One Year On - PGA Tour And PIF Set For Talks 12 Months After Historic TV Handshake

It was the handshake that stunned the golfing world, but 12 months on from the framework agreement signed by the PGA Tour and Saudi PIF things haven't gone exactly how we thought.

Finally, though, there could be some movement as representatives for both PGA Tour commissioner Jay Monahan and Saudi PIF boss Yasir Al-Rumayyan are reportedly set to meet just after the 12-month anniversary of that historic handshake.

It's unclear if both Monahan and Al-Rumayyan will both take part in person.

The PGA Tour and LIV Golf backers the Saudi PIF had been embroiled in numerous legal cases before the two men appeared on TV to shake hands on a truce and proposal to join forces on June 6, 2023.

Many thought that'd end hostilities and make for a swift transition into a new golf future involving both parties - and crucially allowing all the best golfers in the world to play together again more often.

However, deadlines have come and gone, and the PGA Tour signed a huge $3billion deal with Strategic Sports group that had players involved in talks saying that the PIF deal, although still on the table, was no longer an urgent necessity.

Finally, though, New York Times Dealbook's Lauren Hersch is reporting that a new meeting is set to take place, in-person, between the two parties in New York on Friday.

Having the big-hitters involved in the talks meeting face-to-face is a promising sign, coming just after terms sheets were reportedly exchanged between the two sides.

The proposed deal would see the PIF deposit $1.5 billion into PGA Tour Enterprises - the US circuit's new for-profit arm, which would match what Strategic Sports Group - featuring several American billionaires - has already done in injecting $1.5 billion into PGA Tour Enterprises as part of a $3 billion overall package which saw the group also take a minority stake.

Since last year, as talks have dragged on, players have come and gone from different boards and committees - Rory McIlroy especially felt he was thrown under the bus somewhat by Monahan's U-turn.

After McIlroy resigned, then looked to get back on the PGA Tour Policy Board - he's now been handed a new role on the PGA Tour transaction committee, which has been specifically set-up to negotiate a deal with the PIF.

McIlroy will join Friday's talks remotely as he's playing at The Memorial Tournament in Ohio, while Tiger Woods and Fenway Sports Group's John Henry are said to be in New York in person for the gathering.

This could be the first sign of some real movement, and would go against what two independent directors on the PGA Tour board cited when the resigned recently - with one claiming a lack of meaningful progression towards a unification agreement as part of the reason for his exit.

Firstly, Jimmy Dunne - who was the central figure in helping to negotiate the PGA Tour's framework agreement with the Saudi PIF last year - left his role in the build-up to the 2024 PGA Championship at Valhalla, calling his former position "utterly superfluous."

Towards the end of the week, Mark Flaherty then followed Dunne out of the door at Sawgrass, although his departure did not include any pointed comments.

Most people, on both sides, agree that a deal now needs to be done sooner rather than later, and many will hope this proposed meeting in New York can be the biggest step yet towards a resolution we thought would come a lot sooner after that handshake deal a year ago.