PGA Tour handed major £158 million boost as Saudi talks over LIV Golf merger go on
The PGA Tour continues its negotiations with the Public Investment Fund (PIF) of Saudi Arabia. Despite the ongoing discussions, the Tour has secured a new event sponsor. The PGA Tour has announced a seven-year, £158 million ($200 million) deal with Truist Bank, making Truist the new title sponsor for the formerly known Wells Fargo Championship….
The PGA Tour continues its negotiations with the Public Investment Fund (PIF) of Saudi Arabia. Despite the ongoing discussions, the Tour has secured a new event sponsor. The PGA Tour has announced a seven-year, £158 million ($200 million) deal with Truist Bank, making Truist the new title sponsor for the formerly known Wells Fargo Championship.
Moving forward, the event at Quail Hollow Club in Charlotte will be known as the Truist Championship. This tournament, one of the Tour’s ‘Signature Events,’ will offer a £15.7 million ($20 million) prize pot. PGA Tour Commissioner Jay Monahan expressed his enthusiasm about the partnership, highlighting the growth and stature of the event since its inception over two decades ago.
In 2025, the tournament will be held at The Philadelphia Cricket Club due to Quail Hollow hosting the PGA Championship. It will return to its usual venue in 2026. The deal’s financial details, as reported by the Business Journals, include an initial £20 million ($25 million) for the 2025 event, with incremental increases over the agreement’s duration.
This sponsorship deal is significant as it comes during a financially transformative period for men’s professional golf. Over the past two years, the PGA Tour has been in a competitive struggle with LIV Golf, which is heavily funded by PIF, dramatically increasing prize money in the sport. Initially resisting PIF’s involvement, the PGA Tour eventually decided to collaborate with the Saudi fund last June.
Since announcing an initial framework agreement, both parties have been engaged in ongoing negotiations, with expectations of a peace deal between the PGA Tour and LIV Golf being finalized. However, the prolonged nature of the talks has cast doubt on the immediate future of this agreement.
Tiger Woods provided the latest update on the negotiations at last month’s Open Championship. Representing his fellow players at the negotiation table, Woods noted progress but emphasized the need for privacy and high-level discussions. He described a dynamic process with frequent exchanges of ideas aimed at shaping the future of the game. Additionally, Woods acknowledged the Department of Justice’s oversight to ensure compliance and the importance of balancing charitable endeavors with a for-profit model that benefits all stakeholders involved.