The PGA Tour, DP World Tour and Saudi Arabia’s Public Investment Fund will not meet the Dec. 31 deadline to create a for-profit entity laid out in the framework agreement announced back in June, but the Tour did provide its players with an update on the status of negotiations on New Year’s Eve.
On Dec. 10, the Tour’s policy board announced it had advanced discussions with the Strategic Sports Group (SSG) – an investment group headlined by Fenway Sports Group that included Marc Attanasio, Arthur Blank, Gerry Cardinale and Cohen Private Ventures – and that it had not shut the door on the PIF.
A memo sent to the membership on Sunday from PGA Tour commissioner Jay Monahan covered three primary points as the Tour continues to negotiate with both parties. From the Tour:
First, Monahan noted that “we have made meaningful progress” in negotiations with SSG and are currently working toward finalization of terms and drafting necessary documents.
Secondly, with just hours until the Dec. 31 expiration date for the Framework Agreement with the PIF and DP World Tour, the memo spoke to an effort to extend the deadline into the new year based on the progress made to date. Monahan categorized the PIF and DP World Tour discussions as “active and productive.”
Finally, the memo restated the Tour’s goal relative to all negotiations, which is to bring SSG, PIF and the DP World Tour on board as minority co-investors in PGA Tour Enterprises in 2024. Monahan said, “These partnerships will allow us to unify, innovate and invest in the game for the benefit of the players, fans and sponsors.”
In other words, there’s no real update other than the confirmation that a deal won’t be struck by the start of 2024. Negotiations are still ongoing with both the PIF and SSG and all sides are working towards coming together to get a deal done.
The Tour returns to action this week with the first event of its 2024 season, The Sentry, Jan. 4-7 at the Plantation Course at Kapalua in Maui, Hawaii.