The PGA Tour believes it has made sufficient progress with the Saudi backers of LIV Golf to increase their negotiations into subsequent 12 months for a brand new business deal that would come with a U.S. funding group and the European tour.

Commissioner Jay Monahan despatched a memo to gamers on Sunday afternoon, simply seven hours earlier than the deadline to finalize the deal that was set within the June 6 framework settlement.

The PGA Tour board unanimously agreed three weeks in the past to barter solely with Strategic Sports activities Group, a consortium of American-based skilled sports activities groups house owners led by Fenway Sports activities Group.

Monahan stated the tour has made “significant progress” with SSG and supplied the group with all the knowledge it requested.

“As we transfer ahead in our discussions, we’re centered on the finalization of phrases and drafts of needed paperwork,” Monahan stated.

Much more sophisticated are the negotiations with Saudi Arabia’s Public Funding Fund, the monetary supporters of the rival LIV Golf League which lured away Dustin Johnson and Brooks Koepka in 2022, and most just lately Masters champion Jon Rahm earlier this month.

Monahan described conversations with PIF and the European tour as “lively and productive.”

The framework settlement was to run out Dec. 31, although it included language that the deadline may very well be prolonged if all events agreed. “We’re working to increase our negotiations into subsequent 12 months primarily based on the progress now we have made up to now,” Monahan stated in his memo.

Monahan stated the objective for 2024 was to achieve agreements with SSG, PIF and the European tour to convey them in as minority co-investors within the for-profit PGA Tour Enterprises.

“These partnerships will permit us to unify, innovate and put money into the sport for the good thing about gamers, followers and sponsors,” Monahan stated.

Underneath the framework settlement, PIF Governor Yasir Al-Rumayyan would have a seat on the PGA Tour board. The settlement additionally included PGA Tour Enterprises doing an “goal, empirical-driven analysis” of LIV and to find out if workforce golf will be built-in into the PGA Tour and European tour.

It additionally was to find out a “honest and goal” course of for LIV gamers who would possibly need to return to the PGA Tour or European tour, which is alleged to be a sticking level due to the gamers who turned down Saudi riches to stay on the PGA Tour.

The PGA Tour season begins Thursday at The Sentry on Maui, the primary of eight “signature” occasions with a $20 million purse and restricted subject. LIV Golf already has introduced the majority of its 2024 schedule and $20 million purses. It begins the primary week of February.