PGA Tour, LIV Golf’s financial backers nearing long-awaited private investment agreement, per report [Video]

More than 18 months after the initial framework agreement between the PGA Tour and LIV Golf’s financial backers was announced, the two parties are appearing to make headway towards a deal.Saudi Arabia’s Public Investment Fund is nearing a deal to acquire a minority stake in PGA Tour Enterprises, according to Bloomberg.

The PIF’s investment is expected to encompass 6% of the PGA Tour’s for-profit entity, valuing PGA Tour Enterprises at roughly $12 billion. That valuation falls in line with the initial $1.5 billion investment PGA Tour Enterprises received from the Strategic Sports Group, a consortium of U.S. investors and sports team owners that has also made available another $1.5 billion for future use.

Discussions between the parties to combine commercial operations under the PGA Tour Enterprises umbrella have slogged as the initial year-end deadline passed and hearings in front of U.S. Senate subcommittees have taken place. …