Jay Monahan, the commissioner of the PGA Tour, has confirmed that negotiations are still underway for the creation of a new, for-profit golf entity in collaboration with Saudi Arabia’s Public Investment Fund (PIF). Speaking at the New York Times’ DealBook summit, Monahan stated that he plans to meet with Yasir Al-Rumayyan, the governor of PIF, next week to further discussions. The deadline for the deal is set for December 31 and remains a firm target.
Multiple Parties Involved
According to Monahan, the PGA Tour is currently engaged in conversations with multiple parties. This aligns with statements made by Tiger Woods earlier in the week. Monahan also hinted at the possibility of including “another co-investor with significant experience in business and sports” in the deal.
Short List of Outside Investors
Earlier this month, Golfweek reported a short list of potential outside investors, which included Fenway Sports Group and a group of influential individuals known as Friends of Golf. These investors could play a significant role in the creation of the for-profit golf entity.
Players as Owners
Monahan emphasized that the PGA Tour’s objective is to ensure that athletes become owners in their sport through the planned for-profit entity. This shift from independent contractors to owners is of utmost importance to the players involved.
Tiger Woods’ Perspective
Tiger Woods, who was initially taken aback and frustrated by the announcement of the framework agreement in June, has since joined the PGA Tour Policy Board as a player director. He expressed his views on the ongoing negotiations, stating, “I think all the parties are talking and we’re aggressively working on trying to get a deal done… We have multiple options. But still, we would like to have a deal done by December 31. That’s what the agreement said, and all parties understand that. But there are other options out there.”
The PGA Tour’s commissioner, Jay Monahan, is actively pursuing the creation of a for-profit golf entity in collaboration with Saudi Arabia’s Public Investment Fund. With negotiations ongoing and a firm deadline of December 31, the PGA Tour aims to transform athletes into owners through this venture. Multiple parties are involved in the discussions, and potential outside investors, including Fenway Sports Group and Friends of Golf, are being considered. The involvement of Tiger Woods, who initially had reservations but has since joined the PGA Tour Policy Board, adds further weight to the ongoing negotiations. The goal is to reach a deal by the end of the year, although alternative options are being explored.
By: Adam Woodard
Title: PGA Tour Commissioner Jay Monahan to Meet with Saudi Arabia’s PIF Governor, Confirms ‘Firm Target’ of Dec. 31 for Deal
Sourced From: golfweek.usatoday.com/2023/11/30/pga-tour-jay-monahan-saudi-arabia-pif-deal-deadline/
Published Date: Thu, 30 Nov 2023 15:42:59 +0000
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