Tiger Woods Says PGA Tour Is Committed to Meeting Investment Deal Deadline
ORLANDO, Fla.—Tiger Woods was clearly reluctant to talk about it Saturday, but he nonetheless said the much-discussed “framework agreement’’ talks between the PGA Tour, DP World Tour and Public Investment Fund of Saudi Arabia are ongoing, with a firm commitment to get a deal done by Dec. 31.
Woods, who played Saturday with his son, Charlie, in the first round of the PNC Championship at the Ritz-Carlton Golf Club, had declined to talk to reporters on Friday with the issue looming over the game.
But after he and Charlie combined for a score of 64 in the scramble format, he spoke about various topics, including he and his son’s game and the off-the-course issues that have permeated golf for nearly two years.
Now a player director on the PGA Tour Policy Board, Woods is considered a key member of the group that is discussing various ways to start a for-profit company under the PGA Tour banner that would bring in billions of dollars in outside investment, including from the PIF, which funds the LIV Golf League.
“We're trying to get a deal done with all of the different entities that we have going on here,’’ Woods said. “[Strategic Sports Group] has come into the mix now. But we still have until the 31st.’’
SSG is a compilation of billionaire sports owners; last week, the Tour announced it had entered into serious talks to invest.
Among those associated with the group are Arthur Blank, the owner of the Atlanta Falcons and a co-founder of Home Depot; Tom Werner and John Henry of the Boston Red Sox; and Steve Cohen, owner of the New York Mets.
SSG would be a minority investor in PGA Tour Enterprises along with the PIF, if a deal is consummated, with the new entity quite likely staging different events outside of the PGA Tour’s non-profit model. The Tour sought SSG because of its diversified members, believing that might be appealing to the PIF, which invests in hundreds of companies around the world.
“They obviously have a lot of equity and a lot of name investors that have the same alignment we have and we are all heading in the right direction,’’ Woods said.
Talks seemingly intensified in the last week after Masters champion Jon Rahm, the No. 3-ranked player in the Official World Ranking, signed with LIV Golf on Dec. 8. It means that Rahm cannot compete in PGA Tour events in 2024 under the current stipulations put in place.
Asked if Dec. 31 was a firm deadline and could be extended, Woods said: “As of right now, that is our time frame and our deadline. That was set forth back in early June, and that hasn't changed.’’
Woods was referencing the shocking June 6 announcement that had the tours and PIF entering into a framework agreement that would see the parties align. This had come after a year of vitriol in which the PGA Tour had used Saudi Arabia’s human rights issues as a reason for not supporting LIV Golf.
The secret negotiations angered many players and led to Woods being put on the board in July. He’s said to have been heavily involved in talks to bring on private equity but it is unclear if he personally wants a deal with the PIF or push the sovereign wealth fund away.
But observers have noted that not making the PIF part of the deal brings on the risk of LIV continuing to offer star players deals, as what happened with Rahm— who had said for months he was not interested.
“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,’’ Woods said. “So we assumed it was just speculation till it happened.’’
Woods also talked for the first time—briefly—about reports that his long-time sponsorship deal with Nike might be ending. Woods has been with the company since he turned pro in 1996 and helped it launch its own golf ball and club line before Nike got out of the golf equipment business.
Nike still makes golf apparel and shoes, but is reportedly considering shutting down its golf division. Woods last signed an extension with Nike in 2013 and has been using TaylorMade equipment and the Bridgestone ball since Nike stopped making those products. He’d have no shortage of other opportunities if Nike does exit.
“I’m still wearing their product,’’ is all Woods said on the matter.
This is the fourth straight year Woods has played with his son in the 20-team event that sees a prominent player paired with a family member. Two years ago, Woods and Charlie finished second to John Daly, but they have a lot of ground to make up during Sunday’s final round
Their 8-under-par 64 score is tied for 11th, seven strokes behind the 15 under total of Matt Kuchar and his son, Cameron. Four teams are tied for second, three strokes back, including the teams led by Bernhard Langer, Vijay Singh, Retief Goosen and David Duval.