Tiger Woods, the legendary golfer, has expressed his support for the Public Investment Fund (PIF) becoming an investor in the PGA Tour. In a news conference held ahead of The Genesis at Riviera Country Club, Woods confirmed that negotiations with officials from Saudi Arabia’s sovereign wealth fund are ongoing. He stated, “Ultimately, we would like to have PIF be a part of our tour and a part of our product.” Woods also mentioned that the financial terms discussed so far align with the initial framework agreement.
While Woods did not provide many details about the potential deal with the PIF or the future of the PGA Tour, he did shed some light on recent developments. The PGA Tour, the DP World Tour, and the PIF signed a framework agreement on June 6 to merge their assets into a new for-profit entity called PGA Tour Enterprises. However, a deal was not reached by the December 31 deadline, and the deadline was subsequently extended.
On January 31, the PGA Tour reached a deal with Strategic Sports Group (SSG), a consortium of billionaire sports team owners, to inject up to $3 billion into PGA Tour Enterprises. This new company was launched the following day. If a deal with the PIF is finalized, it could bring an additional $3 billion or more to the PGA Tour Enterprises.
To ensure the best entertainment for fans, Woods emphasized the importance of having the best players participate in the tour. He also highlighted the significance of preserving the history and traditions of the PGA Tour while making improvements for the future. Woods expressed his confidence in SSG’s ability to provide leadership and innovative ideas to enhance the tour.
Regarding players who had previously joined the LIV Golf League, Woods stated that discussions are ongoing to determine possible pathways for their return to the PGA Tour. He acknowledged that finding solutions and improving the tour is a continuous process that involves exploring various models and ideas.
Throughout more than eight months of negotiations, Woods noted that the PIF’s endgame has evolved. However, he did not offer a definitive opinion on whether this development is positive or negative, describing the negotiation process as ongoing and fluid.
Woods, who is 48 years old, will be participating in his first official PGA Tour event since withdrawing from the Masters in April due to severe pain in his right foot and ankle. He underwent fusion surgery to address post-traumatic arthritis resulting from a car accident. After an eight-month recovery period, Woods is eager to test his physical fitness and readiness to compete.
As Woods continues his golfing journey, he remains optimistic about the potential partnership between the PGA Tour and the PIF. While negotiations continue, golf enthusiasts eagerly await further updates on the future of the tour and the potential injection of funds that could shape its trajectory.