There are speculations about a possible delay in the contract between the U.S. Professional Golfers’ Association (PGA) Tour and Saudi Arabia’s Public Investment Fund (PIF).
Davis Love III, who holds 21 PGA Tour victories (including one major), said in an interview with Golfweek that “the new corporate contract between the Tour and PIF is not nearly finalized.”
Jay Monahan, PGA Tour Commissioner, and Yasir Al-Rumayyan, PIF President, announced a new company, PGA Tour Enterprises, on June 6.
More than half of the board are PGA Tour personnel, and PIF was set to hold the exclusive investment rights.
Both sides agreed on a five-page draft. The contract is set to expire on December 31. The draft aimed to lead the golf world through PGA Tour Enterprises.
This move stirred up the PGA Tour players as the decision was made without their knowledge. As a result, Tiger Woods joined the PGA Tour Policy Board as a player director in August.
The once seemingly long six months now only has two months left.
Love III said, “The only thing I know is that things won’t happen quickly,” explaining that “a contract may not be concluded by the end of the year.”
He is not currently a player director on the PGA Tour Policy Board, but he is participating in a newly formed temporary committee.
Love III added, “We may have messed up the last three years. We need to think about how to prepare the PGA Tour for the future. We need to understand what PIF wants. Whether they want to spend so much money for the LIV Golf Invitational Series, etc.”
According to recent reports in the U.S., investors unrelated to PIF are in negotiations with the PGA Tour. Recently, a contract with Endeavor was scrapped.
Love III said, “There’s a lack of communication with PIF. It’s a strange situation. Now everyone wants to invest in the PGA Tour.”
By. Lee Dong Hun
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