Woods: PGA Tour no longer needs Saudi-backed PIF to succeed
Updated 15/02/2024 at 10:37 GMT
Fenway Sports Group’s backing for the Strategic Sports Group’s deal with PGA Golf has convinced Tiger Woods and Jordan Spieth that the sport no longer needs the financial muscle of LIV, backed by the Saudi Arabian Public Investment Fund, to succeed. The SSG will give players huge equity stakes and the PIF’s involvement is not guaranteed to be ratified.Tiger Woods
Image credit: Getty Images
Tiger Woods has suggested that the PGA Tour no longer needs to rely on Saudi Arabia’s Public Investment Fund (PIF) to succeed.
There is a schism between the PGA and the LIV franchises, the latter of which saw some of the biggest names in the sport leave the PGA in exchange for hundreds of millions of pounds in pay and prize money.
There had been suggestions of a rapprochement between the two organisations. The PGA agreed a $3 billion (ÂŁ2.39bn) deal with Strategy Sports Group (SSG), which is backed by the Fenway Sports Group, owners of Liverpool, the Boston Red Sox and other sporting teams and organisations.
It was reported that the deal would be open to involvement for the PIF, but that is yet to be approved.
Another leading player, Jordan Spieth, said that an agreement with the PIF âwas not needed.â The deal with SSG affords players sizeable equity stakes which goes some way to responding to the cash offered by LIV.
Woods agreed, saying: âUltimately we would like to have PIF be a part of our tour and a part of our product.
âFinancially, we donât [need that] right now. 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. Weâre in a great position right now.â
Commenting on the failure to strike an agreement with the PIF yet, Woods added: âThe PIF deal obviously is ongoing. We have solidified our agreement with SSG. PIF is ongoing and we are still negotiating.â
This apparent coldness from Woods and Spieth will have been noticed within Saudi golf circles. LIV recently began its third season in operation, boosted by the coaxing of Masters champion Jon Rahm from the PGA Tour.
Woods continued: âThe consortium that they have at SSG, the partners that have come together to be a part of the group, is quite remarkable, to be honest with you, in the sports industry,â he said.
âThey are unbelievable Âleaders and at a time when we need great leaders going forward, I think this elicits that. The amazing brains, the ideas that can make this tour better⊠we are looking forward to that.â
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