The deal, which has been negotiated since early December, was made official to the PGA Tour’s membership in a phone call early this morning (Wednesday) and coincides with the launch of the new for-profit PGA Tour Enterprises, which PGA Tour commissioner Jay Monahan will serve as chief executive.
“An important moment for the PGA Tour and fans of golf across the world”
The elephant in the room – or rather, the elephant absent from the room – is what, if any, involvement Saudi Arabia’s Public Investment Fund, the financial backs of the LIV Golf League, will have in the new for-profit venture. The PGA TOUR has announced that the deal with SSG will allow for co-investment from PIF in the future, and it is understood that SSG made the deal with the tour under the belief that PIF will join the party at some point in the future. The PIF’s investment has been hampered by US antitrust regulations, the Congress announcing this week that its investigation into PIF and its investments in American businesses will continue and could take years to resolve.
The timing of the announcement comes just two days before LIV Golf launches its third season this week in Mexico, while the PGA Tour hosts the AT&T Pebble Beach Pro-Am, its second signature event of 2024 with a $20 million prize fund.