Tiger Woods and PGA Tour Distance Themselves from Saudi Investment Amidst Split in Golf
In a surprising turn of events, Tiger Woods has made it clear that the PGA Tour is no longer dependent on investment from Saudi Arabia’s Public Investment Fund (PIF). This announcement comes amidst a growing divide in top-level golf between those on the PGA Tour and those participating in the Saudi-backed LIV circuit. Despite recent efforts to bridge the gap, it seems that the split is far from being resolved.
The PGA Tour recently revealed a groundbreaking $3 billion deal with Strategic Sports Group (SSG), a consortium led by the Fenway Sports Group. As part of this agreement, players like Woods will receive substantial equity. However, the involvement of the PIF in this new commercial entity is still pending regulatory approval and is under close scrutiny in the United States. Until contracts are signed, doubts will persist regarding the possibility of collaboration between the PGA Tour and PIF.
Jordan Spieth, who also sits on the PGA Tour’s policy board, made waves by stating that a deal with the PIF “is not needed” due to the significant involvement of SSG. Now, Woods has echoed Spieth’s sentiments, stating, “Financially, we don’t [need that] right now.” He further emphasized that the current agreement with SSG aligns with the initial framework agreement and any additional funds from PIF would be considered extra. Woods expressed confidence in the PGA Tour’s current position, stating, “We’re in a great position right now.”
When asked about the delay in finalizing PIF’s involvement, Woods acknowledged ongoing negotiations, saying, “The PIF deal obviously is ongoing. We have solidified our agreement with SSG. PIF is ongoing and we are still negotiating.” This apparent lack of urgency from Woods and Spieth has not gone unnoticed within Saudi golf circles. LIV, the Saudi-backed circuit, recently began its third season and has gained momentum with the addition of Masters champion Jon Rahm from the PGA Tour.
Woods, who has been skeptical of LIV for a long time, revealed that he has not had any discussions with anyone from the PIF, including its governor, Yasir Al-Rumayyan. However, he did praise the consortium at SSG, highlighting their remarkable leadership and innovative ideas that can contribute to the improvement of the tour. Woods expressed excitement about the future and the potential for positive changes.
As Woods gears up for the Masters, his competitive preparations will begin with an appearance at the Genesis Invitational in Los Angeles starting this Thursday. It remains to be seen how the split in top-level golf will evolve and whether the PGA Tour and PIF can find common ground in the future. For now, the focus is on the upcoming tournaments and the excitement surrounding Woods’ return to the course.