply that nobody outwardly has any subtleties, right. Free lips sink ships, so we are attempting to keep it tight and inside walls.
“I’m certain when there’s information to tell, it will be told. I figure finishing something in the near future is something to be thankful for. Since you know, regardless of whether we finish an arrangement, it doesn’t imply that it’s really going to work out.
“That depends on the US government by then and whether the Branch of Equity feel that it’s the correct thing to do or whether [it’s] against cutthroat or makes no difference either way. Regardless of whether an arrangement finish, it’s anything but a slam dunk. No doubt about it we are about to need to keep a watch out.”
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