PGA Tour and PIF reportedly set to extend merger deadline to reach definitive agreement over potential $7 billion deal

The PGA Tour-PIF merger deal deadline is reportedly going to be extended due to the slow progess of talks in recent time.

PGA Tour and PIF reportedly set to extend merger deadline to reach definitive agreement over potential $7 billion deal

Yasir Al-Rumayyan and Jay Monahan (Image via CNBC)

As the final days of the year got closer, the eyes of the golfing world turned towards the merger deal. In June, the PGA Tour and the Public Investment Fund (PIF) of Saudi Arabia came together to merge. It was then announced that the parties would have time till December 31 to reach a definitive agreement. This deadline is now reported to have been extended.

At the time of the announcement, the merger deal was reported to be around $3 billion dollar. As per reports from ESPN, the price of this deal could rise to $7 billion if the PGA Tour is successful in bringing some new investors. Until then, the actual amount involved in this deal cannot be confirmed.

YouTube video

The Tour though recently announced they have been in conversation with Fenway Sports Group (FSG) for a potential investment. As per new reports from the Telegraph, the tour is now expected to announce the push of the deadline day until the Masters in April.

FS Video

This would give the PGA Tour and golf great Tiger Woods, who has taken over the role of Player-Director on the tour policy board, even more time to reach a conclusive agreement.

How has the PGA-PIF merger shaped since the announcement in June?

The golf community received a major shock in June when the PGA Tour suddenly shook hands with the PIF. The PIF of Saudi Arabia had been funding the tour’s breakaway rivals, LIV Golf. The coming together of Commissioner Jay Monahan and PIF Governor Yasir Al-Rumayyan sent shockwaves across the globe.

The announcement of the merger was met with furious reactions from golfers and fans. This anger of the fans increased when Monahan took a sudden leave. A month later the US Senate would invite Monahan, Al-Rumayyan, and LIV CEO Greg Norman to testify before the court. The trio would decline the invite while citing their conflicting schedule.

Jay Monahan and Yasir Al-Rumayyan
Jay Monahan (L) and Yasir Al-Rumayyan (R) [Image via Imago/Sporting News]

Monahan would also release several memos revealing the details of the agreement. This led to questions about the future of LIV Golf and their leader Norman, who was stated to be out from his process if the deal goes through.

The PGA Tour received a huge boost in August when golf veteran Tiger Woods was announced as the sixth player director of the tour policy board. Since then the merger talks had slowed down a bit. With Decemeber 31 just two days away and no concrete progress, the deadline for this deal is now on the way to be extended.

In December it was time for the PGA Tour to be on the receiving end of a huge shock as reigning Masters champion Jon Rahm left them and joined LIV Golf. This led to many wondering about what changes could be on their way if the merger went through. It now remains to be seen when will a definitive agreement come through in the new year.

In case you missed it: