The PGA Tour will not be able to meet the deadline of Dec. 31, which was set out in the June framework agreement, in order to create a profit-making entity. However, the Tour provided an update for its players on New Year’s Day on the current status of the negotiations.
On December 10, The Tour’s Policy Board announced that it was in advanced discussions with Strategic Sports Group, an investment group headed by Fenway Sports Group, which included Marc Attanasio and Arthur Blank. Gerry Cardinale, and Cohen Private Ventures were also part of the group.
The Tour is continuing to negotiate with the two parties. A memo was sent out to members on Sunday. It covered three main points. The Tour sent the following message to its members on Sunday:
- Monahan stated that, “we have made significant progress” in the negotiations with SSG. He is currently working on finalizing terms and drafting required documents.
- Second, as the Framework Agreement between the PIF, DP World Tour and the PIF is set to expire on December 31, the memo referred to an attempt to extend the deadline to the New Year based upon the progress that has been made so far. Monahan categorized PIF and DP World Tour conversations as “active and fruitful.”
- The memo also reaffirmed the Tour’s objective in relation to all negotiations: to bring SSG and PIF on board as minor co-investors of PGA Tour Enterprises by 2024. Monahan stated, “These partnerships allow us to unify and innovate in the game, for the benefit of players, sponsors and fans.”
There’s nothing new to report other than that there won’t be a deal by 2024. The PIF and SSG are both still in negotiations and are all working together to reach a conclusion.
The Tour will return to action next week, with The Sentry at the Plantation Course in Kapalua, Maui, Hawaii, the first of the 2024 season.
