By newsdfreeman RBC have confirmed they will wait to find out if the PGA Tour can strike a deal with LIV Golf’s backers before renewing their contract.
RBC have confirmed they are taking a wait-and-see approach before renewing their sponsorship of PGA Tour events, according to a report.
Per Golf Channel, it is said RBC are getting cold feet because of the uncertainty gripping men’s professional golf.
RBC has been the title sponsor of the Canadian Open since 2008.
The bank extended its title sponsorship of the national open and the Heritage for 2024.
But beyond that the future is unclear.
Primarily, that is because the PGA Tour are yet to consummate the 6 June 2023 framework agreement with LIV Golf’s backers, the Public Investment Fund of Saudi Arabia.
Laurence Applebaum, the CEO of Golf Canada, told the publication: “We continue to have great conversations between RBC, the PGA Tour and Golf Canada.
“We know that they [RBC] continue to be the most engaged partner for us in the golf space.
“They have been amazing partners, we’ve had an incredible week here, spent a lot of time together with both RBC and the PGA Tour and we know that those discussions will continue in real earnest.”
The comments will no doubt be of concern to PGA Tour officials.
The North American circuit has already lost some huge sponsors in recent months.
Honda walked away after 42 years last February. Wells Fargo are also out.
What is the latest in the PGA Tour-PIF deal?
The 6 June 2023 framework agreement was initially announced as ‘a merger’.
It was clumsily worded and later reframed as an ‘agreement’.
We were told the deal had a deadline for 31 December 2023.
On that date, we expected the PIF to pour in at least $1bn into PGA Tour Enterprises.
The deadline passed but PGA Tour officials declared the deal was not dead, just complicated.
In January, Strategic Sports Group pumped $1.5bn into the commercial venture.
Some players, such as Tiger Woods and Jordan Spieth, claimed the Tour no longer needed PIF money.
Woods and the PGA Tour player directors met with PIF governor and LIV chairman Yasir Al-Rumayyan in March after the 2024 Players Championship.
That meeting, held in the Bahamas, was later described as a ‘meet-and-greet’.
Months later one of the architects of the framework agreement, Jimmy Dunne, resigned.
Dunne said no progress was being made.
And world number three Rory McIlroy offered a grim outlook.
According to the New York Times, all hope is not lost.
A report published in May suggested the PGA Tour and PIF have exchanged terms.