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With no Saudi deal in place, PGA Tour board meets to consider options
More than five months after announcing a controversial alliance with LIV Golf's deep-pocketed benefactors, the PGA Tour still hasn't agreed to final terms with Saudi Arabia's Public Investment Fund, and its powerful policy board met Monday to discuss other investment options that have emerged in recent weeks.
The tour's policy board held its quarterly meeting in Ponte Vedra Beach, Fla., where its members were expected to be briefed on proposals put forth by multiple groups, each vying to partner with the PGA Tour as it seeks to revamp its economic underpinnings.
It was not immediately clear whether the board took any action or voted on specific proposals, but the tour has been in discussions with potential investors and could be close to striking a deal with one or more of these groups, according to multiple people close to the process who spoke on the condition of anonymity to discuss private business dealings.
How those potential agreements would affect the tour's plans to partner with the PIF is uncertain, but three people familiar with the discussions described one likely scenario: The PIF continues with its plans to financially back the PGA Tour but does so along alongside other investors in PGA Tour Enterprises, a new for-profit entity that is expected to oversee the commercial-related business of the PGA Tour and LIV Golf.
The presumed leader among the potential investors is Fenway Sports Group, according to two people familiar with the discussions. The Boston-based private holding company owns the Boston Red Sox, Fenway Park, Liverpool Football Club and the Pittsburgh Penguins, and it recently invested in Boston Common Golf, one of six teams in the TGL indoor golf league, a new venture backed by Tiger Woods and Rory McIlroy slated to begin play in January.
Woods and McIlroy are on the PGA Tour's policy board and are expected to have a lot of say in the tour's next steps. Monday's meeting was the first that included Woods, who joined the board in August after he and more than three dozen other golfers leaned on the tour to give athletes a bigger voice in the organization's decision-making process.
In an interview with CNBC last week, Tom Werner, founder and chair of Fenway Sports Group, confirmed his organization has had "conversations" with the PGA Tour but declined to discuss details. A spokesman for the company did not return messages seeking comment.
One person familiar with the discussions said FSG could emerge as the primary investor in the new for-profit entity. It is not clear whether other parties would effectively dilute the Saudis' prospective stake or whether the PIF would have as much influence or voting power as had been agreed to in the initial framework agreement. The early terms called for Yasir Al-Rumayyan, the PIF governor, to chair the new company's board of directors and gain a seat on the PGA Tour's policy board. Those familiar with the talks suggested if the tour takes on other investors, its Saudi relationship could face less scrutiny from lawmakers, federal regulators and the public.
When the proposed alliance was announced June 6, the sides said they expected to reach a final agreement "in a matter of weeks." But as complications arose, including a Senate subcommittee investigation led by Richard Blumenthal (D-Conn.), it became clear that the process would not be a quick one. According to the initial agreement, the parties have until the end of the year to reach final terms, though an extension is increasingly likely, those familiar with the discussions say. Three people close to the process said they believe the tour remains in active discussions with the PIF, even as it discusses taking on other investors.
While news of the tour's proposed partnership with the Saudis shook the golf world and rattled many players, there have been signs that emotions have cooled and that many golfers are now open to the Saudi investment. McIlroy has been among the loudest LIV Golf critics but said last week that he's hopeful the PIF ultimately succeeds in its efforts to partner with the PGA Tour.
"I would hope when we go through this process, the PIF are the ones that are involved in the framework agreement," McIlroy said during an appearance on CNBC to promote the TGL. "Obviously, there's been other suitors that have been involved and offering their services and their help. But hopefully, when this is all said and done, I sincerely hope that the PIF are involved and we can bring the game of golf back together."
One area of interest for golfers revolves around player equity. Tour officials said shortly after the PIF agreement was announced that tour players would receive equity shares in the for-profit company, and they have floated the proposal as a way to reward those who remained loyal to the tour as LIV Golf dangled lucrative contracts.
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Sally Jenkins contributed to this report.
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