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The PGA Tour, DP World Tour and Saudi Arabia’s Public Investment Fund will miss the Dec. 31 deadline to establish a commercial entity set out in a framework agreement announced in June, but the tour will keep its players updated. provided. Negotiation status on New Year’s Eve.
On Dec. 10, the Tour’s policy committee announced that Strategic Sports Group (SSG), an investment group led by Fenway Sports Group that includes Mark Attanasio, Arthur Blank, Jerry Cardinale, and Cohen Private Ventures. ) announced that it has proceeded with discussions with Do not close the PIF door.
A memo sent to members on Sunday outlined three key points as the Tour continues negotiations with both parties. From the tour:
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First, Mr Monaghan said that “significant progress has been made” in negotiations with SSG and that he is currently working on finalizing the terms and drafting the necessary documents.
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Second, there are only a few hours left until December 31, the expiry date of the Framework Agreement with PIF and DP World Tour, and the memo mentions efforts to extend the deadline into the new year based on progress made to date. are doing. Monaghan classified the PIF and DP World Tour discussions as “lively and productive.”
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Finally, the memo restated the Tour’s goal for all negotiations and stated that it is to have SSG, PIF and DP World Tour join as minority co-investors in PGA Tour Enterprises in 2024. Innovating and investing in the game for the benefit of players, fans and sponsors. ”
In other words, there is no real update other than confirmation that no deal will be signed before early 2024. Negotiations with both PIF and SSG are still ongoing and all parties are committed to coming together to conclude an agreement.
The Tour returns to action this week with the first event of the 2024 season, The Sentry, held from January 4th to 7th at the Plantation Course in Kapalua, Maui, Hawaii.
This article originally appeared on GolfWeek
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