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PLAYA DEL CARMEN, Mexico — Saudi Arabia’s Public Funding Fund was first to the desk in June of 2023 to barter a framework settlement with the PGA Tour to create a brand new for-profit entity that will alter skilled golf as we all know it, and has been locked in discussions within the seven months since.
Simply hours after information broke that an outdoor funding group comprised of a consortium of U.S. sports activities house owners had agreed to speculate $3 billion to create PGA Tour Enterprises, Greg Norman responded with a letter to your entire league employees that was obtained by Golfweek. The word didn’t simply hype up LIV Golf’s third official season – which begins this week at Mayakoba’s El Camaleon Golf Course – but in addition downplayed any adverse impression the Strategic Sports activities Group’s funding could have on LIV’s future.
A day later, Golfweek has obtained yet one more letter, this time despatched from LIV Golf Chairman Yasir Al-Rumayyan to gamers, that took a extra measured method.
Expensive All,
Yesterday’s announcement of the formation of PGA Tour Enterprises is in line with PIF’s longstanding ardour to develop the sport. PIF continues to debate and consider the potential of a future funding that advantages the better recreation of golf.
PIF stays dedicated to investing in and supporting LIV and the group golf format that has introduced new power and so many new followers to the sport world wide.
The sport of golf is simply starting to meet its potential. That is the imaginative and prescient we had when LIV was created, and right now that’s extra alive than ever. LIV has transofmred the game, and we’ll proceed to develop the sport globally, broaden its fanbase, elevate its platform, and keep unimaginable momentum.
LIV has a fantastic season forward. Good luck at Mayakoba. I’ll see you all on the vary quickly.
Yasir
LIV Golf Chairman
Phrases matter, and Al-Rumayyan selected his fastidiously by hedging any assure of an funding. Within the Tour’s announcement of its partnership with the SSG, the discharge said PGA Tour Enterprises permits for a co-investment from the PIF sooner or later, “topic to all needed regulatory approvals.”
The U.S. authorities has stored a eager curiosity within the proposed PIF funding for the reason that preliminary framework settlement was introduced. An optimist would say the inclusion of the SSG funding could dilute any future Saudi funding simply sufficient to make a deal extra palatable for the feds. A pessimist might additionally argue the Tour is making an attempt to squeeze the Saudis out.
LIV Golf has ventured on after the Tour and PIF’s earlier deadline of Dec. 31, 2023, to return to an settlement was missed. The league has poached nice gamers and characters like Jon Rahm and Tyrrell Hatton and can host at the very least 4 occasions in 2024 the identical week as PGA Tour signature occasions, together with this week in Mexico. Whereas the potential of an funding in PGA Tour Enterprises is definitely nonetheless on the desk, Al-Rumayyan’s letter certain makes it look like the 2 sides nonetheless aren’t near coming collectively.
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