LIV Golf chairman says Saudi Arabian Public Investment Fund ‘remains committed’ to supporting series | Golf News
LIV Golf chairman Yasir Al-Rumayyan has informed competitors Saudi Arabia’s Public Investment Fund “remains committed to investing in and supporting” the breakaway series.
The letter sent to LIV players on Thursday, reported by Golfweek, follows a move on Wednesday by Strategic Sports Group, a consortium of US-based sports franchise owners, to become minority owner of PGA Tour Enterprises. The group made an initial investment of $1.5bn.
PIF, which created LIV, and the PGA Tour have been in talks to reach an agreement between the competing golf entities.
PGA Tour commissioner Jay Monahan and Al-Rumayyan met in Saudi Arabia last week to continue those discussions. The significant financial backing by SSG could bring a semblance of leverage to negotiations between the tours.
Jamie Weir explains why the PGA Tour have launched PGA Tour Enterprises, a partnership with Strategic Sports Group, and what this means for a potential agreement with the Saudi Public Investment Fund
In his letter, 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 fulfil its potential. This is the vision we had when LIV was created, and today that is more alive than ever.”
In a Wednesday memo to PGA players outlining details of the SSG deal that could be worth more than $3bn, Monahan noted progress toward an agreement with LIV Golf. The investment from SSG welcomes the potential for another $3bn investment – possibly more – from PIF.
Rich Beem believes the PGA Tour’s partnership with Strategic Sports Group is a ‘positive step’ in helping players feel like they are part of the tour
The PGA Tour policy board held meetings and is scheduled to meet again prior to this week’s AT&T Pebble Beach Pro-Am in California.
An agreement likely would include the PGA Tour, PGA Tour Champions, the DP World Tour and Korn Ferry Tour members in some combination with LIV Golf, which already has scheduled 2025 events.
LIV announces format changes
LIV Golf announced a series of “enhancements” to its format on Thursday ahead of this week’s season-opening event in Mexico with the circuit featuring expanded fields and changes to how points and prize money are earned.
Tyrrell Hatton is the latest big name to join LIV Golf, with the European Ryder Cup player signing up to an expansion team captained by Masters champion Jon Rahm, and makes his debut at the season-opening event at El Camaleon Golf Course at Mayakoba.
Tyrrell Hatton recently became the latest high-profile player to switch to LIV
LIV will stage 14 events this season with 13 teams of four golfers and two Wild Card players competing. The circuit’s first season had 48 players.
Golfers finishing in the top 24 in the end-of-season rankings will secure a spot for 2025, with those from 25-48 having to be re-signed by their team or selected by another to compete.
The remaining players are relegated out of the league but qualify for LIV’s “Promotions Tournament”.
For the ‘Team Championship’, the three best scores will now count for the first two rounds, whereas all four scores will go towards the third and final round. The team with the lowest accumulative score will be crowned champion and win $3 million for the event.
Watch the AT&T Pebble Beach Pro-Am throughout the week live on Sky Sports. Featured Group coverage continues live on Friday from 4.30pm on Sky Sports Golf ahead of full coverage from 10.30pm. Stream the PGA Tour, DP World Tour, LPGA Tour and more on NOW.
