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The PGA Tour x PIF merger has one of the biggest updates, but it's not a positive one. The Tour just rejected the latest proposal by the Principal Investment Fund totaling $1.5 billion.
Per the report from ESPN, the Tour wanted there to be one circuit for men's professional golf. The PIF wants there to be two, which seems to be the crux of the issue the two sides are having now.
The PIF wanted to preserve LIV Golf as a tour, but the PGA Tour wanted the future to hold just one top tour for men's golfers. They want Scottie Scheffler, Bryson DeChambeau, Jon Rahm, and Rory McIlroy all in one place.
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For now, the talks seem to have returned entirely to square one based on these fundamental issues. The two sides are still negotiating, but they're back to disagreeing on whether or not the PGA Tour should be the one tour.
Previous reporting by ESPN said that the Tour considered LIV Golf continuing in its current form a "nonstarter," which might have played a role in why it's been nearly two years since they initially agreed to a deal.
What Jay Monahan said about the PGA Tour x PIF merger
In light of the recent development, Jay Monahan's comments last month at the Players Championship seem to have had a hidden meaning. At that time, the Tour had just met with PIF and the President of the United States at the White House.
Monahan said a couple of weeks ago, via ESPN:
"We will not do so in a way that diminishes the strength of our platform or the very real momentum we have with our fans and our partners. So while we've removed some hurdles, others remain. But like our fans, we still share the same sense of urgency to get to a resolution."
The PGA Tour has grown in recent months. The ratings are trending back up, and some of the stars on Tour have had good starts to the year. LIV Golf, meanwhile, is not doing as well in the ratings department.
Monahan insisted on partnering with the PIF in a way that doesn't take away their strength, which now sounds like a comment on LIV Golf continuing to exist. Either way, the two sides must now go back to the drawing board, but it doesn't look like a resolution is near.
