PGA Tour Acknowledging Other 'Potential Investors' Feels Purposeful As It Exposes New Cracks In Saudi PIF Merger Talks | Mark Harris

It's been over 160 days since PGA Tour Commissioner Jay Monahan and Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan sat next to one another on CNBC and announced that the Tour, PIF, and DP World Tour had settled upon a framework agreement to merge.

Other than the sides' plans to form a yet-to-be-named for-profit entity funded by the PIF, we've learned little to nothing since the surprise announcement in June. Despite the widely reported deadline of Dec. 31, 2023 for the proposed merger to come to fruition fast approaching, from the public's perspective it seems like all sides are making zero progress while doing nothing but talking in circles.

Given the non-existent updates with any actual meaning behind them doubt is starting to creep in about a merger ever taking place, let alone by the end of the calendar year.

Jay Monahan and the PGA Tour assure players all is fine in the world of Saudi PIF merger talks. (Photo by Mike Ehrmann/Getty Images)

PGA Tour Assures Its Membership That All Is Fine

The PGA Tour sent out a memo to players Tuesday to provide an update on the ongoing negotiations, and while the public relations spin of it wants the memo to come across as a positive, in reality all it does is raise even more questions with the leading one on everyone's mind remaining 'what the hell is going on?'

"We continue to remain focused on our negotiations toward a Definitive Agreement with PIF and the DP World Tour as our priority," the memo reads in part. "Progress has been deliberate given the complex nature of the potential agreement, and we will keep you apprised of the progress, with continued input and direction from your Player Directors."

The words "focused on our negotiations toward" an agreement are the ones that stand out. This of course indicates that an agreement has not been agreed upon and that details are being ironed out.

There Is Such Thing As Taking Too Much Time

Deals take time, especially deals of this magnitude that will reshape the world of professional golf. Having said that, the original announcement of the merger felt rushed, rushed in the sense that the framework had already been laid out and finishing touches were the only things missing.

Monahan and Al-Rummayan did an incredible job of making it feel as if all was well, zero bumps in the road were going to be met, and the two sides were going to share a seat at the table sooner rather than later.

Yasir Al-Rumayyan could potentially grow impatient with delayed merger talks. (Photo by Richard Heathcote/Getty Images)

The situation has now gone from when could a PGA Tour-Saudi PIF merger become official to will it actually happen. It's not just the lengthy timeline fueling the speculation, it's the Tour's own admissions that other investors have entered the mix.

The Tour Acknowledges Investors Not Named The Saudi PIF

The Tour released a memo to its players earlier this fall acknowledging other investors had shown interest in whatever this new-look Tour may be.

"We remain focused on reaching a definitive agreement with PIF and the DP World Tour, but not surprisingly, these negotiations have resulted in unsolicited outreach and proposals from a number of other interested investors," the memo read.

Tuesday's memo released to players Tuesday reiterated the same thing, making note that others are very seriously calling.

The memo had its own bolded subheaded titled 'Outside investment.'

"Additionally, as you know, the Framework Agreement with PIF and the DP World Tour generated unsolicited - although not surprising - interest from numerous outside potential investors," Tuesday's memo read in part.

"The opportunity to potentially participate in the transformative growth of the PGA TOUR for the first time brought forth dozens of inbound prospects, which were all initially vetted by the Tour's investment bank, Allen & Company."

Fenway Sports Group, Eldridge Industries, Acorn Growth, and 'Friends of Golf’ described as “a group of influential individuals" have been reported as interested outside investors.

It's Unclear How Many Seats Are At The Table

It's important to note that it's unclear if this outside investor backing would be an alternative to PIF’s support or just an add-on to cool off sports washing allegations and anti-trust regulations.

Just add those unknowns to the long list of questions surrounding the framework agreement.

Tiger Woods was in attendance for a meeting discussing the proposed framework and merger between the PGA Tour and PIF earlier this week. (Photo by Patrick Smith/Getty Images)

While we continue to know almost nothing about the behind-the-scenes or how close - or far - things are between the Tour and the Saudi PIF, the Tour now mentioning outside investors on multiple occasions doesn't feel meaningless.

The cracks involved with the proposed merger weren't completely exposed given the secrecy of it all, but the bringing in of investors not named the Saudi PIF exposes a crack that may be bigger than anyone could have predicted.

The PGA Tour could certainly be in a worse spot seeing as how the perception it's selling is that it's talking with the Saudis who want to invest billions on their main line while keeping other major investors on hold.

Follow Mark Harris on X @ItIsMarkHarris and email him at mark.harris@outkick.com