The PGA Tour is making a big offer to players after the Tiger Woods LIV merger meeting
PGA Tour Commissioner Jay Monahan sent a memo to tour members following a meeting regarding the proposed merger with LIV Golf and other potential US investors.
The PGA Tour plans to offer players joint ownership of the proposed new venture with LIV Golf once the transaction closes.
In June, it was announced that the PGA Tour, the DP World Tour and the Saudi-funded Breakaway League had decided to merge for a new commercial golf project.
However, there has been no formal agreement between the PGA Tour and Saudi Arabia’s Public Investment Fund (PIF), which finances LIV Golf.
It was previously reported that the PGA Tour and LIV Golf had set December 31 as the deadline for an agreement. However, there were also reports that the deadline could be extended if necessary.
According to ESPN, the PGA Tour held a meeting regarding the proposed merger on Monday at its official headquarters in Ponte Vedra Beach, Florida.
The purpose of the meeting was said to be to inform policy committee members about potential new investors in the venture project.
Tiger Woods attended the meeting along with other PGA Tour board members.
The PGA Tour concluded that the proposed new company would be co-owned by the players.
PGA Tour Commissioner Jay Monahan sent a memo to tour members informing them that they will receive shares. However, the tournament’s commitment to shared ownership will only take place once new investment is secured.
“Tour Management has created a program to align the interests of our members with the commercial activities of the Tour through the direct participation of PGA Tour Enterprises,” Monaghan said in a statement to ESPN.
“We are now securing outside investment, which will be a unique proposition in professional sports as no other league offers players/members direct ownership in league operations.
“Like all potential minority investors we discuss, we recognize that the PGA Tour is better aligned with the company’s commercial success with our players.”
In addition to taking part in conversations about the future of the game, Woods will launch a new golf league with pro and business partner Rory McIlroy.
The new competition, TGL, starts in January and runs for 15 weeks with six teams of four players each.
Rumors have swirled for months about potential investors in a proposed new venture for the PGA Tour. Fenway Sports Group (FSG), owner of Liverpool, Boston Red Sox and Pittsburgh Penguins, has been linked as a potential investor in the new venture.
FSG president Tom Werner confirmed earlier this month that “negotiations” with the PGA Tour had ended. Werner spoke alongside McIlroy during the presentation of the Boston Common team to FSG Investments TGL.
“We don’t like to talk about controversial things,” Werner said on CNBC Halftime Report on Nov. 7.
“We’re actually here to talk about tomorrow’s golf and this team and everything we can do to help Rory [McIlroy] and the PGA.
We are happy to help you.
“We want to creatively support every idea that comes to mind.
Players decide which direction they want to go.
“I confirm that we have negotiated,” he said.
