Negotiations continue between PGA and PIF

Exactly one year and one day after the official announcement of the framework agreement between the PGA Tour and the Public Investment Fund (PIF) of Saudi Arabia, discussions between the two parties continue

by Andrea Gussoni
SHARE
Negotiations continue between PGA and PIF
© Getty Images Sport - Streeter Lecka / Staff

In an official statement released by the PGA Tour, negotiations between the US Circuit and officials from the Public Investment Fund (PIF) of Saudi Arabia, the primary financial supporter of the LIV Golf, are ongoing. An important meeting took place in New York on Friday, June 7, with the notable presence of Tiger Woods.

Pga, situation

Exactly one year and one day after the official announcement of the framework agreement between the PGA Tour and the Public Investment Fund (PIF) of Saudi Arabia, discussions between the two parties continue.

A crucial meeting was held in New York, where representatives from the PGA Tour Enterprises' transactions sub-committee and the PIF convened to work on the terms of a potential agreement and reach a common vision for the future of professional golf.

PIF Governor Yasir Al-Rumayyan and his team were present, and further progress was made during this session. On the PGA Tour side, the roundtable included PGA Tour Commissioner and CEO Jay Monahan, PGA Tour Enterprises President Joe Gorder, Fenway Sports Group and Strategic Sports Group Director John W.

Henry, as well as former player Joe Ogilvie, who serves as the PGA Tour Enterprises' Board of Directors Liaison Director. Three active PGA Tour players were also present: Tiger Woods, Adam Scott, and Rory McIlroy, the latter participating via videoconference from Muirfield Village, Ohio, where he competed in the Memorial Tournament this week.

The transactions sub-committee emphasized their ongoing commitment to these negotiations, stressing the need to address complex considerations to position golf for global growth effectively. They also stated their intention to approach the discussions with consideration for players, fans, partners, and the future of the game.

Rory McIlroy described the meeting as "very productive," indicating significant progress. PIF stands for the Public Investment Fund, which is the sovereign wealth fund of Saudi Arabia. Established in 1971, the PIF aims to invest in various sectors both domestically and internationally to support economic diversification and growth initiatives in Saudi Arabia.

It plays a significant role in the country's economic development by investing in strategic sectors such as finance, technology, infrastructure, and entertainment. In recent years, the PIF has undertaken several high-profile investments and projects, both within Saudi Arabia and abroad, as part of the country's Vision 2030 initiative to reduce reliance on oil revenue and diversify the economy.

Pga Tour
SHARE