The press release released on the PGA Tour website last Wednesday finally made the agreement with Strategic Sports Group official, an announcement that had been anticipated at the end of last year. This agreement led to the creation of PGA Tour Enterprises, an entity with an initial fund of 3 billion dollars, with an initial injection of 1.5 billion coming from "local" entrepreneurs.
The statement also highlights the plan that the PGA Tour has in store to allow its players to become shareholders in the project, but details will be provided later, when the parameters relating to this option are clear.
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Now, the ball is in the court of the counterparty to the framework agreement, i.e. the Public Investment Fund (PIF) led by Yasir Al-Rumayyan, which should also do its part by investing in the NewCo (an operation already authorized by the rules that regulate the new reality, as declared by the SSG, NDR).
The Governor of the Saudi Sovereign Fund wanted to personally update the LIV Golf players through a letter sent on the occasion of their seasonal debut in Mayakoba. The letter highlights the PIF's support for LIV and its team format, which has brought new energy and fans to golf around the world.
However, recent rumors indicate that LIV Golf may maintain some autonomy and operate outside the direct control of PGA Tour Enterprises, to avoid possible negative reactions from the Department of Justice, known for its interest in the matter.
Greg Norman, founder of LIV Golf, also expressed his opinion, reiterating the aim of creating something new and bringing golf to a wider global audience, as well as welcoming more investment in the world of golf . Furthermore, player Jordan Spieth commented on the issue of investment by the PIF, stating that it is not mandatory to accept it and that discussion can only begin if the conditions are acceptable to PGA Tour members.
However, the most surprising reaction was from Rory McIlroy, who left the PGA Tour group chat in protest. Time is running out, with less than two months before the start of the Augusta tournament, which represents the deadline to finally close the agreement between the PGA Tour and PIF. It remains to be seen whether these discussions will lead to a satisfactory solution for all parties involved.