The PGA Tour plans to announce an extension of its self-imposed deadline to complete merger negotiations with Saudi Arabia’s Public Investment Fund, The Telegraph reported Thursday.
After Dec. 31 was picked as a deadline to finalize details for the framework agreement revealed in June, the target has been moved to early April before the Masters is played, per the report.
“There’s no chance a deal can be announced by the end of this week,” an unnamed source told The Telegraph. “But, maybe by the end of March.”
This comes after PGA Tour commissioner Jay Monahan called New Year’s Eve a “firm target” to complete the deal and Tiger Woods reaffirmed that the PGA Tour wanted a definitive agreement in place by that date.
The Saudi sovereign wealth fund finances the PGA Tour’s competitor, LIV Golf. The PGA Tour and Europe’s DP World Tour announced a stunning merger back in June.
Since then, the PGA Tour has also entered into negotiations with a consortium of U.S.-based professional sports owners called Strategic Sports Group, led by Fenway Sports Group and including figures like the New York Mets’ Steve Cohen and the Atlanta Falcons’ Arthur Blank. ESPN reported Dec. 15 that Strategic Sports Group was prepared to inject more than $3 billion into the tour’s new for-profit entity.
–Field Level Media
