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PONTE VEDRA BEACH, Fla. – A group of PGA Tour players are negotiating with the head of Saudi Arabia’s public investment fund as efforts continue to broker a deal with the controversial sovereign wealth fund that has disrupted the Tour and men’s professional golf. The meeting is approaching.
This was announced by six people involved. golf week The tour’s players and managers have been strongly encouraged to meet with Yasir Al Rumayyan and said this could happen within the next few days. The meeting is tentatively scheduled for Monday at a private residence in Ponte Vedra Beach, Florida, two people familiar with the matter said. The Players Championship concludes Sunday at nearby TPC Sawgrass. Details of the meeting are being closely guarded, with sources warning that it remains unclear whether Saudi Arabia’s top investment chiefs will commit to attending or cancel at the last minute.
Five of the six player-directors on the Tour’s policy committee (all of whom also now serve on the board of the new for-profit entity, PGA Tour Enterprises) are on-site at The Players: Patrick Cantlay; Jordan Spieth, Adam Scott, Peter Malnati and Webb Simpson. Tiger Woods is the only one not participating. Former veteran Joe Ogilvie, who joined both boards last week as a player-manager liaison, is scheduled to arrive in Ponte Vedra Beach on Sunday ahead of Enterprise’s board meeting scheduled for Tuesday at tour headquarters.
The meeting between Al Rumayyan and the players is intended as an informal icebreaker to move forward negotiations between the Tour and PIF, but the negotiations will continue until a framework agreement was announced between the two sides on June 6. Since then, I’ve been pretty much at a standstill. A faction of player-managers remains angry about the secret process that led to the deal and is known to be skeptical of the deal with Saudi Arabia, which has pumped billions of dollars into LIV Golf.
On Tuesday, Tour Commissioner Jay Monaghan confirmed that he recently met with Al Rumayyan in Saudi Arabia and was accompanied by representatives from Strategic Sports Group. In January, SSG invested $1.5 billion in PGA Tour Enterprises, through which the future of the sport will be shaped. “Negotiations are accelerating by spending time together,” Monaghan said.
Under the terms of the framework agreement, PIF could become a minority investor in PGA Tour Enterprises, but when asked last month whether a contract with PIF would be necessary after the SSG injection, one player-manager said: He clearly took a lukewarm attitude.
“I think it’s almost not even worth talking about at this moment, given the fact that we’re trying to figure everything out in a timely manner,” Spieth said. “But the idea that we have a strategic partner is that it will allow the PGA Tour to move forward with the way it currently operates without needing other investor options.”
Those comments prompted a public reaction from Rory McIlroy, who replaced Spieth on the policy committee in December. McIlroy said it was in the Tour’s best interest to reach an agreement with PIF, and that Spieth’s implicitly tough stance on Saudi Arabia could complicate negotiations. I warned you. McIlroy also proposed allowing LIV golfers to return to the PGA Tour without sanctions as part of a unification agreement. This is one of the most vexing issues facing negotiators, and several prominent Tour supporters, including Justin Thomas, Rickie Fowler and world No. 1 Scottie Scheffler, were quick to echo McIlroy’s view. Rejected.
Speaking to the media at TPC Sawgrass on Tuesday, Monaghan repeatedly declined to provide details about the status of negotiations or the issues at stake, but reiterated his belief that an agreement with PIF was the best outcome for his organization. Asked what would happen to the game if no deal was reached with Saudi Arabia, Monaghan said: “If no deal is struck, I would answer that question.”
“I don’t think you can satisfy everyone no matter what the outcome is. That goes for both sides,” he added. “But what we are trying to do is to once again have the best possible results on tour and in competitions. I believe that is achievable.”
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