According to Brian Hurlburt of the Las Vegas Review-Journal, only "a small gathering of sponsors and VIPs" will be in attendance at Shadow Creek Golf Course in Las Vegas.
The $9 million, winner-take-all event will be available on B/R Live, as well as AT&T, DirecTV and U-verse pay-per-view.
Hurlburt also noted that no portion of the match will be played under the lights, despite Mickelson previously saying it would take place during primetime.
An official start time for the event has yet to be announced.
Although fans won't have the opportunity to attend the first-of-its-kind event, they will have no shortage of behind-the-scenes access.
The golfers' preparation will be chronicled on HBO's 24/7 series, and Bleacher Report's House of Highlights will provide a deeper dive as well.
After making a remarkable comeback from multiple back surgeries, Woods is ranked as the No. 13 golfer in the world. Mickelson, meanwhile, is 25th.
Both Woods and Mickelson struggled during the United States' Ryder Cup loss to Europe, but there is still plenty of excitement surrounding Tiger's form.
The 42-year-old finished tied for sixth at the Open Championship and second at the PGAChampionship before finally recording his first win since 2013 when he prevailed at the Tour Championship in September.
Mickelson hasn't recorded a top-10 finish since May, but given the enormity of the Black Friday event, it figures to be an entertaining affair between two of the game's all-time greats.