The Saudi Public Investment Fund (PIF), the financial powerhouse behind LIV Golf, is reportedly nearing a deal to acquire a 6% stake in the commercial arm of the PGA Tour, PGA Tour Enterprises. This development comes nearly a year after the original deadline for a peace agreement between the parties was missed. While the PGA Tour has remained silent on the matter, Bloomberg reports that the PIF is close to finalizing an investment that, although smaller than initially anticipated, would secure the Saudis a seat at the table and amplify their influence in the world of golf.
Earlier this year, the Strategic Sports Group, an American consortium, made an initial $1.5 billion investment in the PGA Tour. According to The Wall Street Journal, the PIF’s proposed investment matches that figure and is currently under review by the US Department of Justice. Political dynamics may play a role in the outcome, with some figures in the golf world suggesting that Donald Trump’s political return could ease antitrust scrutiny and facilitate the deal’s approval.
Frustration over the pace of progress has been voiced by key figures like Tiger Woods, vice-chairman of PGA Tour Enterprises. Woods recently stated that he “wished” there were more “concrete” developments to share. He acknowledged the likelihood of a deal but admitted uncertainty about its final form, emphasizing the role of the DOJ in shaping the timeline and outcome.
The investment carries significant weight given the deep divisions that have emerged in professional golf since the inception of LIV Golf in 2021. LIV’s aggressive player acquisitions, including Spanish star Jon Rahm, forced a dramatic shift in PGA Tour strategy, culminating in a framework agreement with the PIF in June 2023. While the original deadline for finalizing the details passed at the end of last year, both tours have continued to operate independently. Resolving issues such as player movement between the PGA Tour and LIV Golf remains a critical component of any finalized agreement.
LIV Golf players currently face restrictions and penalties when attempting to participate in PGA Tour events. Those on the DP World Tour can compete if they have settled fines or suspensions tied to their participation in LIV events or have active appeals against those sanctions. Meanwhile, the DP World Tour has been engaging in discussions with PIF about its own potential partnership.
Despite the uncertainty, LIV Golf appears to be planning for the long term. Greg Norman, the controversial CEO and public face of the venture, has confirmed he will step down from his role, with Scott O’Neil, a seasoned executive formerly with the NBA’s Philadelphia 76ers and current chief of Merlin Entertainments, set to take his place. Norman expressed no opposition to the leadership transition, stating, “There will be a new CEO. I’m fine with that.”
This potential deal marks another pivotal moment in the evolving relationship between LIV Golf and the PGA Tour, highlighting a shift in the landscape of professional golf and its financial underpinnings.