PGA Tour still aims to meet deadline for Saudi alliance, Woods says
Tiger Woods said Saturday that the PGA Tour aims to reach a definitive deal to complete its partnership with Saudi Arabia’s Public Investment Fund (PIF) before their self-imposed Dec. 31 deadline.
Woods, who became a member of the PGA Tour board in August, confirmed that the deadline for the merger between the PGA Tour and the European-based DP World Tour remains the same. However, there is a possibility that the deadline could be extended if both parties agree.
The Saudi PIF is the primary financial supporter of LIV Golf, a rival of the PGA Tour.
Woods stated during a press conference in Florida that the current timeframe and deadline for the merger is December 31st and that it has not changed. He mentioned that they are working on finalizing a deal with various entities involved, including SSG.
PGA Tour Commissioner Jay Monahan has not yet met with PIF governor Yasir Al-Rumayyan due to previous postponements. The outcome of these meetings could determine the future of LIV Golf.
LIV CEO and Commissioner Greg Norman expressed to ESPN that the league will continue to exist regardless of the PGA-PIF discussions. However, the initial agreement stated that the future of LIV Golf would be decided by a board with a majority controlled by the PGA Tour.
In order to meet the deadline, the PGA Tour is in talks with Strategic Sports Group (SSG), a U.S.-based company that could potentially become a co-investor.
SSG includes well-known investors such as Fenway Sports Group, owners of the Boston Red Sox and Liverpool Football Club. It also includes Cohen Private Ventures, the family office of New York Mets owner Steve Cohen, and private equity firm HighPost Capital.
Woods mentioned that SSG has significant equity and reputable investors who share the same goals as the PGA Tour. He expressed confidence that they are all moving in the right direction.
According to ESPN, Strategic Sports Group is expected to inject over $3 billion into the new entity.
Woods made these comments after playing the opening round of the PNC Championship in Florida, where he competed alongside his son Charlie.
Woods declined to comment on the situation of Masters champion Jon Rahm joining LIV Golf, the biggest name to switch to the Saudi-backed tour.
“There’s been a lot of talk over the years of certain players going, and it was speculation until it happened,” Woods said.
