PGA TOUR Assures Players Will Have Final Say Over Agreement With Saudi PIF

The PGA Tour released a statement to players this week, assuring that they will have to approve the new partnership with the DP World Tour and Saudi Arabia’s Public Investment Fund (PIF) before any agreement is finalized.

The statement was sent after a meeting was held with the PGA Tour policy board, which includes players Rory McIlroy, Patrick Cantlay, Webb Simpson, Charley Hoffman, and Peter Malnati.

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The framework agreement among the entities was released on Monday after it was obtained by several media outlets. Players were reportedly frustrated that it was light on many details, including how players who defected to LIV Golf will be able to rejoin the PGA Tour.

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It’s believed that the memo was sent to players to assure them that the deal is far from done and they will have a voice before any deal is done.

The PGA Tour Policy Board met today to discuss details of the PGA Tour-PIF partnership and released the following statement.

Any definitive agreement must be approved by the Board. Although approval is still a hurdle, this statement makes it sound like there is some unity. pic.twitter.com/o0jKcamYs6

— John Nucci (@JNucci23) June 27, 2023

“Entering the framework agreement put an end to costly litigation. Management, with input from our player directors, has now begun a new phase of negotiations to determine if the Tour can reach a definitive agreement that is in the best interests of our players, fans, sponsors, partners, and the game overall,” the statement said.

“If future negotiations lead to a proposed agreement, it would need approval by the Tour’s policy board, which includes player directors. In the meantime, we are all committed to the safeguards in the framework agreement that ensure the PGA Tour would lead and maintain control of this potential new commercial entity,” the statement continued.

PGA Tour Commissioner Jay Monahan remains notably absent from the proceedings, as he has been out for a little over two weeks after dealing with a “medical situation.” While a return date has not been set, word is he does plan to return to his post.

“All parties,” including PIF, “absolutely” want the PGA Tour to be the “clear leader” in men’s pro golf.

NewCo is tentatively being called PGA Tour Enterprises.

I talked to the two men filling in for Jay Monahan about what’s next: https://t.co/x6afQgKKTA

— Michael Rosenberg (@Rosenberg_Mike) June 28, 2023

Monahan, PIF governor Yasir Al-Rumayyan, and LIV Golf CEO Greg Norman have been asked to testify in front of Congress on July 11 to answer questions regarding the agreement. Several U.S. senators are concerned about antitrust issues surrounding the deal.