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The PGA Tour, DP World Tour and Saudi Arabia’s Public Funding Fund won’t meet the Dec. 31 deadline to create a for-profit entity specified by the framework settlement introduced again in June, however the Tour did present its gamers with an replace on the standing of negotiations on New 12 months’s Eve.
On Dec. 10, the Tour’s coverage board introduced it had superior discussions with the Strategic Sports activities Group (SSG) – an funding group headlined by Fenway Sports activities Group that included Marc Attanasio, Arthur Clean, Gerry Cardinale and Cohen Non-public Ventures – and that it had not shut the door on the PIF.
A memo despatched to the membership on Sunday from PGA Tour commissioner Jay Monahan lined three major factors because the Tour continues to barter with each events. From the Tour:
First, Monahan famous that “we’ve got made significant progress” in negotiations with SSG and are at present working towards finalization of phrases and drafting needed paperwork.
Secondly, with simply hours till the Dec. 31 expiration date for the Framework Settlement with the PIF and DP World Tour, the memo spoke to an effort to increase the deadline into the brand new yr based mostly on the progress made to this point. Monahan categorized the PIF and DP World Tour discussions as “energetic and productive.”
Lastly, the memo restated the Tour’s objective relative to all negotiations, which is to carry SSG, PIF and the DP World Tour on board as minority co-investors in PGA Tour Enterprises in 2024. Monahan stated, “These partnerships will enable us to unify, innovate and spend money on the sport for the good thing about the gamers, followers and sponsors.”
In different phrases, there’s no actual replace apart from the affirmation {that a} deal received’t be struck by the beginning of 2024. Negotiations are nonetheless ongoing with each the PIF and SSG and all sides are working in direction of coming collectively to get a deal performed.
The Tour returns to motion this week with the primary occasion of its 2024 season, The Sentry, Jan. 4-7 on the Plantation Course at Kapalua in Maui, Hawaii.
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