PGA Tour Policy Board Member Resigns Over Concerns About Deal With The PIF

The PGA Tour Policy Board is the 10-member group that will be voting on whether to formally allow the PGA Tour’s deal with Saudi Arabia’s Public Investment Fund (PIF) to become official.

On Sunday, one of those 10 members left the board due to concerns about the deal.

Randall Stephenson, former Chairman and CEO of AT&T, submitted a letter of resignation to the other nine members, according to the Washington Post.

Longtime PGA Tour board member Randall Stephenson has resigned — citing concerns over the PGA-LIV deal, per @washingtonpost.

“[The framework] is not one that I can objectively evaluate or in good conscience support.” pic.twitter.com/PqQgLPYHVv

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Stephenson wrote that the framework deal, announced on June 6, “is not one that I can objectively evaluate or in good conscience support, particularly in light of the U.S. intelligence report concerning Jamal Khashoggi in 2018.”

Khashoggi was a journalist who was murdered by operatives from the Saudi government.

Stephenson’s letter continued:

“I hope, as this board moves forward, it will comprehensively rethink its governance model and keep its options open to evaluate alternative sources of capital beyond the current framework agreement.”

The Post also reported that Stephenson was planning to resign on June 12, but he decided to wait until PGA Tour Commissioner Jay Monahan’s return to the tour was finalized. Monahan announced that he will return to office on July 17 following a “medical situation” that forced him to take leave for a little over a month.

There are four other members of the Policy Board who are called independent directors. Among those is Jimmy Dunne, who is said to be the person who started talks with PIF Governor Yasir Al-Rumayyan earlier this year. He will be testifying to Congress about the deal on Tuesday.

PGA officials Ron Price and Jimmy Dunne have agreed to appear before the Senate next Tuesday to answer questions about the tour’s surprise merger with LIV Golf.

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The five players on the board are Rory McIlroy, Patrick Cantlay, Webb Simpson, Charley Hoffman, and Peter Malnati.

Cover Image Via The Hollywood Reporter