PGA Tour commissioner Jay Monahan has reaffirmed his commitment to reaching an agreement with Saudi Arabia's Public Investment Fund (PIF) but confirmed reports that the Tour had received offers from "dozens" of other potential investors.
Initially announced in June, the shocking potential deal with the PIF - which currently bankrolls the rival LIV Golf tour - has been fairly quiet in recent months with very few public updates.
The Tour was said to have a self-imposed deadline of December 31 to try and complete the deal but that now appears unlikely to be hit. However, in a new memo released to players, Monahan confirmed that the deal is still progressing and remains the primary focus of senior officials at the Tour.
“We continue to remain focused on our negotiations toward a Definitive Agreement with PIF and the DP World Tour as our priority. Progress has been deliberate given the complex nature of the potential agreement, and we will keep you apprised of the progress, with continued input and direction from your Player Director and player advisor Colin Neville,” the memo read.
Tour continues "negotiations toward a definitive agreement with PIF" and "unsolicited interest from numerous outside potential investors," according to memo sent to players. pic.twitter.com/NPpIkzU6qfNovember 14, 2023
Monahan, though, did confirm reports that the PGA Tour has been approached by dozens of other organisations looking to partner with the Tour and become minority investors.
"Additionally, as you know, the Framework Agreement with PIF and the DP World Tour generated unsolicited—although not surprising—interest from numerous outside potential investors," he continued.
"The opportunity to potentially participate in the transformative growth of the PGA Tour for the first time brought forth dozens of inbound prospects, which were all initially vetted by the Tour’s investment bank, Allen & Company.
“Many of those prospects moved forward to a diligence review—with Tour Management and Allen & Company working together with the potential minority investors’ representatives—and we then received significant, formal proposals that demonstrate the power of the PGA Tour brand, its player and our commercial opportunity.”
Fenway Sports Group - which also owns Premier League club Liverpool, NHL side Pittsburgh Penguins, MLB outfit Boston Red Sox and the new TGL team Boston Common Golf Club - was once such group, with chairman Tom Werner confirming they have held conversations with the Tour.
Another company that showed interest was Endeavour - majority owners of the UFC and WWE - although President and COO Mark Shapiro confirmed that their offer was turned down.
Additionally in the memo, Monahan confirmed that Patrick Cantlay has been reappointed to serve as a Player Director until 2026, while Executive Chairman of Valero Energy Corporation Joe Gorder will fill the vacant final Independent Director seat on the PGA Tour's Policy Board. Valero has been the title sponsor of the Texas Open since 2002.
Gorder replaces former AT&T executive Randall Stephenson who resigned in July, citing “serious concerns” over the proposed deal between the Tour and the PIF.
