Members of the PGA Tour Enterprises board, together with CEO Jay Monahan and all six participant administrators (Tiger Woods, Jordan Spieth, Patrick Cantlay, Adam Scott, Webb Simpson and Peter Malnati), had been in The Bahamas on Monday for a gathering Saudi Arabian Public Funding Fund governor Yasir Al-Rumayyan. In a memo to PGA Tour membership, obtained by ESPN, Monahan famous the dialog was “constructive” as the 2 sides advance negotiations to form the longer term panorama {of professional} golf.
For most of the participant administrators, this was the first-in individual assembly they’ve attended with the top of the sovereign wealth fund that backs LIV Golf. Monahan confirmed on the Gamers Championship that he had traveled to Saudi Arabia in January to fulfill with Al-Rumayyan.
“As it’s possible you’ll know, your PGA Tour Enterprise Participant Administrators joined me at this time in a gathering with Yasir Al-Rumayyan, Governor of the Public Funding Fund (PIF),” Monahan wrote within the memo. “The dialog all through was constructive and represents an vital a part of our due diligence course of in deciding on potential traders for PGA Tour Enterprises. This mirrors the method we employed earlier this 12 months as we evaluated an funding provide from the Strategic Sports activities Group.
“In the course of the session, Yasir had the possibility to introduce himself to our Participant Administrators and speak via his imaginative and prescient, priorities and motivations for investing in skilled golf,” Monahan continued. “As we proceed these discussions with the PIF, we’ll preserve you up to date as a lot as attainable, however please perceive that we have to keep our place of not conducting negotiations in public. To that finish, we’ll present no additional feedback to the media presently.”
Flight monitoring accounts, similar to Radar Atlas, pinpointed planes belonging to the PGA Tour, Saudi PIF and Woods in Albany, Bahamas. It was additionally deduced that John Henry, member of the PGA Tour Enterprises board and Fenway Sports activities Group, was additionally in attendance.
The Strategic Sports activities Group — which is spearheaded by Henry’s FSG — and the PGA Tour agreed to a deal in January to create PGA Tour Enterprises. The brand new for-profit arm of the PGA Tour was injected with as much as $3 billion from SSG and created an fairness program for gamers.
This left many questioning what the PIF’s function could be on this enterprise. The PGA Tour introduced it could proceed its negotiations with the PIF, whereas gamers similar to Spieth steered the wealth fund wouldn’t be wanted within the close to future given the PGA Tour’s current inflow of capital.
“I believe I’ve mentioned this earlier than, I’ve frolicked with Yasir and his — the those who have represented him in LIV I believe have carried out him a disservice, so [Greg] Norman and people guys,” Rory McIlroy mentioned following the ultimate spherical of the Gamers Championship. “I see the 2 entities, and I believe there is a massive, I truly assume there is a actually massive disconnect between PIF and LIV. I believe you bought PIF over right here and LIV are kind of over right here doing their very own factor. So, the nearer that we are able to get to Yasir, PIF and hopefully finalize that funding, I believe that can be a very good factor.”
Few particulars of Monday’s assembly have emerged, however it’s no secret the questions that must be answered. How a lot is the PIF prepared to speculate if the 2 sides come collectively? Is workforce golf right here to remain? What’s the pathway again to the PGA Tour for these gamers at the moment on LIV Golf?