PGA Tour chief Jay Monahan said Tuesday talks with the Saudi Arabian backers of LIV Golf were "accelerating" but was tight-lipped on how the proposed joint venture between the two bodies would work.

Speaking to reporters ahead of this week's Players Championship, Monahan said negotiations with Saudi Arabia's Public Investment Fund (PIF) were progressing.

However, Monahan said several "key issues" remained to be resolved and that hammering out a deal would "take time".