Investing.com -- The PGA Tour, the leading men’s professional golf circuit, has turned down a recent offer from Saudi Arabia’s Public Investment Fund (PIF) to invest $1.5 billion in PGA Tour Enterprises, the tour’s profit-making entity, according to ESPN, citing familiar sources. The offer was contingent upon the continuation of the competing LIV Golf League, which is funded by the PIF.
The PIF’s proposal also included a condition that its governor, Yasir Al-Rumayyan, be appointed as co-chairman of the board of PGA Tour Enterprises.
The PGA Tour’s rejection of the offer indicates its preference for maintaining one premier circuit in men’s professional golf, while the PIF’s proposal suggests a desire for two circuits. This disagreement has led to a stalemate in talks aimed at unifying the sport.
The PIF has been a financial backer of the LIV Golf League since its establishment in 2022. The latest developments suggest that the discussions between the PGA Tour and the PIF to unify the sport have hit a roadblock.
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