Bombshell (!) report reveals PGA Tour plan should PIF/LIV Golf negotiations fail
A bombshell report by ESPN reveals what the PGA Tour plans to do should negotiations with the PIF/LIV Golf fail at some point.
The PGA Tour-PIF deal is 'unlikely to happen', according to a report.
Per ESPN's Michael Schlabach, it is said PIF representatives are 'digging their heels in' with incorporating team golf into the new, for-profit golf company as well as wanting more control of the enterprise.
A memo was released to PGA Tour members ahead of the Shriners Children's Open which provided a small update with how negotiations are going with the backers of LIV Golf.
There is a deadline of 31 December for the framework agreement negotiations to be concluded but that could be extended into the new year.
PGA Tour executive Jason Gore wrote to players:
Gore was alluding to the fact the PGA Tour are reportedly looking at other sources of potential investment.
According to ESPN, there are at least 10 private equity groups and other investors that have had discussions about investing in the PGA Tour.
Should the negotiations with the Saudi PIF fail, it is said the tour are hoping to have a $2bn war chest.
A source told the publication:
The framework agreement between the PGA Tour, PIF and DP World Tour was announced on 6 June.
It followed almost a year of unprecedented disruption to men's professional golf.
PGA Tour commissioner Jay Monahan drew heavy criticism and was accused of hypocrisy after appearing to try and emotionally blackmail members from bolting to the rival league.
Monahan was forced to step back from his role temporarily after suffering health problems.
It was later confirmed by the man himself he was struggling with anxiety amid the backlash to the announcement.
Monahan and high-profile PGA Tour execs struck the framework agreement after meeting in a series of secret meetings with PIF governor Yasir Al-Rumayyan.
Reports suggest Monahan only needed 10 minutes in the company of Al-Rumayyan before trusting him.
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