PGA Tour rejects $2b offer from Saudi investment fund
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The PGA Tour has rejected the PIF’s recent offer to invest $2 billion into PGA Tour Enterprises.
PHOTO: AFP
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It doesn’t look like the PGA Tour and Saudi Arabia’s Public Investment Fund will be settling their differences any time soon.
ESPN sources confirmed that the PGA Tour has rejected the PIF’s recent offer to invest US$1.5 billion (S$2 billion) into PGA Tour Enterprises. The investment offer came with the provision that the rival LIV Golf league would remain intact.
That reportedly does not work for the PGA Tour, which wants to have the world’s top golfers all competing on one circuit. The PGA Tour replied to the PIF’s offer in a letter on March 31, according to The Guardian of London.
“We will not do so in a way that diminishes the strength of our platform or the very real momentum we have with our fans and our partners,” PGA Tour commissioner Jay Monahan said at last month’s Players Championship. “So while we’ve removed some hurdles, others remain. But like our fans, we still share the same sense of urgency to get to a resolution.”
The two sides met at the White House on Feb 20. US President Donald Trump, speaking April 3 to reporters on Air Force One, said he hopes the two organisations can reach a deal. Mr Trump was flying to Miami to meet with LIV Golf officials at Trump National Doral, which is owned by the president.
“Ultimately, hopefully, the two tours are going to merge. That’ll be good. I’m involved in that too,” Mr Trump told the press on the flight, per reports. “But hopefully we’re going to get the two tours to merge. You have the PGA Tour and the LIV Tour. And I think having them merge would be a great thing.” REUTERS
