PGA Tour parsing private investment deals as the clock ticks on its Saudi deal

abcnews.go.com:

The PGA Tour is trying to narrow the list of potential investors as it works toward a Dec. 31 deadline to complete its deal with Saudi Arabia's national wealth fund

The PGA Tour has created a program that would give players equity ownership in a new commercial enterprise, provided it finalizes a deal with Saudi Arabia's national wealth fund and five other private groups that want to invest.

Commissioner Jay Monahan laid out the proposal in a memo to players on Tuesday, which followed a board meeting where tour officials reviewed some of the proposal.

Monahan said the board reviewed the bids from private investors and would keep negotiating to select finalists. Still at the center of the deal is the Public Investment Firm of Saudi Arabia, the financial backer of rival league LIV Golf, which agreed to a for-profit commercial venture in June with the PGA Tour and the European tour. The framework agreement set a Dec. 31 deadline, though that can be extended.

Monahan said the equity program first was mentioned at a player meeting at the Travelers Championship, which was held weeks after the Saudi deal was announced.

He said in the memo the program “would align the interests of our members with the commercial business of the tour via direct equity ownership in PGA Tour Enterprises,” the name of the proposed for-profit company.

Under the framework agreement, Monahan would be the CEO of PGA Tour Enterprises, while PIF Governor Yasir Al-Rumayyan would be the chairman.

“At the point we secure outside investment, this would be a unique offering in professional sports, as no other league grants its players/members direct equity ownership in the league's business,” Monahan said in the memo.

“We recognize — as do all of the