Talks between the PGA Tour and Saudi Arabia’s Public Investment Fund (PIF) over a potential merger will continue into 2024.

Negotiations between the PGA Tour and the PIF, which funds LIV Golf, began in June in an attempt to end a split in the game.

The emergence of the LIV circuit fractured men’s professional golf over the past year.

Several top players were lured by its huge prize funds and no-cut events, which include a team format.

PGA Tour commissioner Jay Monahan said in a memo sent to players on Sunday that there had been “meaningful progress” with the discussions.

A statement on the PGA Tour website added that parties are “currently working toward finalisation of terms and drafting necessary documents”.

No future deadline was given by the PGA Tour for the talks to conclude but Monahan said discussions were “active and productive”.

The PGA wants to include the PIF, DP World Tour (formerly the European Tour) and the Strategic Sports Group (SSG) as minority co-investors in a for-profit venture called PGA Tour Enterprises.

SSG is a consortium of US-based professional sports team investors led by Fenway Sports Group, owners of Premier League football club Liverpool and the Boston Red Sox baseball team.

In June 2023 the PGA and DP World Tours announced they had a ‘framework agreement’ for the merger with PIF, which has pledged $2bn (£1.6bn) of support to LIV.

Monahan added: “These partnerships will allow us to unify, innovate and invest in the game for the benefit of the players, fans and sponsors.”

In December Jon Rahm became the most high-profile player to leave the PGA Tour for the Saudi-funded circuit.

The two-time major winner was reportedly set to earn upwards of £450m ($566.4m) as part of the deal to join LIV Golf, but said he hoped to retain memberships for the PGA and DP World Tour.

Rahm joined several other major winners at LIV, including Brooks Koepka, who won the 2023 US PGA Championship, 2022 Open champion Cam Smith and six-time major winner Phil Mickelson.