Negotiations between the PGA Tour and Public Investment Fund of Saudi Arabia are continuing, with the two sides jetting into New York on Tuesday for a series of talks
The PGA Tour and Public Investment Fund of Saudi Arabia (PIF) are in talks over the Middle Eastern setup pumping a whopping £760 million ($1bn) into the Tour’s new for-profit entity, PGA Tour Enterprises.
The PGA Tour and PIF have been in negotiations for some time, after the American-based circuit’s commissioner Jay Monahan announced a framework agreement plan with the Saudi fund last June. As part of the deal, it was expected that the ongoing fallout between the Tour and LIV Golf would come to an end.
On Tuesday, ESPN reported that representatives from the PGA Tour – including 15-time major champion Tiger Woods – met with members of PIF in New York, with in-person talks set to take place over the next couple of days in the States.
As per the report, a key component of the talks is the multi-million pound funding PIF could offer to the Tour’s for-profit business formed in partnership with Strategic Sports Group (SSG) earlier this year. Updates on the discussions have been limited in recent months, with privacy appearing key in negotiations.
The latest insight into how the peace deal was moving along came from Monahan late last month, as the commissioner addressed the Saudi discussions at the season-ending Tour Championship in Atlanta. “You look at where we are right now, we’re in regular dialogue, we have the right people at the table with the right mindset,” he said.
“I see that in all these conversations on both sides, that creates optimism about the future and our ability to come together… At the same time, these conversations are complex, they’re going to take time,” he conceded. “They have taken time and they will continue to take time.
PGA Tour commissioner Jay Monahan addressed the status of talks with LIV Golf during a recent press conference
“When I sit here today, I think the most important thing is our obligation to fans, players and partners is to focus on what we control, which we’re doing as I outlined and continue to carry this momentum forward. I’m not going to negotiate details in public or disclose details or specifics, but all I can say is that conversations continue and they’re productive.”
Monahan added: “I think when you get into productive conversations, that enhances the likelihood of positive outcomes, and that enhances the spirit of those very conversations. I think that’s where things stand.” Woods – who flew into New York to join the meetings this week – also addressed the PIF talks in his last public appearance at The Open Championship.
“I can tell you we’re making progress,” he said in July. “I can’t tell you more than that just because we’re not going to negotiate on the outside. We’ve got to keep everything at a high level and private, but things are moving and things are changing… There’s a good interchange of ideas and thoughts of how the game could look like going forward.
“It’s just a matter of putting that all together legally. Obviously we have the DOJ with oversight looking into that as well and making sure that we don’t do anything improperly there, as well, but also making sure that all the players benefit from this as well as everyone who’s involved. They want to make money as well. They want to make that return.”
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