The deadline was set in early June, when the two parties and the Europe-based DP World Tour announced a merger, although the sides could agree to extend the date.

The Saudi PIF is the main financial backer of the PGA Tour's rival LIV Golf.

"As of right now, (December 31) is our time frame and our deadline. That hasn't changed," Woods, who joined the PGA Tour board in August, told a press conference in Florida on Saturday.

"We're trying to get a deal done with all of the different entities that we have going on here. SSG has come into the mix now."

The PGA Tour, scrambling to finalise its merger plans ahead of the deadline, said it would proceed with talks with US-based Strategic Sports Group (SSG) who could come in as a co-investor.

SSG includes Fenway Sports Group, owners of Major League Baseball's Boston Red Sox and Premier League club Liverpool. It also includes investment firm Cohen Private Ventures, New York Mets owner Steve Cohen's family office and private equity firm HighPost Capital.

"(SSG) have a lot of equity and a lot of name investors that have the same alignment that we have, and we are all heading in the right direction," Woods said.

The 15-time major winner, who made his return to competitive golf at the Hero World Challenge in the Bahamas last month, was speaking after playing the opening round of the PNC Championship alongside his son Charlie in Florida.

Woods declined to comment on the recent signing of Masters champion Jon Rahm to LIV Golf.