Even If a Deal to Unify Golf Is Near, It May Not Answer Every Question
More Weekly Read: Dunlap Seizes Opportunity | Reimagined Pebble Beach Pro-Am
The smoke signals are faint, but indications are a long-discussed deal between the PGA Tour, DP World Tour and Public Investment Fund of Saudi Arabia is near, if not already completed.
The problem for now is the results of the deal are unlikely to be completely satisfying to all, at least not in the short term.
Sports Illustrated has learned that significant progress was made recently and—barring the usual approvals from both sides, a process that is seemingly never quick—a new version of the "framework agreement" is set to be unveiled.
Jay Monahan and Yasir Al-Rumayyan have continued talking in efforts to unify the sport.
Imago
Several plane-tracking services had the Aramco jet in New York last week at the same time the PGA Tour’s plane was there. Aramco is the Saudi oil company and the plane is one that Yasir Al-Rumayyan, the governor of the PIF, uses. The PGA Tour jet doesn’t go anywhere without commissioner Jay Monahan.
It seems unlikely they were there to chat about anything other than the conclusion or near-conclusion of the deal. According to a recent report, they had not met in person since the June 6 agreement was announced.
On Friday, Sportico reported that the Strategic Sports Group, which includes Fenway Sports and other high-profile sports owners, was set to begin investment in the PGA Tour as soon as this week. Months ago, the Tour announced it was in exclusive talks with SSG to form a relationship for private equity investment alongside the PIF.
The investment would be just shy of $3 billion and would be part of the new PGA Tour Enterprises, the separate entity outlined in the original framework agreement that would see a for-profit company under the PGA Tour banner while leaving the non-profit PGA Tour as it was constructed decades ago. It is unclear if the SSG deal will be announced first or in combination with a bigger agreement.
The PGA Tour has not commented.
That for-profit company was to see Al-Rumayyan serve as chairman of the board, with Monahan as CEO and a board comprised mostly of PGA Tour board members.
As part of the agreement, PIF would invest in this new company along with SSG, with the amount unclear. Apparently PIF would partner with the PGA Tour, DP World Tour and SSG to gain acceptance—as has long been viewed as its ultimate goal.
Such an arrangement—perhaps unveiled in parts—might also be by design as a way to appease the U.S. Department of Justice.
That is important in the short term because, as one source told Sports Illustrated, there is still the issue of "what to do with LIV."
The idea that LIV Golf could have been shuttered was a possibility, but also didn’t seem realistic given the enormous costs associated with getting to this point. But folding it into the new entity apparently is not easy, either.
Rory McIlroy has suggested that the game needs to be "global" and said perhaps the LIV Golf team format could be played at specific times of the year. Others have wondered if LIV events could be "co-sanctioned," if you will, to have them count as PGA Tour or DP World Tour events.
Bryson DeChambeau said he wants a way for the game to come together so all the players can play together again and said last week on a LIV Golf conference call that he expected a deal soon.
"I think the deal is going to come quicker than you think," he said. "It might not be the next couple of weeks. Maybe a month or so. But it’s going to happen. There’s no way around it now. This is about the good of the game for the fans. The health of the game for the fans.
"As time goes on, we’re starting to see these fans are hungry for us all to come back together. I can’t wait for that day to happen."
But as it stands, it doesn’t appear the players will be coming together outside of the major championships anytime soon. That was always likely to be the case for this year, and now it's possible that 2025 plays out the same way.
LIV Golf has been operating under that assumption since last summer. It has proceeded as though it will continue into next year, signing team sponsorships and working out deals with venues. Most of the LIV players contracts expire after the 2025 season.
All of which leads to far more questions than answers.
If the PGA Tour and LIV play separate schedules again next year, how does that achieve the goal of bringing the game together? Does LIV Golf continue to play without world ranking points? What does PGA Tour Enterprises look like? And what is SSG actually investing in? The Sportico story said “domestic rights," does that mean the PIF’s investment will be for international rights? Will the PIF event venture into sponsorship on the PGA Tour?
Meanwhile, both the PGA Tour and LIV Golf have big events this week, finally away from the NFL. The PGA Tour plays its second signature event with an 80-player field at Pebble Beach. Jon Rahm makes his LIV debut in Mexico where the first of a 14-tournament schedule begins.
