PGA Tour to ensure players’ league has leadership safeguards in PIF deal as Davis Love III urges patience
The landmark agreement between the PGA Tour, DP World Tour and Saudi Arabia’s Public Investment Fund will include safeguards to ensure the PGA Tour will maintain leadership of the organization as a whole. profit and its existing circuit. This request by PGA Tour officials will be shared with members during a players-only meeting to be held Tuesday night in Connecticut ahead of the 2023 Visitors’ Championship, according to the report. Golf Channel. The hope is to restore trust among members and dispel concerns about a professional golf takeover.
While the PIF will make the “minority” investment as the sole investor in the new for-profit company, the PGA Tour will also have the right to refuse further investments as part of the deal. .
On Tuesday, 21-time PGA Tour winner Davis Love III sent an open letter to commissioner Jay Monahan in which Love, a five-time member of the PGA Tour’s policy board, convinced players of the be patient after the deal. Letter, obtained and published by Golf Channeltook place on the same day as the players meeting at TPC River Highlands.
“I am confident and confident that any decision – in the future as well as in the past – will have the same process and player opinion,” Love wrote. “Jay, as you said, the Rules are Set by the Players, for the Players. If we are patient and work together, we will achieve the best results for our Tournament, as well as for the other players. Our partners and fans. As always, you, the players and the Policy Board have my full support.”
Much of the golfing community – including PGA Tour members – questioned the leadership as a potential ramification of the deal. Monahan faced backlash from players in what was the meeting heats up The deal date was announced on June 6. Monahan remains absent as he recovers from an undisclosed medical condition.
The deal comes after the PGA Tour and PIF, the latter of which sponsor LIV Golf, became embroiled in a power struggle for professional golf that saw many notable players – major champions Phil Mickelson, Brooks Kopeka and Dustin Johnson among them – forced to resign from the PGA Tour to play in the new round as they choose to receive millions of dollars guaranteed. Monahan preached allegiance to the remaining PGA Tour members before the parties reached a final agreement, an agreement he said was affected by the PGA Tour. financial incompetence with PIF.
The new organization’s board of directors is expected to have an executive committee that includes both Monahan and PIF governor Yasir Al-Rumayyan. There are also PGA Tour policy board members Jimmy Dunne and Ed Herlihy, both of whom played a key role in shaping the framework of the new agreement.
