PGA Tour Commissioner Sets Firm Deadline for PIF Deal

NASSAU, Bahamas — PGA Tour commissioner Jay Monahan is set to meet with Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund, next week to discuss a potential partnership. Monahan aims to finalize a deal with the PIF and another investor by the end of the year.

Monahan, speaking at a New York Times DealBook Summit in New York City, emphasized the December 31 deadline for a framework agreement between the PIF and DP World Tour.

He stated, “We’re engaging in discussions with multiple parties. The deadline for our conversations with PIF is firm. I’ll be with Yasir next week, continuing our talks. It’s well known that other interested parties are also being considered.”

Fenway Sports Group, owner of the Boston Red Sox and other sports properties, has emerged as a leading U.S.-based investor, along with KKR & Co. investment firm co-founder Henry Kravis.

During a U.S. Congressional hearing, PGA Tour chief operating officer Ron Price revealed that the PIF has pledged to invest over $1 billion in the new for-profit entity, known as PGA Tour Enterprises, to be controlled by the PGA Tour.

Sources previously disclosed that the PGA Tour was considering another U.S.-based investor due to concerns about government scrutiny. The U.S. Department of Justice’s Antitrust Division widened its investigation of the PGA Tour’s alleged monopolistic practices to include the proposed framework agreement.

Monahan expressed, “When this gets finalized, the PGA Tour is going to be in a position to have the athletes as owners in their sport. You’ve got not only the PIF but another co-investor, with significant business and sporting experience, to help take the PGA Tour to another level.”

“What’s most important to our players is that they go from the model of being independent contractors to being owners,” Monahan added.

At the summit, Monahan revealed more details about the mental health concerns that led to his leave of absence after the June 6 framework agreement was announced. Many PGA Tour players criticized the lack of communication with them during the deal negotiations.

“He understands what happened prior to that can’t happen again and won’t happen again, not with the players that are involved and not with the player directors having the role that we have,” said Tiger Woods.

Monahan also shared, “I think what’s happening to me in my head around that time frame was not too dissimilar to what was happening to me in my head in the months prior to it. This had been an extended conflict. It had affected me, my mental and my physical health.”

He continued, “You’ll hear people talk a lot about ‘I focus on the things I can control.’ I wasn’t doing a good job of that. I was confusing that. I am fully focused on the things I control. And so, you have to realize that it’s part of life, it’s part of who I am, it’s my truth. And I am a work in progress. And I’m just every single day trying to improve.”