Report: Lightning strikes between PGA Tour and LIV Golf's backers
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.
Read more:
Ben joined the GolfMagic team in September 2021, initially as a content executive.
These days, he assumes the position of content manager.
