“PGA Tour Players Nearing Meeting with Saudi Investment Fund Chief Amidst Negotiations”
A cohort of PGA Tour players is on the brink of convening with the head of Saudi Arabia’s Public Investment Fund (PIF) as endeavors persist to orchestrate an accord between the Tour and the contentious sovereign wealth fund, which has been causing disruptions in men’s professional golf.
PGA Tour
According to six sources disclosed to Golfweek, the Tour’s player-directors are strongly advised to engage with Yasir Al-Rumayyan, and the meeting could potentially transpire within a few days. Two sources indicated that a meeting is provisionally slated for Monday at a discreet residence in Ponte Vedra Beach, Florida, following the conclusion of the Players Championship on Sunday at the nearby TPC Sawgrass. However, the particulars of the meeting are being kept under wraps, and some insiders caution that the attendance of the influential Saudi investment chief is still uncertain, with the possibility of a last-minute cancellation.
Five out of the six player-directors on the Tour’s Policy Board, all of whom concurrently serve on the board of the newly formed for-profit entity, PGA Tour Enterprises, are participating in the Players Championship: Patrick Cantlay, Jordan Spieth, Adam Scott, Peter Malnati, and Webb Simpson. The sole exception is Tiger Woods, who is not competing. Joe Ogilvie, a retired veteran recently appointed to both boards as a liaison to player-directors, intends to arrive in Ponte Vedra Beach on Sunday ahead of an Enterprises board meeting scheduled for Tuesday at Tour headquarters.
The proposed meeting between Al-Rumayyan and the players is envisioned as an informal introduction to advance negotiations between the Tour and the PIF, discussions that have encountered impediments since the announcement of a Framework Agreement between the parties on June 6. Some player-directors remain dissatisfied with the clandestine process leading to the agreement and harbor reservations about striking a deal with the Saudis, who have made substantial investments in LIV Golf.
Tour commissioner Jay Monahan disclosed on Tuesday that he recently met with Al-Rumayyan in Saudi Arabia, accompanied by representatives of Strategic Sports Group (SSG). In January, SSG infused $1.5 billion into PGA Tour Enterprises, which will shape the future of the sport. Monahan stated, “Our negotiations are accelerating as we spend time together.”
Per the terms of the Framework Agreement, the PIF could potentially become a minority investor in PGA Tour Enterprises. However, last month, one player-director seemed tepid when questioned about the necessity of a deal with the PIF following the SSG investment. Rory McIlroy publicly responded, asserting that reaching an agreement with the PIF is advantageous for the Tour’s interests. He cautioned that dismissing the Saudis could complicate negotiations and proposed that LIV golfers be allowed to return to the PGA Tour without sanction as part of a unity agreement.
Monahan refrained from divulging specifics on the negotiations or any contentious issues during his media address on Tuesday at TPC Sawgrass. Nonetheless, he reiterated his belief that striking a deal with the PIF is paramount for the Tour. When queried about the implications if a deal with the Saudis fails to materialize, Monahan deferred, emphasizing the pursuit of the best possible outcome for the Tour and the game.
