Will this well-known agreement launched on June 6, 2023, and expected to be completed before the Masters come to fruition? It’s highly uncertain. This is at least what Tiger Woods, a member of the PGA Tour’s Board of Directors, appears to imply.
During the Genesis Invitational, where he is returning to competitive play in a regular-season tournament for the first time since Augusta last April, Tiger has expressed that the American circuit is no longer reliant on the possible financial support from the Saudi sovereign fund, which owns LIV Golf.
The agreement signed on January 31 between the PGA Tour and the Strategic Sports Group (SSG), a consortium of investors with a combined value approaching $60 billion, has received high praise from the former world number one. This five-star “marriage,” now known as PGA Tour Enterprises, is not expected to disrupt the negotiations between the PGA Tour and the PIF, despite it no longer being the top priority. Tiger Woods stated, “Financially, we don’t need it at the moment.” The 48-year-old American expressed a desire for the PIF to be involved with the Tour and their product, but emphasized that their financial need is currently met. The proposed amounts from the PIF for an overarching agreement are satisfactory, and any additional funds would only improve their position. Other members of the PGA Tour’s Board of Directors, such as Jordan Spieth, have made it clear that they are no longer obligated to sign with the PIF.
LIV Golf, a professional men’s golf tour, derives its name from the Roman numerals for 54, representing the perfect score if every hole on a par-72 course were birdied, as well as the number of holes played at LIV events. The inaugural LIV Golf Invitational Series event took place on June 9, 2022, at the Centurion Club near St Albans in Hertfordshire, UK. In 2023, the Invitational Series transitioned into the LIV Golf League. Financed by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia, LIV Golf has faced criticism from some journalists and commentators who view it as a means for the Saudi monarchy to improve its public image through sports, despite allegations of corruption and human rights abuses.
The idea of establishing a new golf tour to compete with the PGA Tour emerged in 2019 with the introduction of the Premier Golf League. In response, PGA Tour Commissioner Jay Monahan hinted at potential exclusion from PGA Tour events for golfers who chose to participate in the new league. In 2020, the PGA European Tour and the PGA Tour formed a “strategic alliance” to collaborate on commercial opportunities, scheduling, and prize funds for their respective memberships. The Premier Golf League engaged in discussions with Saudi investors regarding a financial partnership. However, Golf Saudi, a division of the Public Investment Fund, decided to fund its own venture in 2020, aiming to establish a global professional league known as the “Super Golf League.” This entity officially emerged as LIV Golf Investments in October 2021, with former professional golfer Greg Norman appointed as CEO.
According to the Source tennisworldusa.org