(Bloomberg) -- PGA Tour Commissioner Jay Monahan said he had a “constructive” conversation on Monday with Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund, about an investment in PGA Tour Enterprises.

The talks, which included players who are also on the entity’s board of directors, represent “an important part of our due diligence process in selecting potential investors for PGA Tour Enterprises,” Monahan said in a memo to players reviewed by Bloomberg News. 

He said the approach mirrors what the PGA Tour did when evaluating an investment by the Strategic Sports Group, a consortium led by Fenway Sports Group that includes American sports team owners and other investors. The tour in January approved an investment of as much as $3 billion by Strategic Sports Group in a transaction that values a new commercial entity at about $12 billion, Bloomberg News reported.

Al-Rumayyan discussed “his vision, priorities and motivations for investing in professional golf,” Monahan said, without providing specifics. 

Their meeting took place at the Albany, a resort in the Bahamas, according to a person familiar with the discussions who asked to not be identified. The player-directors include golf greats Tiger Woods and Jordan Spieth. 

Negotiations with the PIF are “accelerating,” Monahan said in a press conference at the Players Championship last week. “While we have several key issues that we still need to work through, we have a shared vision to quiet the noise and unlock golf’s worldwide potential.” 

PIF disrupted the sport by launching an upstart league known as LIV in 2022, which has lured star golfers including Phil Mickelson, Brooks Koepka, and in December, Jon Rahm. 

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