PGA Tour commish Jay Monahan vague on progress of Saudi PIF deal, remains ‘confident’ in positive outcome

When it comes to updating the PGA Tour’s framework deal with the Saudi Arabia Public Investment Fund, commissioner Jay Monahan was long on words but short on answers in a 45-minute session with the media on Tuesday ahead of the Tour Championship at East Lake.

Monahan was asked question after question about the details of the deal, and time after time he deflected specific answers. He merely stated his confidence that everything has progressed as he thought it would. 

This is understandable and even expected, if not frustrating. The Tour and the PIF ended litigation with each other on June 6 when they entered into an “agreement to reach an agreement” with documents revealing that the parties only have until the end of 2023 to establish a monumental new for-profit organization that would have the capability of receiving the massive 10-figure investment the PIF wants to make. With a tight timeline that any stray comment may upset, Monahan was buttoned-up, even by his conservative standards.

“I think there are a lot of questions that are specific questions that are going to come and have come to me … and have come to others as it relates to elements of what is in the framework agreement and elements of what we’re talking about,” said Monahan. “I’m not going to talk publicly about them until we’ve completed those discussions and I can answer that question specifically and directly.”

There is still so much ambiguity. Monahan was asked about LIV golfers returning to the PGA Tour as early as 2024, whether LIV would exist over the next several years and exactly where the Tour is at in negotiations. While Monahan did not disclose any details about ongoing discussions with the PIF or where the framework agreement is at, he did seem confident about his team’s ability to get the entire deal to the finish line by the end of 2023.

“We’re confident that we’re going to reach a positive outcome for the PGA Tour,” he said. “… I don’t have any reason to think that we won’t be successful.”

He also expressed excitement about players being more involved than in past years regarding the Tour’s future. Separately, he spoke about their trust in Tour executives to push forward a framework deal that was originally established without players’ consent or even knowledge of what was happening.

“I think they also understand that with the governance we have in place … it’s our job to put forward the best possible construct with PIF for the future, and we’re going to take that back to our board and ultimately they’re going to decide whether we’re going to move forward with it,” said Monahan. “I think players have a comfort level that, ultimately, that that’s a process that they’re getting more comfortable with now that they understand it.”

One thing Monahan did discuss is money. He confirmed that between sponsorships and media rights deals, the Tour has $15 billion committed through 2030. The natural follow up to that is: So why does the Tour need all this investment money from PIF then?

Part of the answer, of course, is that the Tour needed to end expensive litigation with the PIF and a future investment agreement was one of the paths to that endgame. But Monahan addressed additional ways the massive investment by the PIF will be used in the future.

“And for fans, for us to be able to use the capital to be able to invest back in our product, you know, to do things like further reduce commercial inventory in our broadcast, to further invest in our data businesses, to further invest in our media business, to potentially invest in entities and companies that we think are going to help us grow and diversify our fan base and the game,” he said.

“We’re not an organization that has the capital to invest, so to be able to be in that position and do that productively and constructively for the Tour and our players, but also for the game … the thing that I’m thinking about is you get the question about 2025, but it’s also, you know, where are you going to be in 10 or 15 years? And the sport of golf and the PGA Tour are in a really strong position thanks to our players. The work that was done coming out of COVID … and we wake up every day saying how can we get stronger relative to other sports, how can we get more young people around the world into our game.

“We have a responsibility to do that in addition to making this the strongest Tour it can possibly be, and I think it allows us to do both. So that to me is a successful outcome.”

The overall message on Tuesday was one of hopefulness and progress. Monahan, who took a month-long leave of absence as he dealt with anxiety just after the framework deal was established in June, said on Tuesday that he has “never felt better mentally and physically than right now.” Again and again he stated that the framework deal between the Tour and the PIF was going to get done.

However, in the absence of details, there was also an air of, “You’re going to have to trust us on this one” about the biggest deal in PGA Tour history. Again, this makes sense given the sensitive nature of any negotiation and especially one involving a sovereign wealth fund with this much money and this much contentiousness. The unfortunate part of this entire saga for Monahan and the Tour is that because of how bumpy the journey has been over the last 18 months, trust has become quite a difficult thing for many to extend.