{"id":42699,"date":"2024-01-01T23:34:03","date_gmt":"2024-01-01T23:34:03","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/pga-works-to-extend-active-and-productive-saudi-merger-talks-the-express-tribune\/"},"modified":"2024-01-01T23:34:03","modified_gmt":"2024-01-01T23:34:03","slug":"pga-works-to-extend-active-and-productive-saudi-merger-talks-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/pga-works-to-extend-active-and-productive-saudi-merger-talks-the-express-tribune\/","title":{"rendered":"PGA works to extend ‘active and productive’ Saudi merger talks | The Express Tribune"},"content":{"rendered":"
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\nWASHINGTON:
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The PGA Tour<\/a> worked Sunday to extend a deadline into 2024 for finalizing a merger agreement with Saudi Arabian investors, tour commissioner Jay Monahan calling talks “active and productive.”<\/p>\n

The update to players in a memo from Monahan came hours ahead of the year-end deadline to approve a framework agreement merging the PGA Tour, DP World Tour and Saudi Public Investment Fund (PIF) that finances the upstart LIV Golf<\/a> League.<\/p>\n

An update on the PGA Tour website regarding talks said the memo, which reportedly was obtained by The Golf Channel and ESPN, addressed efforts to extend the deadline into 2024.<\/p>\n

Monahan said in his memo, according to the Golf Channel, that the PGA Tour will “continue our active and productive conversations with PIF and the DP World Tour.<\/p>\n

“While we had initially set a deadline of December 31, 2023, to reach an agreement, we are working to extend our negotiations into next year based on the progress we have made to date.”<\/p>\n

Monahan also said the PGA Tour had made “meaningful progress” in separate negotiations to have Strategic Sports Group (SSG) become a tour minority investor.<\/p>\n

Monahan’s memo said the goal remains to have PIF, the DP World Tour and SSG become minority co-investors in PGA Tour Enterprises in 2024.<\/p>\n

“These partnerships will allow us to unify, innovate and invest in the game for the benefit of the players, fans and sponsors,” Monahan said.<\/p>\n

ESPN reported the SSG would invest $3 billion into the new entity, which would be financed to more than $7 billion if the PIF investment were also included in any deal.<\/p>\n

The PGA Tour has been negotiating with PIF since June with a stated December 31 deadline on final details of a merger agreement, the announcement of which stunned PGA Tour players and led to players demanding and getting greater input in final approval of the deal.<\/p>\n

Spain’s Jon Rahm, the reigning Masters champion, jumped from the PGA Tour to LIV Golf in early December, serving notice that the Saudi-backed series and its plans for a 2024 campaign could pull even more talent from the PGA Tour as it did in 2022 for its inaugural season.<\/p>\n<\/div>\n