The PGA Tour says a new $3bn partnership with Strategic Sports Group will not prevent an “ultimate agreement” being reached with the Saudi Arabian Public Investment Fund.
The deal, which includes an initial contribution of $1.5bn from the group led by Liverpool owners Fenway Sports Group, has funded the launch of PGA Tour Enterprises, a new commercial venture designed to give players the opportunity to become equity holders in the tour.
The agreement has been made as negotiations continue with the Saudi backers of the LIV Golf League, the competing series that has offered huge sums of money to convince the likes of Masters champion Jon Rahm to depart the PGA Tour.
With Tyrrell Hatton having earlier this week become the latest European Ryder Cup player to join LIV, it remains to be seen what sort of agreement can be reached to ensure the stars of the game can compete with each other on a regular basis.
More to follow…
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