Golf’s warring factions miss merger deadline day to leave future still in flux
The concept of peace in our golfing time was always more interesting than the level of detail required to turn that dream into a reality. The sporting world was rocked by the announcement on 6 June that the PGA Tour, DP World Tour and Saudi Arabia’s Public Investment Fund would combine to form a new entity. Vitriol attached to LIV’s march on to the scene would supposedly vanish on the basis those controlling the elite game had decided to kiss and make up.
Another date, 31 December, became key. The parties had identified the end of 2023 as the cut-off point to turn a framework agreement into something binding. This always looked a hugely optimistic target.
The new year will come and go without a proper outline of the future. Those with knowledge of the continuing discussions point out 31 December was a loose target rather than a legally enforceable necessity. This deadline could always be extended, whether anybody chooses to announce that or not.
A further element of complication arrived after Fenway Sports Group, keen to add to a portfolio that includes Liverpool FC, joined the talks. Fenway’s arrival is a huge boost to the PGA Tour not only on the basis of providing equity and legitimacy beyond golf, but potentially minimising the influence PIF can have.
The PGA Tour has always seemed perfectly keen to take the Saudi dollar while wanting to remain in complete control of golf’s upper echelons. However, for this ambition to come true PIF has to be content with the role of sleeping partner. It would be a strange approach for a group bearing billions of dollars.
“We’re confident that we’re going to reach a positive outcome for the PGA Tour,” said Jay Monahan, the organisation’s commissioner, when he last addressed the media in August. This is fundamentally different from reaching a positive outcome for the entire game. When the Saudis coaxed Jon Rahm to LIV in recent weeks, it was their latest statement of intent. Ignore them at your peril.
While hope is strong there will be a detailed alliance and fresh investment before too long, it could take two years for the organisational form to be clear. Schedules are already set for 2024. The key element involves where and if LIV fits into a collective future, given calendar challenges that already exist.
