Tiger Woods says PGA Tour negotiations with Saudis continue
15 February 2024 - 18:00
byRory Carroll
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Former world number one and American Tiger Woods. Picture: RONALD MARTINEZ/GETTYIMAGES
Los Angeles — Tiger Woods says the PGA Tour’s negotiations with Saudi Arabia’s Public Investment Fund (PIF) are ongoing but that the Tour is “in a great position” after securing a $3bn investment in January from a consortium of US sports team owners.
The deal with Strategic Sports Group (SSG) allows for co-investment with the Public Investment Fund (PIF), which controls LIV Golf, but those talks continue to drag on.
“SSG, we have solidified our agreement with them and PIF is still ongoing and we're still negotiating,” Woods said. “Ultimately, we would like to have PIF be a part of our tour and a part of our product. Financially, we don't know. We’re in a great position and hopefully we can make our product better in the short term and long term.”
Oil-rich Saudi Arabia, which US legislators have criticised for human rights violations, divided the world of golf when it launched LIV Golf in 2022. Players such as American Major winners Phil Mickelson and Dustin Johnson jumped ship for a huge payday, while others including Woods and Northern Ireland’s Rory McIlroy remained loyal to the PGA Tour.
Last June, the PGA Tour, PIF and Europe-based DP World Tour surprisingly announced a framework agreement to house their commercial operations in a for-profit entity called PGA Tour Enterprises and tensions between the players began to cool.
As talks with the PIF failed to reach a quick conclusion, however, outside investor interest in the PGA Tour heated up.
SSG, a consortium led by Fenway Sports Group, will invest an initial $1.5bn and work to maximise revenue generation for the benefit of players and on finding opportunities to enhance golf around the world.
Woods, a 15-time Major winner, said the tour was looking at different models to reunify the sport by welcoming back players who lost their tour cards when they joined LIV Golf.
“Trust me, there’s daily, weekly emails and talks about this and what this looks like for our tour going forward,” he said.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Tiger Woods says PGA Tour negotiations with Saudis continue
Los Angeles — Tiger Woods says the PGA Tour’s negotiations with Saudi Arabia’s Public Investment Fund (PIF) are ongoing but that the Tour is “in a great position” after securing a $3bn investment in January from a consortium of US sports team owners.
The deal with Strategic Sports Group (SSG) allows for co-investment with the Public Investment Fund (PIF), which controls LIV Golf, but those talks continue to drag on.
“SSG, we have solidified our agreement with them and PIF is still ongoing and we're still negotiating,” Woods said. “Ultimately, we would like to have PIF be a part of our tour and a part of our product. Financially, we don't know. We’re in a great position and hopefully we can make our product better in the short term and long term.”
Oil-rich Saudi Arabia, which US legislators have criticised for human rights violations, divided the world of golf when it launched LIV Golf in 2022. Players such as American Major winners Phil Mickelson and Dustin Johnson jumped ship for a huge payday, while others including Woods and Northern Ireland’s Rory McIlroy remained loyal to the PGA Tour.
Last June, the PGA Tour, PIF and Europe-based DP World Tour surprisingly announced a framework agreement to house their commercial operations in a for-profit entity called PGA Tour Enterprises and tensions between the players began to cool.
As talks with the PIF failed to reach a quick conclusion, however, outside investor interest in the PGA Tour heated up.
SSG, a consortium led by Fenway Sports Group, will invest an initial $1.5bn and work to maximise revenue generation for the benefit of players and on finding opportunities to enhance golf around the world.
Woods, a 15-time Major winner, said the tour was looking at different models to reunify the sport by welcoming back players who lost their tour cards when they joined LIV Golf.
“Trust me, there’s daily, weekly emails and talks about this and what this looks like for our tour going forward,” he said.
Reuters
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