Saudi Arabia's Public Investment Fund is reportedly nearing a deal to acquire a 6% ownership stake in PGA Tour Enterprises, which would indicate a valuation of about $12 billion, Bloomberg reported on Tuesday (December 10).
Bloomberg had previously reported that the Public Investment Fund, which backs the rival LIV Golf league, was considering a potential deal with DP World Tour allowing players to compete on both tours, along with scheduling consultation and financial considerations. The DP World Tour already has an agreement that allows the PGA's top finishers to annually compete on the European-based circuit in adherence with scheduling consultation.
Last June, the PGA Tour announced an agreement to merge with the Saudi-funded rival LIV Golf as part of a "newly formed commercial entity to unify golf" in a news release shared on its official website, however, a deal was never reached. The Public Investment Fund was reported to be making "a capital investment" into the newly merged entity "to facilitate its growth and success," the PGA Tour at the time.
The reported agreement came shortly after the PGA Tour suspended all LIV Golf members, but allowed players who qualified for major tournaments, such as past winners, to compete. The Public Investment Fund's reported purchase of a PGA Tour ownership stake would be subject to regulatory approval.