U.S. Professional Golf (PGA) Tour Commissioner Jay Monahan will soon meet with Saudi Arabia’s sovereign wealth fund (PIF), Yasir Alumayan.
In an interview with the New York Times on Tuesday, Monaghan said he will meet with Alumaian next week.
The PGA Tour and the PIF, which has pledged to create a new golf business encompassing the PGA Tour, DP World Tour and others, including a merger of the PGA Tour and LIV Golf, have been engaged in tedious negotiations over the details.
The protracted negotiations have led to concerns that the deal may break down as they have failed to meet a deadline of Dec. 31 to finalize a detailed plan.
However, the in-person meeting between Commissioner Monaghan and Alumian, the top decision makers of the two negotiating parties, is seen as a sign that a deal is imminent.
“We’re talking to a lot of parties, and it’s our firm goal to finalize a deal with the PIF before the deadline,” said Commissioner Monaghan.
The “many parties” include Fenway Sports Group, KKR, investment firm founder Henry Kravis, and others who want to be involved in helping the PGA Tour launch a new golf business with the PIF.
“When this is finalized, the PGA Tour will be in a position where the players are the owners, and we will have another co-investor with significant experience in business, sports and brands, as well as PIF, to help us take the PGA Tour to the next level,” Monaghan said. 안전놀이터