Jay Monahan confirmed Wednesday negotiations remain ongoing concerning the PGA Tour’s framework agreement to create a new, for-profit golf entity alongside Saudi Arabia’s Public Investment Fund.
The Tour’s embattled commissioner spoke at the New York Times’ DealBook summit and also said he plans to meet with the PIF’s governor Yasir Al-Rumayyan next week to “advance conversations” and the Dec. 31 deadline is still a “firm target.”
“We’re having conversations with multiple parties,” said Monahan, echoing statements Tiger Woods made earlier in the week. The commissioner also noted “another co-investor with significant experience in business and sports” could be included.
Golfweek was first to report the short list of outside investors earlier this month, which included the likes of Fenway Sports Group and a group of influential individuals referred to as Friends of Golf.
“The PGA Tour is going to be in a position where the athletes are owners in their sport,” Monahan said of the planned for-profit entity. “What’s most important to our players is that they go from the model of being independent contractors to being owners.”
Woods was surprised and frustrated by the announcement of the framework agreement back in June and has since joined the PGA Tour Policy Board as a player director.
“I think all the parties are talking and we’re aggressively working on trying to get a deal done … We have multiple options. But still, we would we’d like to have a deal done December 31,” Woods said Tuesday. “And that’s what the agreement said and all parties understand that. But there are other options out there.”
