PGA Tour officials intend to tackle a growing narrative that the “framework” agreement the circuit signed with the Public Investment Fund of Saudi Arabia two weeks ago is not a takeover of professional golf.
According to a source familiar with the agreement, who requested anonymity, the deal has built-in safeguards that will ensure the Tour maintains control of both the new entity – which will be for-profit and is tentatively called NewCo in the agreement – as well as the PGA Tour.
The agreement calls for the for-profit assets of the Tour, DP World Tour and LIV Golf, which is owned by the PIF, to be bundled into NewCo, with the PIF making a minority investment based on the evaluation of the new entity.