LIV Golf and PGA Tour deal set to be finalised before 2024

18/12/2023 17:25

Tiger Woods says the PGA Tour wants to strike a formal agreement with Saudi Arabia’s state investment fund by its self-imposed December 31 deadline.

While much has seemingly happened since that timeframe was set out in July, it is apparent that at least from the PGA Tour’s point of view, they need to have an agreement in place going into the 2024 campaign.

The deadline was established in early June when the two companies and the Europe-based DP World Tour announced their merger, although the parties might agree to extend the deadline.

The Saudi PIF is the primary financial supporter of PGA Tour competitor LIV Golf.

Woods revealed that the PGA Tour was upbeat on its chances of completing the deal before the end of the year.

"As of right now, (December 31) is our time frame and our deadline. That hasn't changed," Woods, who joined the PGA Tour board in August, told a press conference in Florida on Saturday.

"We're trying to get a deal done with all of the different entities that we have going on here. SSG has come into the mix now."

The PGA Tour said it will continue negotiations with US-based Strategic Sports Group (SSG), which might join in as a co-investor, as it rushed to finish its merger plans before the deadline.

SSG includes Fenway Sports Group, the owners of the Boston Red Sox in Major League Baseball and Liverpool in the Premier League. It also comprises the investment business Cohen Private Ventures, the family office of New York Mets owner Steve Cohen, and the private equity firm HighPost Capital.

"(SSG) have a lot of equity and a lot of name investors that have the same alignment that we have, and we are all heading in the right direction," Woods said.

Woods declined to comment on Masters winner Jon Rahm’s recent switch to LIV Golf.

"Well, there's been a lot of talk over the years of certain players going, and it was speculation until it happened because there's been rumors of names going and not going, and whether they materialized or not …" he said. "So we assumed it was just speculation until it happened."

Matt Kuchar, meanwhile, believes LIV Golf could be a catalyst for positive changes in the sport.

"I think what's going on with the LIV Tour is pushing the PGA Tour to make some changes," Kuchar said. "I think some are for the good.

"Listen, if you were a player on Tour this year, you had full-field events with giant purses. This was kind of a great year to be on Tour. This coming year, if you're inside that top 50, it looks like it stands to be an incredible year.

"I don't see this being the final rendition of what the PGA Tour looks like. I think we will tweak it. But I think the LIV Tour is forcing the Tour to make some good adjustments."

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