A meeting between the representatives of PGA Tour Enterprises and Yasir Al-Rumayyan, governor of the Saudi Public Investment Fund, and his staff yielded “progress,” the PGA Tour announced Saturday.
The meeting was held Friday night in New York as the two sides work together to form an alliance.
“Representatives from the PGA TOUR Enterprises Transaction Subcommittee and the PIF have been meeting multiple times weekly to work through potential deal terms and come to a shared vision on the future of professional golf,” read a news release issued by the tour. “On Friday evening, an in-person session in New York City included the entire Transaction Subcommittee and PIF Governor Yasir Al-Rumayyan and his team, where more progress was made.
“We remain committed to these negotiations, which require working through complex considerations to best position golf for global growth. We want to get this right, and we are approaching discussions with careful consideration for our players, our fans, our partners and the game’s future.”
The PIF also funds LIV Golf, which lured numerous stars away from the PGA Tour with massive contracts and the promise of lucrative tournament prizes.
The two sides announced a framework agreement last June to create a joint for-profit company, agreeing to end litigation between the two sides and negotiate an alliance. The Strategic Sports Group, a group of billionaire sports team owners and other investors, also has a seat at the table after pledging to invest up to $3 billion in PGA Tour Enterprises, a for-profit group.
–Field Level Media
