PGA Tour commissioner Jay Monahan is in Saudi Arabia this week meeting with the governor of that country’s sovereign wealth fund, according to a report in the Sports Business Journal.
Monahan and Yasir Al-Rumayyan were scheduled to meet in November to continue to negotiate a possible definitive agreement that would combine the Tour, the European circuit and LIV Golf – which is owned by the Saudi Public Investment Fund – under a new, for-profit entity called PGA Tour Enterprises.
Although a Tour spokesperson declined to comment on the report, according to the SBJ, this is “believed to be” the first time Monahan and Al-Rumayyan have met in person since last summer when they negotiated the framework agreement that opened the door to a larger deal.
The London Times reported that Monahan and Al-Rumayyan had recently had a lengthy phone conversation and that negotiations were progressing between the two sides. The parties also agreed to extend a Dec. 31 deadline to reach a definitive agreement.
DP World Tour CEO Keith Pelley announced last week he was leaving the European circuit to join Maple Leaf Sports & Entertainment in April and he told reporters he’s confident a definitive agreement can be reached before his exit.
The Tour also continues to negotiate with Strategic Sports Group, a private equity group led by Fenway Sports, to become a minority investor in PGA Tour Enterprises.
