PGA Tour points replace on LIV Golf merger after deadline blow
The PGA Tour has confirmed that it has prolonged its framework settlement deadline with the Public Investment Fund of Saudi Arabia (PIF) after the preliminary December 31 goal was missed. The PGA Tour shocked the world of sport final June, after saying its intention to work alongside the Saudi fund.
The settlement announcement final summer season confirmed the Tour’s intentions to work in unison with LIV Golf after a year-long battle. Almost seven months on although, the 2 sides are nonetheless but to log off a deal to convey golf’s civil warfare to an finish.
Hours earlier than the December 31 deadline was missed, Tour bosses supplied a key replace on the plans for the proposed merger transferring ahead after sending a memo to their taking part in membership. The assertion learn: “With simply hours till the Dec. 31 expiration date for the Framework Agreement with the PIF and DP World Tour, the memo spoke to an effort to increase the deadline into the brand new 12 months based mostly on the progress made to this point. Monahan categorised the PIF and DP World Tour discussions as ‘active and productive.”
Less than one month ago the PGA Tour also announced that it was also set to reach an agreement with U.S.-based investor Strategic Sports Group (SSG) as part of their for-profit entity, alongside their dealings with PIF. The deal is set to see SSG pump in an eye-watering reported £2.4billion ($3bn) into PGA Tour Enterprises.
And alongside their Saudi update, the American-based circuit also provided the latest on their plans with SSG, stating: “Monahan noted that we have made ‘meaningful progress’ in negotiations with SSG and are at present working towards finalisation of phrases and drafting essential paperwork.”
The partnership with the American investor raised eyebrows throughout the sport, with doubt forged over the PGA Tour’s settlement with the Saudi fund. The assertion reassured nevertheless that there have been plans for each buyers to work in unison with the Tour as a part of the for-profit entity.
The assertion added: “The memo restated the TOUR’s goal relative to all negotiations, which is to bring SSG, PIF and the DP World Tour on board as minority co-investors in PGA Tour Enterprises in 2024. Monahan said, “These partnerships will allow us to unify, innovate and invest in the game for the benefit of the players, fans and sponsors.”
The replace comes simply days earlier than the Tour kicks off its 2024 marketing campaign on the Sentry Tournament of Champions this Thursday. There occasion might be with out its defending champion although, after Jon Rahm had his Tour membership suspended on account of his mega-money transfer to LIV Golf final month.