14 November 2023 , 22:36
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The PGA Tour is planning to give players part-ownership of the proposed new venture with LIV Golf once an agreement has been reached.
Back in June, it was announced that the PGA Tour, DP World Tour and the Saudi-funded breakaway league had decided to merge for a new for-profit golf project. However, no formal agreement has been reached between the PGA Tour and the Public Investment Fund of Saudi Arabia (PIF ), which finances LIV Golf.
It has previously been stated that a deadline of December 31 has been penciled in for when an agreement must be reached between the PGA Tour and LIV Golf. However, reports have stated that the deadline can be extended if necessary.
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According to ESPN, the PGA Tour held a meeting on Monday at the official headquarters at Ponte Vedra Beach, Florida around the proposed merger. It has been claimed the purpose of the meeting was to inform policy board members about potential new investors in the proposed venture.
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Tiger Woods was reported to have been present for the meeting, along with other PGA Tour board members. And it was concluded PGA Tour players will be offered part-ownership of the proposed new venture.
PGA Tour commissioner Jay Monahan reportedly sent a memo to tour members stating that they would receive an equity share. However, the promise of part-ownership in the Tour would supposedly only come once new investment is secured.
"Tour management has designed a program that would align the interests of our members with the commercial business of the Tour via direct equity ownership in PGA Tour Enterprises," the memo from Monahan is quoted as saying, via ESPN.
"At the point, we secure outside investment, this would be a unique offering in professional sports, as no other league grants its players/members direct equity ownership in the league's business.
"We recognise - as do all of the prospective minority investors who are in dialogue with us - that the PGA Tour will be stronger with our players more closely aligned with the commercial success of the business."
Alongside his involvement in talks over the future of the game, Woods is starting his new golf league along with fellow professional and business partner Rory McIlroy. The new league, TGL, is set to begin in January and take place over 15 weeks with six teams of four players each.
Tiger Woods is starting his new golf league, TGL, alongside Rory McIlroy (Andrew Redington/Getty Images)Rumours around potential investors in the proposed new venture for the PGA Tour have been doing the rounds for several months. Fenway Sports Group (FSG) - owners of Liverpool, the Boston Red Sox, and the Pittsburgh Penguins - have been linked as possibly investing in the new venture.
FSG chairman Tom Werner confirmed earlier this month that "conversations" had taken place with the PGA Tour. Werner was speaking alongside McIlroy as part of the promotion for the 'Boston Common' team for the TGL, of which FSG has already invested.
“We don't really like to talk about things that are in discussion," said Werner on CNBC’s Halftime Report on November 7. "Really, we're here to talk about tomorrow’s golf and this team and anything we can do to help Rory [McIlroy] and the PGA, we're happy to offer our support.
“We just want to offer our support creatively to any of the ideas that are welling up. It's really up to the players to decide on the direction they want to go. I confirm we have had conversations.”
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