An agreement between the PGA Tour and Public Investment Fund of Saudi Arabia (PIF) is nearing completion after months of negotiations between the two parties.
The two sides have been in talks to end the current fallout between the PGA Tour and LIV Golf ever since the announcement of a framework agreement in June 2023. Over 18 months on, it appears the final stages of negotiations have been reached, with Bloomberg reporting that PIF will take a six percent share in PGA Tour Enterprises.
The deal will continue the investment being pledged into the Tour’s new for-profit entity, after an agreement worth a up to £2.4 billion ($3bn) was reached with Strategic Sports Group (SSG) earlier this year.
Per the report, sources close to the deal claim that PIF will match the terms reached by SSG, which could potentially value PGA Tour Enterprises at $9.5 billion ($12bn). It was reiterated that the terms could well change, and are yet to receive final approval.
A finalised deal would complete a full U-turn by the PGA Tour when it comes to the attitude towards their Saudi counterparts. PIF’s arrival into men’s professional golf in 2022 via the LIV circuit was quickly batted down by Tour commissioner Jay Monahan, who seemingly had no plans to entertain talks with the Middle Eastern fund.
Speaking following the official launch of the Saudi-backed LIV league two years ago, Monahan said: “I am certain our fans and partners – who are surely tired of all this talk of money, money and more money – will continue to be entertained and compelled by the world-class competition you display each and every week.
Where there are true consequences for every shot you take and your rightful place in history whenever you reach that elusive winner’s circle… This week, the RBC Canadian Open is a shining example of what you have created with the PGA Tour.
A Leading team, a loyal partner, full houses in hospitality, historical attendances, and international television coverage. These are elements in the Tour’s fabric established by these men – Jack [Nicklaus and Arnie [Arnold Palmer], advanced by Tiger [Woods] and many others – who cannot be separated; from each other and the PGA Tour. This collective legacy cannot be marketed and therefore cannot be sold.”
This though appears likely to align with the group that has backed LIV setup and Monahan recently featured with PIF chairman Yasir Al Rumayyan back in October. The pair also faced each other in the Alfred Dunhill Links Championship in Scotland which showed that the war between PGA tour and LIV had ended.
The men who tried to play the breakaway tour continued to be locked out from PGA Tour. People have warmed that an agreed settlement between the two sides will grant the likes of Brooks Koepka, Bryson DeChambeau and Jon Rahm to resume to the former Tour by the time the civil war negotiations end.