The PGA Tour and the Saudi Public Investment Fund (PIF) are close to striking a deal, according to a Bloomberg Business report.
The two sides have tried to reach an agreement for almost 18 months now, but this deal will likely see the PIF acquire a 6-percent stake in the PGA Tour’s new for-profit entity, PGA Tour Enterprises. This investment could value PGA Tour Enterprises at about $12 billion, as the PIF would likely match the influx of cash the tour received from the Strategic Sports Group (SSG) earlier in the year. SSG is a group of sports owners and billionaires that committed $1.5 billion to the tour in February. The SSG plans to inject an additional $1.5 billion into the tour’s new commercial arm in the coming years, thus bringing its total investment to $3 billion.
But what does this all mean for the structure of professional golf?
LIV Golf, bankrolled by the PIF, will not go anywhere soon. The PIF has invested billions into LIV, and some of its teams are now striking sponsorship deals. That has allowed the PIF to receive some return on their initial $1 billion-plus investment.
LIV also hired a new CEO to replace the contentious Greg Norman and continues to schedule events all over the world for 2025 and beyond. The league also boasts the likes of Phil Mickelson, Jon Rahm, Brooks Koepka, and reigning U.S. Open champion Bryson DeChambeau, four of the most popular players on the planet.
One must assume this investment will include a crossover between the PGA Tour and LIV Golf players. The tour’s television ratings had a brutal year in 2024, perhaps due to LIV poaching so many stars over recent years. Even Scottie Scheffler’s dominance could not help the tour see a year-over-year increase from 2023 to 2024. Plus, YouTube Golf and the amateur game have never been stronger. Amateur players would rather play the game than watch the biggest stars compete in events. YouTube has allowed content creators—like DeChambeau—to produce unique videos that viewers can watch at all hours of the day at their convenience. Live PGA Tour golf does not have that.
Perhaps LIV golfers will receive amnesty, thus paving the way for them to play in some marquee PGA Tour events. Rahm has said he misses playing at Torrey Pines and TPC Scottsdale each year. His return to those events would give each of them a much-needed boost. Maybe DeChambeau plays at the Arnold Palmer Invitational, where he stunned the golf world in 2021 with his otherworldly drive over the big lake on the par-5 6th hole. But the crux of this issue is how LIV players will be received. Some left hastily, while others on the PGA Tour threw barbs their way too. And yet, it seems the animosity between the two sides has softened in recent months, thus paving the way for some form of reunification. Still, the tour should not completely open its arms toward LIV players, considering they helped threaten the PGA Tour’s existence. They should also not be eligible to receive any part of the PGA Tour’s new equity program since they received millions to join LIV in the first place.
Instead, the PGA Tour should allow LIV players to compete in four PGA Tour events per year. Four events with LIV golfers would allow golf fans to see the world’s best compete side-by-side more often—a 100% increase of the reality now, as PGA Tour and LIV pros play in the four majors together, not including a few DP World Tour events.
Speaking of the DP World Tour, PGA Tour pros should be able to jump over to LIV and play a few events there too—not unlike how Rory McIlroy and Billy Horschel play sporadically on the DP World Tour throughout the fall season.
Perhaps LIV will backload its calendar in the future as well. Staging events across the globe in the fall could give international players plenty of opportunity to play while the PGA Tour is more or less amid its offseason. Plus, the fall does not bode well for pro golf in the United States. Fans are entrenched by the NFL, college football, baseball’s postseason, and the beginning of the NBA, NHL, and college basketball seasons during this time.
No matter what happens, the agreement between the PIF and the PGA Tour will not be as substantial as many might have guessed. It’s simply an investment that will give the PIF a seat at the table among the tour—its ultimate goal when LIV first launched. All the PIF has wanted to do is try to diversify its $700 billion assets and investment portfolio among sports entities across the globe. They have done just that, championing the definition of “sportswashing,” all while sending pro golf into a fractured period of time.
At least golf seems to be coming back together ever so slightly.
Jack Milko is a golf staff writer for SB Nation’s Playing Through. Be sure to check out @_PlayingThrough for more golf coverage. You can follow him on Twitter @jack_milko as well.
