The PGA Tour’s negotiations with the Public Investment Fund of Saudi Arabia are continuing, despite having joined forces with U.S.-based sports investment group
The PGA Tour have bolstered their ranks after joining forces with Strategic Sports Group (SSG), whilst at the same time confirming they remain in negotiations with the Public Investment Fund of Saudi Arabia (PIF).
The PGA Visit have been at battle with the Saudi-subsidized LIV Golf since their rise as an opponent for the greatest names in the game. Any expectations of finishing this debate emerged in June after magistrate Jay Monahan affirmed they had made arrangements to work close by PIF as a component of a new for-benefit substance.
There had been reports that the Saudi asset confronted rivalry to work with the American-based circuit, with other venture bunches situated in the US likewise quick to turn into a piece of the element.
And with uncertainty surrounding the proposed agreement gathering, the Tour revealed on Sunday that they had entered a partnership with SSG, which includes the owners of Liverpool Football Club, Fenway Sports Group (FSG). FSG are one of a number of partners involved under the SSG umbrella.
In total the new partnership is said to have a total worth of £43 million ($54bn), per golf commentator Bob Ball. Despite announcing an agreement with the American-based group, the Tour did reveal it was still planning to also join forces with PIF.
Confirming the news, a statement read: “The PGA Tour Policy Board has unanimously selected an outside investment group to further negotiate with as talks with the PIF continue to progress. The decision to advance discussions with Strategic Sports Group (SSG) was announced Sunday in a memo to Tour members.”
The memo in question outlined the Tour’s plans to ‘advance negotiations’ with the Saudi backers, which they will hope will end their battle with the LIV setup. The update comes at an important time for both tours, after LIV lured one of the PGA Tour’s star names in Jon Rahm.
Rahm became to the Saudi-funded league’s biggest signing yet, agreeing a reported £450 million deal to make the switch. Amid Rahm’s move, pressure continues to grow on the PGA Tour to come to some sort of agreement, with reports suggesting a number of other stars – including Tony Finau and Tyrrell Hatton – could also be set to follow in the Spaniard’s footsteps.
Man of the moment, Rahm is hopeful that a deal between the two parties – that will now involve SSG – can be reached sooner rather than later. “I can’t speak on what I don’t know. I wish I knew more about where the framework stands. I’ve kept myself absent from all that to be able to play the best golf I can play.
I found it to be a little distracting at times so I haven’t really focused on it. There’s been some leaps and some growth toward the game of golf getting together and I sure hope in the future we can make decisions that make golf better.”
For the present, the Experts champion is supposed to turn into the most recent large name that is suspended by the Visit for selecting to join the LIV arrangement. He really does anyway expect to contend across the two circuits, as well as the DP World Visit from now on. “I would like to keep up with my PGA Visit and DP World Visit status,” he added.
“I won’t surrender that. Ideally with the opportunity LIV gives me I can play both those visits. There are sure PGA Visit occasions I need to play as long as my timetable permits. If conceivable, I need to get that going.”
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