Back on December 31, 2023, PGA Tour Commissioner Jay Monahan shared a memo to the players revealing that the merger deal with the Public Invest Fund, the financial backers of LIV Golf, had been delayed. The reason behind the postponement was to reach a “definitive agreement” with all the parties involved.
The primary goal of the mega-merger is to unify the sport of golf under one umbrella. Another reason stated is to innovate and intensify the sport of golf for fans and other viewers. However, the biggest golf drama is all set to unravel a few more weeks before all the parties come to a definitive agreement.
In a memo sent to the PGA Tour membership by Commissioner Jay Monahan on Sunday, he was quoted stating,
“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.” Jay Monahan added further by writing, “Our goal for 2024 is to reach agreements with SSG, PIF and the DP World Tour, bringing them on board as minority co-investors.”
As per Monahan, if the US investors coalition SSG, the PIF, and the DP World Tour come in as “minority investors” in the said new PGA Tour Enterprise, it certainly means they would have the authority to control LIV Golf. However, since the Public Investment Fund is reported to invest around a billion dollars, it would be exciting to see if they let the control of their own launched league go away so easily.
Will the Tiger Woods-led Policy Board Have a Say on the PGA Tour-LIV Golf Merger?
Back in August 2023, Tiger Woods alongside five other golfers was added to comprise an all-new PGA Tour Policy Board. They outnumbered the independent directors in the organization in an attempt to make the board more “player-driven”. As per the Tour, these player directors will also have a say on any potential changes made during or after the mega-merger.
With the framework agreement of the PGA Tour-LIV Golf merger delayed, the role of the Policy Board has not changed. The Policy Board members, Tiger Woods, Jordan Spieth, Patrick Cantlay, Charley Hoffman, Peter Malnati, and Webb Simpson, will still have to approve the framework of the deal before it is made formal.
For the time being, the PGA Tour-LIV Golfer merger has been shifted to 2024. It still remains a mystery if the other three parties would agree to come in as minority investors giving the PGA Tour a more advantageous position in the said new PGA Tour Enterprise.
