Jay Monahan confirmed on Wednesday that negotiations are still ongoing regarding the PGA Tour’s framework agreement for a new golf entity to be created alongside Saudi Arabia’s Public Investment Fund.
The Tour’s embattled Commissioner spoke at the New York Times DealBook Summit and said that he will meet with PIF Governor Yasir al-Rumayyan to “advance discussions” next week and that the December 31 deadline remains a “firm goal.”
Monahan said, echoing Tiger Woods’ earlier statements. The commissioner noted that “another coinvestor with significant business and sporting experience” could also be included.
Golfweek reported the list of outside investors in the beginning of this month. This included Fenway Sports Group, and a group of influential people referred to by the Friends of Golf.
Monahan, a representative of the proposed for-profit company, said: “The PGA Tour will be in a situation where athletes are owners in the sport they play.” “What is most important for our players is to move from being independent contractors to owners.”
Woods , who was disappointed and surprised by the announcement in June of the framework agreement, has joined the PGA Tour Policy Board since then as a player-director.
“I believe all parties are in communication and we’re working aggressively to try and get a deal done… We have several options.” Woods stated Tuesday that a deal would be good to close by December 31. “That’s exactly what the agreement stated, and both parties are aware of that.” There are also other options.”
