Negotiations between the PGA TOUR and Saudi Arabia’s Public Investment fund will continue this year despite the failure to reach an agreement by the December 31st deadline.
A framework agreement between the PGA TOUR and PIF which rocked the world of golf was revealed in June 2023 with plans that talks would be concluded by the end on 2023. Now that the original deadline has now passed, PGA TOUR Commissioner Jay Monahan has revealed that talks will continue into 2024.
On December 31, in a memo addressed to players, Monahan conveyed that there was “meaningful progress” in the discussions among all involved parties.
“I wanted to provide an update on our negotiations with Strategic Sports Group, the Public Investment Fund [PIF] and DP World Tour,” Monahan wrote.
“As you know, the [PGA Tour Policy] Board unanimously directed management to pursue exclusive negotiations with SSG.
“I am pleased to report that we have made meaningful progress and have provided SSG with the due diligence information they requested.”
He added: “As we move forward in our discussions, we are focused on the finalisation of terms and drafts of necessary documents.
“We also continue our active and productive conversations with PIF and the DP World Tour.
“While we had initially set a deadline of December 31, 2023 to reach an agreement, we are working to extend our negotiations into next year based on the progress we have made to date.
“Our goal for 2024 is to reach agreements with SSG, PIF and the DP World Tour, bringing them on board as minority co-investors in PGA Tour Enterprises.
“These partnerships will allow us to unify, innovate and invest in the game for the benefit of players, fans and sponsors.”
In December, arguably the most high-profile name to make the groundbreaking switch from the PGA TOUR to LIV Golf was two-time major winner Jon Rahm. He has joined the Saudi-backed tour with the likes of Brooks Koepka, Cameron Smith, and Phil Mickelson.