PGA Tour commissioner Jay Monahan, along with its policy board members and the Strategic Sports Group’s John Henry, concluded a meeting in the Bahamas with LIV Golf’s Yasir Al-Rumayyan, who is officially the governor of Saudi Arabia’s PIF (Public Investment Funds). The meeting is reportedly a “hopeful first step” in an eventual reunion of professional golf.
Monahan fired off an email memo to PGA Tour members on Monday night, confirming the meeting not disclosing many details.
“The conversation throughout was constructive and represents an important part of our due diligence process in selecting potential investors for PGA Tour Enterprises,” Monahan wrote in the letter.
“This mirrors the approach we employed earlier this year as we evaluated an investment offer from the Strategic Sports Group. During the session, Yasir had a chance to introduce himself to our player directors and talk through his vision, priorities and motivations for investing in professional golf.
“As we continue these discussions with the PIF, we will keep you updated as much as possible, but please understand that we need to maintain our position of not conducting negotiations in public. To that end, we will provide no further comments to the media at this time.”
The PGA Tour, headed by Monahan, formed a framework agreement in secret with PIF. It was announced on June 6 with an expiration date of Dec. 31. It was extended.
On Jan. 31, Strategic Sports Group, a consortium of billionaire sports team owners, among others, announced an initial investment of $1.5 billion in a new for-profit PGA Tour Enterprises, with the potential of another $1.5 billion investment down the road.
If a deal is consummated with PIF, the new venture, PGA Tour Enterprises, could see another $3 billion deposited into its coffers. The PIF, financiers of the LIV Golf League, has assets of more than $775 billion.
