Saudi Arabia is known for offering big money to host Western entertainment and sports.
And while a deal might still happen, golf legend Tiger Woods says the PGA doesn’t necessarily need it.
Saudi Deal Could Happen, But PGA’s Success Isn’t Contingent Upon It
Woods says as far as the newly formed PGA Tour Enterprises is concerned, it doesn’t necessarily need help from the Public Investment Fund of Saudi Arabia.
This comes in the wake of a recently announced deal with a private equity company.
There is also the possibility of working out a deal with the backer of the LIV Golf League, something Woods also didn’t dismiss.
According to Sports Illustrated, “Woods spoke publicly for the first time Wednesday since the PGA Tour announced plans two weeks ago that will see the Strategic Sports Group invest nearly $3 billion in a new for-profit entity, with players getting equity shares. He had a news conference at Riviera Country Club, where he is playing his first event of 2024 at the Genesis Invitational, which begins Thursday.
“The deal came about in the wake of the June 6 announcement of a framework agreement between the PGA Tour, DP World Tour and Public Investment Fund, which had a Dec. 31 deadline and has yet to be completed,” SI noted.
The story continued:
“Well, the PIF deal obviously is ongoing,” Woods said. “SSG, we have solidified our agreement with them and PIF is still ongoing and we’re still negotiating.”
Later, he said: “Ultimately we would like to have PIF be a part of our Tour and a part of our product. Financially, we don’t right now, and the monies that they have come to the table with and what we initially had agreed to in the framework agreement, those are all the same numbers.
“Anything beyond this is going to be obviously over and above. We’re in a position right now, hopefully we can make our product better in the short term and long term.”
Whatever Happens, Happens
SI added, “Woods, 48, who became a member of the PGA Tour Policy Board last summer following the surprising framework agreement announcement, gave no specifics as to what the new PGA Tour Enterprises would look like going forward. He said he’s never spoken with anyone from the PIF, including governor Yasir Al-Rumayyan, who was slated to be the chairman of the board of the new for-profit company in the original framework agreement documents.”
As for PIF’s goals, Woods said: “From what their representatives have discussed with us, yes and no, because that changes and that evolves from a few months ago to what it is currently now. … I don’t know if it’s good or bad, it’s an ongoing, fluid process.”
Oil-rich Saudi Arabia funds many things, and PGA Tour Enterprises might soon be one of them.
But according to Tiger Woods, it sounds like the entity will survive either way.
