The PGA Tour reported progress without details from a face-to-face meeting between its negotiating committee and the Public Investment Fund of Saudi Arabia as it tries to work toward a deal.
PGA Tour Enterprises is the commercial group that came out of the framework agreement announced a year ago among the PGA Tour, PIF and the European tour.PGA Tour Enterprises brought on Strategic Sports Group, which invested an initial $1.5 billion earlier this year. Negotiations are ongoing to bring in PIF as a minority investor, and there has been more activity than previously believed.
The tour said the committee and PIF have been meeting “multiple times weekly to work through potential deal terms and come to a shared vision on the future of professional golf.” It said only that “more progress was made” in New York. But he has relationships with both sides of the table. McIlroy had said he would be more in listen mode when the business leaders — Al-Rumayyan and his team at PIF, a PGA Tour Enterprises committee that includes four SSG investors — sorted through details.
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