July 17, 2024

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PGA Tour commissioner talking to several possible investors

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PGA Tour Commissioner Jay Monahan speaks during a press conference prior to the TOUR Championship at East Lake Golf Club on August 24, 2022 in Atlanta, Georgia.

Cliff Hawkins | Getty Images

PGA Tour Commissioner Jay Monahan said Wednesday that the organization is talking to several potential investors as a deadline to clinch a deal with Saudi Arabia’s Public Investment Fund rapidly approaches.

He also indicated that the tour is still open to another investor coming onboard alongside the PIF.

“We’re having conversations with multiple parties,” Monahan during The New York Times’ DealBook summit. The Dec. 31 deadline outlined in the original framework agreement is still a “firm target,” he said, adding that he will meet with PIF Governor Yasir bin Othman Al-Rumayyan to “advance conversations.” The fund is controlled by Saudi Crown Prince Mohammed bin Salman.

Monahan gave some insight into how the framework agreement to combine the PGA Tour with PIF-owned LIV Golf came together earlier this year.

“As we approached June 5, it was very clear the PGA Tour was facing an existential threat from the $7 billion sovereign wealth fund, and it was determined to control the future of our sport,” Monahan said.

LIV and the PGA Tour were engaged in an antitrust legal battle dating back to last year. The Public Investment Fund had been luring PGA Tour golfers, including star Phil Mickelson, to LIV with deals worth hundreds of millions of dollars.

“We decided to address that by striking a deal that allowed the PGA Tour to remain and retain control” and put an end to the “extensive and divisive litigation,” Monahan said. The deal had the PGA Tour retaining control in the face of an existential threat, he added. “This was a very hard decision, but I am confident this was the right one for our players and our fans.”

Monahan also discussed his own personal struggles as he received backlash, including from lawmakers, pundits and stars such as Tiger Woods and Rory McIlroy, for the agreement with…



2023-11-29 18:43:08

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