LIV Golf chairman Yasir Al-Rumayyan on Thursday sent a letter to LIV players assuring them that Saudi Arabia’s Public Investment Fund “remains committed to investing in and supporting LIV.”
The letter, reported by Golfweek, follows a move Wednesday by Strategic Sports Group, a consortium of U.S.-based sports franchise owners, to become minority owner of PGA Tour Enterprises. The group made an initial investment of $1.5 billion.
PIF, which created LIV, and the PGA Tour have been in talks to reach an agreement between the competing golf entities. PGA Tour commissioner Jay Monahan and Al-Rumayyan met in Saudi Arabia last week to continue those discussions. The significant financial backing by SSG could bring a semblance of leverage to negotiations between the tours.
In his letter to LIV players on Thursday, Al-Rumayyan wrote, “Yesterday’s announcement of the formation of PGA Tour Enterprises is consistent with PIF’s longstanding passion to grow the game. PIF continues to discuss and evaluate the possibility of a future investment that benefits the greater game of golf.
“PIF remains committed to investing in and supporting LIV and the team golf format that has brought new energy and so many new fans to the game around the world. The game of golf is only beginning to fulfill its potential. This is the vision we had when LIV was created, and today that is more alive than ever.”
In a Wednesday memo to PGA players outlining details of the SSG deal that could be worth more than $3 billion, Monahan noted progress toward an agreement with LIV Golf. The investment from SSG welcomes the potential for another $3 billion investment — possibly more — from PIF.
The PGA Tour policy board held meetings and is scheduled to meet again prior to this week’s AT&T Pebble Beach Pro-Am in California.
A merger likely would include the PGA Tour, PGA Tour Champions, the DP World Tour and Korn Ferry Tour members in some combination with LIV Golf, which already has scheduled 2025 events.
–Field Level Media
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