It was the handshake that stunned the golfing world, but 12 months on from the framework agreement signed by the PGA Tour and Saudi PIF things haven’t gone exactly how we thought.
Finally, though, there could be some movement as representatives for both PGA Tour commissioner Jay Monahan and Saudi PIF boss Yasir Al-Rumayyan are reportedly set to meet just after the 12-month anniversary of that historic handshake.
It’s unclear if both Monahan and Al-Rumayyan will both take part in person.
The PGA Tour and LIV Golf backers the Saudi PIF had been embroiled in numerous legal cases before the two men appeared on TV to shake hands on a truce and proposal to join forces on June 6, 2023.
Many thought that’d end hostilities and make for a swift transition into a new golf future involving both parties – and crucially allowing all the best golfers in the world to play together again more often.
However, deadlines have come and gone, and the PGA Tour signed a huge $3billion deal with Strategic Sports group that had players involved in talks saying that the PIF deal, although still on the table, was no longer an urgent necessity.
Finally, though, New York Times Dealbook’s Lauren Hersch is reporting that a new meeting is set to take place, in-person, between the two parties in New York on Friday.
Having the big-hitters involved in the talks meeting face-to-face is a promising sign, coming just after terms sheets were reportedly exchanged between the two sides.
The proposed deal would see the PIF deposit $1.5 billion into PGA Tour Enterprises – the US circuit’s new for-profit arm, which would match what Strategic Sports Group – featuring several American billionaires – has already done in injecting $1.5 billion into PGA Tour Enterprises as part of a $3 billion overall package which saw the group also take a minority stake.
Tiger Woods and the rest of the PGA Tour transaction committee are headed to New York tomorrow to discuss the PIF deal with the Saudis. Rory will be attending remotely. https://t.co/2AKnHhZug3June 6, 2024
Since last year, as talks have dragged on, players have come and gone from different boards and committees – Rory McIlroy especially felt he was thrown under the bus somewhat by Monahan’s U-turn.
After McIlroy resigned, then looked to get back on the PGA Tour Policy Board…
..
Click Here to Read the Full Original Article at Golf Monthly…