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DealBook|PGA Tour Meets With Saudi Fund in Hopes of Getting Closer to Deal
https://www.nytimes.com/2024/09/10/business/dealbook/pga-tour-saudi-liv-golf-nyc.html
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More than a year has passed since the tour agreed to a deal with LIV Golf, but there is some hope an in-person gathering in New York could create momentum.
More than a year after the PGA Tour announced plans to combine forces with the Saudi Arabian sovereign wealth fund’s upstart LIV Golf league, the two sides met in Manhattan on Tuesday in hopes of — finally — making headway on getting to a deal.
Given a series of starts and stops in talks aimed at a proposed deal, an accord remains far from certain. But executives from the tour and the Saudi wealth fund, which backs LIV Golf, alongside their advisers, were focused on hammering out details of an agreement, three people familiar with the matter said, speaking on the condition of anonymity because of the sensitivity of the negotiations.
Also involved in the talks is at least one executive from the consortium of U.S. investors that has already committed to investing in the tour, the people said. The meeting is expected to continue on Wednesday, and could also spill into additional days, they said.
The flurry of activity demonstrated an eagerness by both sides to get a deal done. The standoff between the PGA Tour and its Saudi-backed rival has divided the sport, frustrating fans and players alike.
No players attended the meeting, the people said, though several have been in other meetings about the deal. A report that Tiger Woods was New York spurred speculation about his presence, but one of the people said Woods was in town for a golf event supporting his foundation.
Plans for the meeting came together within the past week, with the hope that an in-person gathering would generate some momentum, the people said.