Monahan says Dec. 31 is ‘firm target’ to complete PIF deal

Tiger Woods suggested earlier this week that the Dec. 31 deadline for the PGA Tour to complete a deal with Saudi Arabia’s Public Investment Fund is still in play and the league’s commissioner, Jay Monahan, reiterated on Wednesday that the deadline is a “firm target.”

Speaking at The New York Times’ DealBook summit, which was partially televised on CNBC, Monahan said the negotiations are ongoing and that he plans to meet with PIF governor Yasir Al-Rumayyan next week to “advance conversations.”

Monahan also said any potential deal could include investment from the PIF as well other private equity, including Fenway Sports Group which confirmed last month it is in talks with the Tour.

“We’re having conversations with multiple parties,” said Monahan, who explained the deal would include “likely another co-investor with significant experience in business and sports will help the PGA Tour take share from other sports and be even more competitive.”

According to a memo sent to players earlier this month, the plan is to create a for-profit entity, currently called PGA Tour Enterprises, that would allow players to earn equity.

“The PGA Tour is going to be in a position where the athletes are owners in their sport,” Monahan said. “What’s most important to our players is that they go from the model of being independent contractors to being owners.”

On Tuesday at the Hero World Challenge, Woods – who is one of six player directors on the policy board that will ultimately vote to approve any deal – was asked about the negotiations.

“I’m pleased at the process and how it’s evolved. Also frustrated in some of the slowness and the governance change that we want to have happen,” he said. “And December 31 is coming up very quickly, so there’s the timetable there that we would like to implement some of these changes that have not taken place.”