As expected, the PGA Tour and Saudi Arabia’s Public Investment Fund are “working to extend negotiations into next year.”
The original deal between the Tour and PIF that was announced in June had a Dec. 31 deadline to produce a “definitive” agreement that would create a for-profit entity, but sources contended all along that the sides could extend the deadline if progress was being made.
“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,” a memo sent to Tour players from commissioner Jay Monahan late Sunday read.
The memo also updated members on the Tour’s negotiations with Strategic Sports Group, a private equity group led by Fenway Sports.
“We have made meaningful progress and have provided SSG with the due diligence information they requested,” the memo read. “As we move forward in our discussions, we are focused on the finalization of terms and drafts of necessary documents.”
PGA Tour Enterprises, the name for the circuit’s for-profit entity, would also include the European circuit and potential “minority co-investors” SSG and PIF, which owns LIV Golf. “These partnerships will allow us to unify, innovate and invest in the game for the benefit of players, fans and sponsors,” the memo read.
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