The PGA Tour and Saudi Arabia’s Public Investment Fund reached an agreement for the PIF to invest more than a billion dollars into the Tour’s commercial arm, finalizing a pact that the two sides first announced back in 2023.
The Wall Street Journal reported that the PIF will invest $1.5 million in PGA Tour Enterprises while taking a minority stake.
The minority stake will be roughly six percent, which would put it in line with the terms of an investment into PGA Tour Enterprises by Strategic Sports Group, according to Bloomberg.
The PIF Investment, according to Bloomberg, could value PGA Tour Enterprises around $12 billion.
While the two sides have reportedly come to an agreement, it still would need to clear regulatory approval and the deal is in front of the Justice Department, according to the Wall Street Journal.
With the incoming change of presidential administration, hope is high that regulators will green-light any deal between the two sides and end the long-running battle between LIV Golf and the PGA Tour.
The sides had shockingly announced they reached the framework of an agreement in June 2023 that would unite them.
The once-rival parties had until the end of 2023 to finalize a full deal, but as the calendar changed to 2024, no agreement ever came to fruition.
The PGA Tour and PIF had come to an agreement, per the Wall Street Journal, but federal regulators complicated things.
President-elect Donald Trump – a noted golf fan – has been vocal about wanting to see the two sides come to an agreement and said during the election that it would take him “the better part of 15 minutes to get that deal done.”
Since winning the 2024 presidential race, Trump has been seen golfing with PGA Tour commissioner Jay Monahan in West Palm Beach, Florida, and Yasir Al-Rumayyan, the head of Saudi Arabia’s sovereign wealth fund, was with Trump at a UFC event in New York City last month.
The new reports on Tuesday did not indicate whether the sides had agreed to new scheduling that would allow golfers to compete in tournaments in both leagues.
Last month, Bloomberg reported that the PIF had been considering a deal with the DP World Tour that would allow LIV Golf players access or membership on the DP World Tour.
That reported deal would be separate from the one with the PGA Tour, which does have a strategic alliance with the European tour.