As 2024 approaches, the division of professional golf is still at an all-time high. Hours before the new year began, PGA Tour Commissioner Jay Monahan sent a memo to players updating them on negotiations with potential investors.
Of course, this also includes LIV and its beneficiary, the Saudi Public Investment Fund (PIF). But he also reiterated his plans to move forward with SSG as another investor in the PGA Tour.
“As you know, [PGA Tour policy board] Management unanimously directed to pursue exclusive negotiations with SSG [Strategic Sports Group]” Monaghan wrote in a note.
“I am pleased to report that we have made meaningful progress and have provided SSG with the due diligence information it requested. As discussions progress, we will focus on finalizing the terms and drafting the necessary documentation. I’m guessing.”
Photo by Kevin C. Cox/Getty Images
SSG is owned by billionaire team owners including Tom Werner and John Henry of the Boston Red Sox, Arthur Blank, owner of the Atlanta Falcons, and Wyke Grousbeck, owner of the Boston Celtics. It's a group.
It is widely believed that Tour's insistence on finding another investor beyond PIF led to the poaching of Jon Rahm. Rahm's departure is the latest and biggest development in the growing competition between tours.
However, the disagreement did not scuttle a potential deal with Saudi Arabia. The voluntary deadline of December 31st may have passed, but negotiations continue.
“Our goal for 2024 is to reach an agreement with SSG, PIF and DP World Tour to have them join us as minority co-investors in PGA Tour Enterprises,” Monaghan wrote. “These partnerships enable us to integrate, innovate and invest in the game for the benefit of players, fans and sponsors.”
According to a report from ESPN, the deal with SSG means that over $3 billion It has been integrated into the new for-profit PGA Tour Enterprise.
The advent of LIV in 2022 forced the PGA Tour to find ways to make players happier. They created the PIP (Player Impact Program) in hopes of increasing tournament funding and preventing more stars from being lost to rival circuits.
However, the tour appeared to be too stretched financially, leaving them in a position to sign a shock contract with PIF in June 2023.
There is no formal deadline or schedule for the deal. But all signs point to LIV Golf being around for the future, not just his 2024. Regardless of whether an agreement is reached with PIF or SSG, the divide in opinion within the golf world is likely to remain.
Savannah Lee Richardson is a golf staff writer for SB Nation's Playing Through.If you want to know more about golf, please follow us. @_PlayingThrough On all major social platforms. You can also follow her on Twitter @SportsGirls and Instagram @savannah_leigh_sports.
