Report: Major PGA Tour sponsors concerned about extension details 👇
RBC confirmed that the PGA Tour will see if it can come to an agreement with sponsor LIV Golf before renewing its contract.
Reports say that RBC has admitted that it is taking a wait-and-see approach before resuming its sponsorship of PGA Tour events. The uncertainty in men’s professional golf has reportedly put RBC in the dark, according to the Golf Channel.
RBC has been the title sponsor of the Canadian Open since 2008. Banks have expanded the national open championship and heritage title sponsorship in 2024.
But in addition to this, the future is unknown. This is mainly due to the fact that the PGA tour has not yet completed a framework agreement with the Patron of Liv Golf, a state investment fund of Saudi Arabia, on June 6, 2023.
Lawrence Applebaum, Golf Canada’s general director, states: “We know they (RBC) will continue to be our most committed golf partner.
“They’ve been a great partner. We’ve had a great week here and spent a lot of time with RBC and the PGA Tour. And we know those discussions continue very seriously.”
The comments are sure to raise concerns among PGA Tour officials. North American circuits have already lost several major sponsors in recent months. Honda closed its doors after 42 years in business in February last year. Wells Fargo is not there either.
What is the last in the PGA Tour-Pif transaction? The framework agreement, dated June 6, 2023, was initially announced as a “merger”.
It was awkwardly worded and then renamed an “agreement”. We were told the deal expires on December 31, 2023.
On that day, we expected the PIF to invest at least $1 billion in PGA Tour Enterprises. The deadline was adopted, but the representative of the PGA tour said that the agreement was not died and it was just difficult.
In January, a strategic sports group overwhelmed the $ 1.5 billion of commercial companies. Some players, including Tiger Woods and Jordan Spieth, have argued that the tour no longer needs PIF funding.
Woods and PGA Tour player directors met with PIF governor and LIV chairman Yasser Al Rumayyan in March after the 2024 Players Championship. The meeting, which took place in the Bahamas, was later described as a “meet and greet”.
A few months later, Jimmy Dunn, one of the drafters of the Agreed Framework, resigned from his position. Dunn said there had been no progress.
World No. 3 Rory McIlroy offered some dire predictions. Not all hope is lost, according to The New York Times: A report released in May indicated that the PGA Tour and PIF had traded terms.