PGA Tour leaders will release an update on the LIV Golf merger as new details become available.
PGA Tour leaders will release an update on the LIV Golf merger as new details become available.
The PGA Tour and LIV Golf have been discussing a proposed merger since June, and commissioner Jay Monahan sent a memo to players to provide an update.
PGA Tour Commissioner Jay Monahan sent a memo to tour players regarding discussions with LIV Golf.
PGA Tour Commissioner Jay Monahan sent a memo to tour members providing an update on negotiations with LIV Golf and confirming Saudi Arabia’s Public Investment Fund’s intention to become a minority investor in the new entity.
On June 6, it was announced that the PGA Tour, DP World Tour and LIV Golf would begin merger talks under the proposed framework. Talks between the PGA Tour and LIV Golf’s financier, the Public Investment Fund (PIF) of Saudi Arabia, have been ongoing for several months.
The original deadline for the agreement was December 31. However, reports emerged earlier this week that there are plans to extend the talks, suggesting they will continue until 2024.
Now, the PGA Tour has given tour members an update on its negotiations with the PIF, including a memo from Monaghan. Tur noted that the memo includes three points, the first of which is that “significant progress” has been made in discussions regarding the proposed merger.
The memo also includes a detailed discussion of a potential investment by Strategic Sports Group (SSG), which is in talks to invest in a new tour company called PGA Tour Enterprises. Fenway Sports Group (FSG), owner of Liverpool FC, is part of SSG’s negotiations to invest in the PGA Tour.
Hours before the opening deadline, Monaghan’s memo said negotiations between the PGA Tour and PIF remained “active and productive.” The memorandum also confirmed the intention to extend the deadline until the new year. The past few months have been filled with speculation about the future of the PGA Tour and LIV Golf. Just last December, reigning Masters champion John Rahm agreed a £450m deal to join the Saudi-funded Breakaway League from February 2024.
