PGA Tour defends potential deal with Saudi fund

The big picture: The deal that was announced last month was just a framework agreement, which only really included two binding principles:

• An end to the litigation between LIV and the PGA Tour, and an agreement that neither side would try to poach any players.
• Everything else, from the size of the PIF's investment — the number being discussed was higher than $1 billion, Price told Sen. Richard Blumenthal (D-Conn.) — to the full structure of the deal, is being negotiated, both Price and Dunne stressed numerous times.

What they're saying: "We have not taken any funding," Price said. "All we've done is settled the litigation and enter into a framework agreement in which the PGA Tour will be the clear leader of professional golf."

The bottom line: Any deal with the PIF is far from done. The two parties have until the end of the year to reach a full agreement.

• "We don't have an agreement. We have an agreement to potentially have an agreement," Dunne said at one point.