A day before the United States Senate hearing on the proposed deal involving the PGA Tour, DP World Tour and Saudi Arabia’s Public Investment Fund, PGA Tour Chief Operating Officer – and interim leader in Commissioner Jay Monahan’s absence – Ron Price wrote an op-ed in the Athletic that previews the Tuesday hearing on Capitol Hill and argues the framework agreement is the best option for the Tour going forward.
Price began by propping up the Tour’s mission and platform while noting its charitable impact before he dug into the tumultuous two years since LIV Golf joined the fray with the financial support of the PIF. Players and fans alike were shocked by the groundbreaking news of the deal, and the reaction was loud.
“Given the well-chronicled legal disputes that have existed between the PGA Tour and PIF, we understand the fair and valid questions raised by PGA Tour members, Tour partners, media, fans and now Congress,” wrote Price. “As we have moved beyond costly and destructive litigation (which the framework agreement resolved) and are now exploring whether we can reach a definitive agreement, we are committed to answering those questions and showing how this deal will benefit professional golf – particularly our players, fans, and partners.”
However, the Tour didn’t have an answer for those questions after PIF governor Yasir Al-Rumayyan joined Monahan on CNBC on June 6 to announce the news despite the fact the framework agreement was signed an entire week earlier. A month later, details are still few and far between surrounding the agreement. Price blamed the negative reaction on “misinformation or misunderstanding” and said the Tour took ownership of the botched announcement. He also hedged the completion of the deal multiple times.
More from the Athletic op-ed:
“Fundamentally, there are two reasons that the framework agreement with the PIF and DP World Tour marks not just a highly favorable outcome for the PGA Tour, but also the clear, best path forward for professional golf broadly. First, the agreement provides clear, explicit and permanent safeguards that ensure the PGA Tour will lead the decisions that shape our future, and that we’ll have control over our operations, strategy and continuity of our mission. Second, if we get a final agreement, it will allow us to further invest in the players who define our sport, and the events, venues, communities and technology that bring it to life. Working in partnership with the membership and Policy Board, we are stewards of the organization’s long-term health and leadership. Weighed against the prospect of a continued, unsustainable battle that threatened our very existence, given the safeguards that guarantee our self-determination and the possibilities afforded by new investments, “yes” was the clear answer to the framework agreement.”
Price said the new entity, currently referred to as PGA Tour Enterprises, “will include PIF as a non-controlling, minority investor,” despite the original news that the PIF would be the sole investor. He also noted how the new board of directors would be led by a PGA Tour majority and the entity will be run by Monahan, who will serve as CEO.
Price never mentioned Al-Rumayyan or the fact that he would be the chairman of the board.
“For two years, the question has been, who would lead professional golf forward? The answer provided by this work toward a definitive agreement is now clear: the PGA Tour,” wrote Price. “That future for the PGA Tour is significantly brighter thanks to this agreement. The PGA Tour now has a great opportunity to advance player rewards, enhance the fan experience, grow our audience, and expand access to our game. Across the board, we have ideas that will help us achieve those aims. The investments this agreement will bring to the PGA Tour will make professional golf more rewarding to play, and more exciting to follow.”
Time will tell.
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