The PGA Tour believes it has made sufficient progress with the Saudi backers of LIV Golf to increase their negotiations into subsequent 12 months for a brand new industrial deal that would come with a U.S. funding group and the European tour.
Commissioner Jay Monahan despatched a memo to gamers on Sunday afternoon, simply seven hours earlier than the deadline to finalize the deal that was set within the June 6 framework settlement.
The PGA Tour board unanimously agreed three weeks in the past to barter completely with Strategic Sports Group, a consortium of American-based skilled sports activities groups homeowners led by Fenway Sports Group.
Monahan stated the tour has made “meaningful progress” with SSG and offered the group with all the knowledge it requested.
“As we move forward in our discussions, we are focused on the finalization of terms and drafts of necessary documents,” Monahan stated.
Far extra difficult are the negotiations with Saudi Arabia’s Public Investment Fund, the monetary supporters of the rival LIV Golf League which lured away Dustin Johnson and Brooks Koepka in 2022, and most just lately Masters champion Jon Rahm earlier this month.
Monahan described conversations with PIF and the European tour as “active and productive.”
The framework settlement was to run out Dec. 31, although it included language that the deadline might be prolonged if all events agreed. “We are working to extend our negotiations into next year based on the progress we have made to date,” Monahan stated in his memo.
Monahan stated the objective for 2024 was to achieve agreements with SSG, PIF and the European tour to deliver them in as minority co-investors within the for-profit PGA Tour Enterprises.
“These partnerships will allow us to unify, innovate and invest in the game for the benefit of players, fans and sponsors,” Monahan stated.
Under the framework settlement, PIF Governor Yasir Al-Rumayyan would have a seat on the PGA Tour board. The settlement additionally included PGA Tour Enterprises doing an “objective, empirical-driven evaluation” of LIV and to find out if group golf could be built-in into the PGA Tour and European tour.
It additionally was to find out a “fair and objective” course of for LIV gamers who may wish to return to the PGA Tour or European tour, which is alleged to be a sticking level due to the gamers who turned down Saudi riches to stay on the PGA Tour.
The PGA Tour season begins Thursday at The Sentry on Maui, the primary of eight “signature” occasions with a $20 million purse and restricted discipline. LIV Golf already has introduced the majority of its 2024 schedule and $20 million purses. It begins the primary week of February.
