Randall Stephenson has resigned from the PGA Tour’s policy board, according to a resignation letter obtained by Washington Post. The former AT&T executive ended his 12-year term while citing concerns about a landmark deal between the PGA Tour and Saudi Arabia’s Public Investment Fund to manage commercial operations. of golf under a new for-profit organization.
“I joined this board 12 years ago to serve the best players in the world and to enhance the sporting spirit that permeates the game of golf,” Stephenson wrote in the letter. “I hope, as this board evolves, they will comprehensively rethink their governance model and leave options open to evaluate alternative funding sources beyond the current framework agreement. .”
Originally intending to step down on June 12, just six days after the deal was announced, Stephenson delayed it when it was announced that PGA Tour commissioner Jay Monahan was taking a medical leave. according to the report. parcel. Monahan has since announced her intention to return to the leadership role effective July 17.
Stephenson’s departure brings an interesting wrinkle to the PGA Tour and Saudi Arabia’s PIF deal. An important step in the approval process comes when the final deal is presented to the 10-member PGA Tour policy board, five of which are PGA Tour players Rory McIlroy, Patrick Cantlay, Charley Hoffman , Peter Malnati and Webb Simpson.
Stephenson is one of five independent directors including deal architect Jimmy Dunne, renowned M&A attorney Ed Herlihy, Mark Flaherty and Mary Meeker.
The deal continues to face adversity with more to come this week. Dunne and PGA Tour CEO Ron Price will testify at a U.S. Senate Permanent Subcommittee on Investigations hearing on July 11: “The PGA-LIV Agreement: Implications for the Future Golf and Saudi Influence in the United States.”
PIF Governor Yasir al-Rumayyan and LIV Golf CEO Greg Norman were also invited to testify but cited scheduling conflicts. Monahan has been invited, but Dunne and Price will represent the PGA Tour as the commissioner continues to recover.
“Over the past few years, as we have faced the challenge of questioning the future of the PGA Tour, we have devoted every effort to ensuring a steady path forward for our organization, Monahan wrote in her letter to PGA Tour Policy. The board of directors announced his return. “With the framework agreement with DP World Tour and PIF, we are well on our way to accomplishing this goal. If a definitive agreement can be reached, we can rest assured that the PGA Tour will continue to lead and shape the future. game for the future. Plus, we’ll be able to invest in our players and community like never before.”
