PGA Tour’s COO ‘Deeply Regrets’ Way the Deal With Saudi’s PIF Was Announced

Prior to testifying in front of Congress on Tuesday, PGA Tour Chief Operating Officer Ron Price wrote in an op-ed for The Athletic that the tour could’ve handled the announcement that it had a framework agreement with Saudi Arabia’s Public Investment Fund (PIF) much better than it did on June 6.

Price, who will be testifying on Capitol Hill Tuesday along with PGA Tour Policy Board member Jimmy Dunne, wrote:

“Due to the confidential nature of negotiations surrounding the framework agreement, much of the initial reaction has been negative, colored by misinformation or misunderstanding. That’s something we take full ownership of and deeply regret.”

Ahead of his testimony in front of the Permanent Subcommittee on Investigations, @PGATour COO Ron Price has published an Op-Ed for @TheAthletic.

He cites 2 “fundamental reasons” why the Framework Agreement is the best path forward:

1) It ensures the PGA Tour will lead the… pic.twitter.com/bFWF5DlJr3

— John Nucci (@JNucci23) July 10, 2023

On Friday, The Athletic posted a behind-the-scenes look at the PGA Tour-PIF deal, painting a picture of two organizations that were hemorrhaging money in a fight against the other. The issue for the PGA Tour was that it was going to run out of money first due to elevated purses and a reported $10 million per month in legal fees.

Price wrote that the deal will end costly litigation and will keep the PGA Tour at the forefront of professional golf for the foreseeable future:

“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.

“…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.”

PGA Tour officials will testify at a Senate hearing Tuesday as Congress investigates its deal to merge with Saudi-backed LIV Golf, which declined to send its executives to testify, @MacFarlaneNews reports. pic.twitter.com/P7RL2nAixZ

— CBS News (@CBSNews) July 10, 2023

Sens. Richard Blumenthal (D-Conn.) and Ron Johnson (R-Wisc.) requested the presence of PGA Tour Commissioner Jay Monahan, PIF Governor Yasir Al-Rumayyan, and LIV Golf CEO Greg Norman, but all three declined. Monahan cited the health problems that will keep him out of office until July 17, while Norman and Al-Rumayyan said there were scheduling conflicts.

Cover Image Via CNBC