PGA Tour commissioner Jay Monahan is in Riyadh on Thursday (Oct. 31), to meet with the governor of the Saudi Public Investment Fund (PIF), Yasir Al-Rumayyan.
The news was published by Bunkered, citing a “well-placed source” whose identity was not disclosed. According to the report, Monahan and Rumayyan will play together in a pro-am event this Thursday. LIV Golf CEO and Commissioner Greg Norman will also be in attendance.
The news was published by Bunkered, citing a “well-placed source” whose identity was not disclosed. According to the report, Monahan and Rumayyan will play together in a pro-am event this Thursday. LIV Golf CEO and Commissioner Greg Norman will also be in attendance.
Since then, the PGA Tour and the PIF have been negotiating an agreement to resolve the current crisis in men’s professional golf. In June 2023, both parties announced that they had signed a framework agreement to negotiate a definitive one. It was the first time Jay Monahan and Yasir Al-Rumayyan had appeared together in public.
The framework agreement set the end of 2023 as the deadline for a definitive one. However, this date has been extended indefinitely as no such agreement has been reached. It is not yet known when the final agreement will be ready.
PIF continues support for LIV Golf amid negotiations with PGA Tour
PIF has maintained its support of LIV Golf for three seasons and plans to continue for at least one more. In fact, the Saudi fund will maintain its investment in the Greg Norman-led league despite restructuring its investment projects.
Yasir Al Rumayyan himself recently stated that the PIF will reduce its foreign investments by up to 12% in order to promote more projects within Saudi Arabia. The Times’ Tom Kershaw reported that the cut will not affect LIV Golf.
In the meantime, the league is preparing for the 2025 season as normal. The first four tournaments on the schedule are already set and ticket sales have begun. The Promotions Event to be held in Riyadh next December has also been confirmed.
The Saudi fund’s investment in LIV Golf included $400 million in prize money for each of the 2023 and 2024 seasons. It has also included the resources to sign top stars such as Brooks Koepka, Phil Mickelson and Jon Rahm, whose bonuses are reportedly in nine figures.