The world of golf is still waiting for the PGA Tour and Public Investment Fund of Saudi Arabia to finalize an agreement, despite expectations that one would.
The PGA Tour and Public Investment Fund of Saudi Arabia (PIF) are still working out the details of their agreement, according to LIV Golf star Anirban Lahiri, as the off-course drama surrounding golf continues.
Following a year-long rivalry, the PGA Tour signed a framework agreement with PIF and revealed a shocking plan to align with their LIV rivals. A deal was supposed to be finalized by December 31st, but more than two months have passed and neither party has announced their plans.
Following the missed deadline in December and the Tour’s announcement in January to partner with rival investor Strategic Sports Group (SSG), the US-based circuit reaffirmed that it was still in talks with the Saudi series.
According to reports, the PGA Tour and PIF intended to complete their agreement by the Masters tournament the following month, but Lahiri doesn’t think there will be any updates anytime soon. It’s not a done deal, from what I’ve heard. He said to Times of India, “In actuality, I’m hearing the opposite.”
“It will take time for all of the various organizations to progress. This back and forth only serves to emphasize the changes that professional golf has undergone during the past two years. There has been a great deal of unrest during this entire time.” It was anticipated that PIF would support the recently established PGA Tour Enterprises, but if they do, they will have competition in the form of SSG.
The Boston Red Sox and Liverpool F.C. owners, Fenway Sports Group (FSG), are among the U.S. investors in the consortium that has committed to investing £2.4 billion ($3 billion) in the Tour’s new for-profit organization. And those at LIV welcomed the investment even though they were not involved.
PIF CEO Yasir Al-Rumayaan later wrote to LIV employees, saying, “The announcement of PGA Tour Enterprises’ formation yesterday is consistent with PIF’s longstanding passion to grow the game.” PIF is still debating and assessing the potential for a future investment that will advance golf as a whole.
“PIF is still dedicated to supporting and investing in LIV, as well as the team golf format, which has reenergized the game and attracted a large number of new players worldwide.” Greg Norman, the CEO of the Saudi league, expressed a similar opinion in a letter to his colleagues regarding the Tour’s investment.
“I want to be very clear about this: nothing that other tours or investment groups announce will affect LIV Golf’s positive trajectory or future plans,” the author wrote. “More funding for golf is fantastic for both the sport and us. For our players, our supporters, and the game’s long-term future, this is a good development. These days, golf is seen as an asset class. We demonstrated that this was feasible, and we are now in a unique position to shape and steer this fantastic growth prospect.”
Leave a Reply