It has been nearly two years since the PGA Tour and PIF announced a framework agreement to combine commercial operations under a new for-profit entity. That entity has since been dubbed PGA Tour Enterprises, which last year received a $1.5 billion injection from the Strategic Sports Group, a consortium of U.S. pro sports team owners and investors.

Per ESPN's Mark Schlabach, the PGA Tour recently rejected a $1.5 billion investment offer from the Saudi Public Investment Fund. Schlabach noted a key divide between the parties right now is that the PGA Tour wants one premier golf circuit, while the Saudi PIF wants to keep LIV Golf intact in any potential deal.

It doesn't look like the PGA Tour and Saudi Arabia's Public Investment Fund will be settling their differences any time soon. ESPN sources confirmed that the PGA Tour has rejected the PIF's recent offer to invest $1.