“PIF continues to discuss and evaluate” – PIF governor Yasir Al-Rumayyan updates LIV golfers about possible investment in PGA Tour Enterprises

The PGA Tour on Wednesday announced PGA Tour Enterprises. The new for-profit venture is backed by Strategic Sports Group, a consortium of billionaire sports team owners. According to the official release, SSG has invested $3 billion in the program. It is important to note that Saudi Arabia’s Public Investment Fund tabled such a deal first.

However, the SSG investment deal has now been announced ahead of it. A day after the announcement, PIF governor Yasir Al-Rumayyan has updated LIV Golf players on a potential investment in PGA Tour Enterprises. In a letter sent out to LIV players, Chairman Al-Rumayyan said that the circuit officials are committed to the league.

The letter that starts with “deal all,” reveals that the PIF is ‘discussing and evaluating the possibility’ of future investments in the new entity headed by Jay Monahan.

In a letter to LIV Golf players, obtained by Golfweek, Yasir Al-Rumayyan wrote:

“Yesterday’s announcement of the formation of PGA Tour Enterprises is consistent with PIF’s longstanding passion to grow the game. PIF continues to discuss and evaluate the possibility of a future investment that benefits the greater game of golf… PIF remains committed to investing in and supporting LIV and the team golf format that has brought new energy and so many new fans to the game around the world.

The game of golf is only beginning to fulfill its potential. This is the vision we had when LIV was created, and today that is more alive than ever. LIV has transformed the sport, and we will continue to grow the game globally, expand its fanbase, elevate its platform, and maintain incredible momentum.”

The LIV Golf chairman concluded the letter by wishing his players “a great season ahead.” He wished them good luck for the season-opener at Mayakoba and noted that he’ll be welcoming them at the range.

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Greg Norman lauds LIV Golf amid PGA Tour-SSG investment deal

Yasir Al-Rumayyan’s letter to the LIV players came hours after CEO Greg Norman sent out a similar letter to the entire league staff. Reacting to the $3 billion investment deal by SSG, Norman praised his series for the growth of the game.

Furthermore, the Aussie downplayed any negative impact it could have on LIV’s future. The 68-year-old noted that he remains committed to the ‘positive development’ of the Saudi-backed series.

Greg Norman wrote in a letter, as quoted by Golfweek:

“As you may have seen, the PGA Tour made an announcement this morning about an investment partner. Let me make one thing very clear: nothing announced by other tours or investment groups changes LIV Golf’s positive trajectory or future plans…

Golf is now viewed as an asset class. We proved this was possible and are now in a unique position to mold and drive this incredible growth opportunity. This broader interest and commitment to the game, and investment in its future, would not have happened without the emergence of LIV Golf as an innovative force in the golf ecosystem.”

For the unversed, the PGA Tour began negotiations with Saudi Arabia’s PIF on the ‘framework agreement’ in June 2023. The deal had a deadline of Dec. 31, 2023. However, it was later changed and is now expected to be completed sometime in 2024.