PGA Tour’s deal with LIV Golf ‘far from dead’
Under the proposed deal, the Public Investment Fund would pour $1.5 billion into the tour’s for-profit arm
LIV Golf signage during day three of the LIV Golf Invitational - Singapore at Sentosa Golf Club. (Photo: Getty Images)
The PGA Tour’s deal with the Public Investment Fund’s LIV Golf “is far from dead,” The New York Times’ DealBook reports.
Term sheets have been exchanged between the North American pro tour and the Saudi sovereign wealth fund “in recent days,” according to reporter Lauren Hirsch.
Under the proposed deal, the PIF would pour $1.5 billion into the tour’s for-profit arm.
In January, Fenway Sports made a $1.5 billion investment in the PGA, with participation from hedge funder Steven Cohen and fellow billionaires Marc Lasry and Arthur Blank, who took a minority stake in the commercial unit of the tour.
The current deal up for negotiation would give the tour $3 billion in new funding, with the Saudis and U.S. investors each chipping in half.
The PGA Tour would retain majority control. What the term sheet does not resolve is what would become of LIV Golf under the agreement.