PGA Tour handed major £158 million boost as Saudi talks over LIV Golf merger go on

The PGA Tour has secured a significant financial boost with a major new sponsorship deal, announcing a £158 million ($200 million) agreement with Truist Bank. This substantial deal will see Truist Bank take over as the title sponsor of the event previously known as the Wells Fargo Championship. Under this new arrangement, the tournament will be renamed the Truist Championship and is set to maintain its position as one of the PGA Tour’s premier ‘Signature Events.’

 

The Truist Championship, traditionally held at the Quail Hollow Club in Charlotte, North Carolina, will continue to be a key fixture on the PGA Tour calendar. However, in 2025, the event will temporarily relocate to The Philadelphia Cricket Club due to Quail Hollow hosting the PGA Championship that year. It will return to its usual venue in 2026. The tournament boasts a substantial prize pool of £15.7 million ($20 million), reflecting its high status within the Tour’s event lineup.

 

PGA Tour Commissioner Jay Monahan expressed his enthusiasm about the new partnership, stating, “We are delighted to welcome Truist to the PGA Tour family as the new title sponsor of the Truist Championship. This Signature Event has grown significantly in size and stature since it was first introduced over two decades ago, and we look forward to continuing its evolution with Truist’s support.”

 

The deal with Truist Bank is a crucial development for the PGA Tour, particularly at a time when financial matters are increasingly central to the professional golf landscape. Over the past two years, the PGA Tour has been engaged in a high-profile and often contentious battle with LIV Golf, a rival tour backed by the Public Investment Fund of Saudi Arabia (PIF). LIV Golf’s significant financial resources have escalated prize money and investment levels in the sport, leading to an intense competition between the two entities.

 

Initially, the PGA Tour sought to resist the influence of PIF in golf, but in a dramatic shift, the Tour decided to align with the Saudi fund last June. This decision followed the announcement of an initial framework agreement, and the two sides have been engaged in ongoing negotiations ever since. The goal of these discussions is to finalize a peace deal that would see the PGA Tour and LIV Golf merge or collaborate in some form.

 

Despite the progress made, doubts about the timeline and the nature of the eventual agreement persist. The complex negotiations have been closely watched, with high-profile figures such as Tiger Woods involved in the process. Woods, an 82-time PGA Tour winner and influential voice in the negotiations, recently provided an update at the Open Championship held at Royal Troon. He assured that progress is being made but emphasized the importance of confidentiality and careful consideration in finalizing the deal.

 

Woods explained, “I can tell you we’re making progress. I can’t tell you more than that just because we’re not going to negotiate on the outside. We’ve got to keep everything at a high level and private, but things are moving and things are changing. It’s evolving each and every day. There’s e-mails and chains and texts and ideas that we bounce back and forth from both sides. There’s a good interchange of ideas and thoughts of how the game could look like going forward. It’s just a matter of putting that all together legally.”

 

He also noted the involvement of the Department of Justice (DOJ), which is overseeing the process to ensure that the agreement complies with legal standards and is fair to all parties involved. Woods highlighted that the negotiations are not solely about charitable goals but also about creating a profitable model that benefits all stakeholders, including players and investors.

 

In summary, the PGA Tour’s new sponsorship deal with Truist Bank represents a significant financial and strategic development. As the Tour navigates its ongoing negotiations with LIV Golf and PIF, this partnership underscores its commitment to enhancing the stature and financial stability of its events. The outcome of the negotiations will likely shape the future landscape of professional golf, balancing the interests of all involved while striving to advance the sport.