Monahan announced that he will meet Yasir al-Rumayyan, the president of the Saudi Public Investment Fund (PIF), next week.
Earlier this week, Tiger Woods said he has confidence in PGA Tour Commissioner Jay Monahan as negotiations with the Saudi Public Investment Fund (PIF) progress. But Woods also insisted that the deal be completed by Dec. 31, 2023, a deadline set in the original framework agreement last spring.
As the end of the year approaches, Monahan announced on Wednesday that he will meet with PIF President Yasir Al-Rumayyan next week.
Speaking at the New York Times’ Dealbook Summit in New York, Monahan insisted the deadline was a “firm goal.”
He also said that a meeting with Mr Al-Rumayyan next week would “move forward the negotiations”.
It has not been announced whether Woods or other members of the PGA Tour Policy Committee will attend.
“Once this [agreement] is completed, the PGA Tour will be in a position where the athletes own their sport,” Monahan said. “In addition to owning PIF, we will also have another co-investor with extensive business, sports and brand experience who will help take the PGA Tour to a new level.”
Fenway Sports group. The group that owns Boston Red Sox, Liverpool FC and Pittsburgh Penguins have expressed interest in partnering with the PGA Tour. This also applies to Endeavor, the parent company of WWE and UFC, although the PGA Tour has since rejected the holding company as a potential investor.
Nevertheless, Monahan has full confidence in this agreement.
“The most important thing for the players is that they transition from an independent contractor model to ownership,” the commissioner added.
“This ownership is based on performance. You get equity.”
There are so many variables to consider, such as the size of the stake that a player owns. However, aside from a suspension of litigation between the PGA Tour and LIV Golf, not much has been resolved since June 6, 2023. Items that need to be revised include, but are not limited to, the schedule, player suspensions, and the entire corporate structure of the new for-profit company, PGA Tour Enterprises.
But players now have more control over the tour and its leadership, something Woods was adamant about in a press conference ahead of the Hero World Challenge.
“All parties are talking and working hard to reach an agreement,” Woods said Tuesday.
“As long as the players have an influence and we can make decisions faster and the board knows that, that’s one of the most important things that the players and all player directors have focused on.
Woods joined the PGA Tour Policy Committee in August, becoming the sixth player director. Since then, his influence has been felt during these negotiations, as Jordan Spieth pointed out on Tuesday.
Never before have golfers, and indeed all athletes, had so much influence.
This could be due to social media or corporate sponsorship and the resulting increased exposure.
Monaghan knows they need their players at the table, especially as they need to win back their trust. Members of the PGA Tour were kept in the dark throughout the spring due to secret discussions between the Tour and PIF.
Woods admitted he was “frustrated” by the lack of transparency in these discussions.
“I think we’re in a time where we’re empowering athletes and empowering talent,” Monahan said Wednesday.
“The steps we are taking to more closely align athlete and financial interests are consistent with the PGA Tour.”