Tiger Woods said Saturday that the PGA Tour aims to reach a definitive deal to complete its partnership with Saudi Arabia¡¯s Public Investment Fund (PIF) before their self-imposed Dec. 31 deadline.
Woods, who joined the PGA Tour board in August, confirmed the deadline remains as set in early June, when the two parties and the European-based DP World Tour announced a merger, although the sides could agree to extend the date.
The Saudi PIF is the main financial backer of the PGA Tour¡¯s upstart rival LIV Golf.
¡°As of right now, (Dec. 31) is our time frame and our deadline. That hasn¡¯t changed,¡± Woods told a news conference in Florida.
¡°We¡¯re trying to get a deal done with all of the different entities that we have going on here. SSG has come into the mix now.¡±
PGA Tour Commissioner Jay Monahan has yet to meet with PIF governor Yasir Al-Rumayyan after previous meetings were postponed. The meetings could ultimately decide the fate of LIV Golf. LIV CEO and Commissioner Greg Norman claimed to ESPN that the league will not be going away no matter the result of the PGA-PIF discussions. But the initial framework agreement said LIV¡¯s future would be up to a board with a PGA Tour-controlled majority.
The PGA Tour, scrambling to finalize its merger plans ahead of the deadline, said it would proceed with talks with U.S.-based Strategic Sports Group (SSG) who could come in as a co-investor.
SSG includes Fenway Sports Group, owners of Major League Baseball¡¯s Boston Red Sox and Premier League club Liverpool. It also includes investment firm Cohen Private Ventures, New York Mets owner Steve Cohen¡¯s family office and private equity firm HighPost Capital.
¡°Well, they (SSG) obviously have a lot of equity and a lot of name investors that have the same alignment that we have, and we are all heading in the right direction,¡± Woods added.
ESPN reported that more than $3 billion would be injected by Strategic Sports Group into the new entity.
The 15-time major winner, who made his return to competitive golf at the Hero World Challenge in the Bahamas last month, was speaking after playing the opening round of the PNC Championship along with his son Charlie in Florida.
Woods declined to comment on the situation of Masters champion Jon Rahm joining LIV Golf, the biggest name to switch to the Saudi-backed tour.
¡°There¡¯s been a lot of talk over the years of certain players going, and it was speculation until it happened,¡± Woods said.
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