The PGA Tour has reportedly made significant progress with Saudi Arabia’s Public Investment Fund in recent weeks, according to a report.
Lightning has finally struck between the PGA Tour and Saudi Arabian Public Investment Fund, according to a report.
Per Sports Illustrated, it is said the North American circuit has made ‘significant’ progress with LIV Golf’s primary backer over the last few weeks.
So much so a deal to ratify the framework agreement – announced on 6 June last year – has already been agreed but we can now expect a lengthy period of waiting to formally dot the i’s and cross the t’s.
Whether that is true remains to be seen but there have been clear indications since the 2023 Ryder Cup negotiations between the parties have ramped up.
PGA Tour policy board members such as Webb Simpson, Patrick Cantlay, Tiger Woods and Adam Scott have expressed confidence a solution was nearing.
The framework agreement also includes the European-based DP World Tour.
Departing DP World Tour chief executive Keith Pelley stated he was committed to finishing the deal before his exit.
“I’m definitely staying until April,” Pelley explained to reporters after announcing he was returning to Canada to take up his dream job.
“I’ve told the PGA Tour and I’ve told representatives from PIF that that is my priority. I still believe it [is possible].
“That is the reason we entered into the framework agreement, and we need to move it forward.”
The framework agreement appeared to hit a stumbling block after the PGA Tour began courting private equity investment towards the end of 2023.
It was speculated the Tour was attempting to build a huge war chest to battle LIV directly.
LIV appeared to retaliate by signing reigning Masters champion Jon Rahm in what was a timely reminder the Saudis weren’t going anywhere.
The PGA Tour have since announced the circuit will bring SSG – an outside investment group headlined by Fenway Sports Group and comprised of several high-level U.S.-based sports owners – on board.
Sportico have recently reported SSG will begin executing their investment into the Tour as early as next week.
The investment from SSG is said to be just shy of $3bn and would be part of PGA Tour Enterprises, the separate entity outlined in the original framework agreement.
Article originally appeared on: Golfmagic.com
I can’t believe our government is going to approve of this foreign government sportwashing PGA golf. What a disservice to the 911 families who lost loved ones. It is so disgusting that the PGA is actually moving forward. Even the likes of Tiger Woods and Rory Mccelroy are tuning their backs now. Turns out they are all traitors and makes one not want to ever watch a PGA-LIV or whatever the hell they will call themselves. You can bet that the Saudi Government will be running the whole show with all their money. I wish more people were upset by this but then again that is the problem with AMERICA today. It is a terrible UNITED STATES that we live in now.
Who won the US Open,PGA,Masters,British Open or Ryder Cup the last 2 years?I don’t know and don’t care after having watched and dreamed of attending some of these events for over 50 years.The PGA tour joining with a Saudi government that was implicated in the killing of almost 3000 people in New York City makes me ill.PGA tour..,no more watching for me.