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There is a partnership between the PGA Tour, the DP World Tour and the Public Investment Fund of Saudi Arabia, but details are sparse so far. There was a lot of speculation about what this new entity would look like, but the public wasn’t privy to any of the details.
However, in meeting with Sports IllustratedAnd PGA Tour Policy Council member Jimmy Dunne shared what the future of the partnership could look like, and the roles of some key executives. Here’s what we know.
Guy Monahan runs the show
There were many questions about who holds power in this new entity. Is it Jay Monahan and the majority of the board of directors of the tour? Is he the governor of the Public Investment Fund, Yasser Al-Rumayyan, and his unlimited cash reserves? According to Dunn, Monahan will be the more powerful man. In the SI article, it was reported that Monahan will not only be overseeing the Tour, but also LIV Golf. This (apparently) makes Monahan the most powerful man in the professional game, running not only the biggest tour on the planet, but also one of its biggest competitors.
Lev’s future is uncertain
The partnership was initially touted as a big win for LIV Golf, but Dunne’s interview raises questions about that narrative. LIV will play the remainder of the 2023 season, but after that, the league will be evaluated by Monahan. If he and his team like what they see, LIV may return for another season, but Monahan has the authority to break up the rookie tour if he sees fit.
LIV players will not be welcomed back immediately
If you thought this partnership would mean LIV players would be back on tour like they never left, think again. Terms for defectors’ return would be set by Monahan and the other tour leaders, penalties presumably severe. LIV golfers may now have a way back to the round, but it won’t come without a price.
PIF does not own the round
It’s easy to see how this merger could look like the Saudis have effectively bought the tour, but that’s not the case. According to the terms of the arrangement, the PIF will not contribute any money directly to the tour or its players. Instead, they will have a “right of first refusal” to be the investment partner for the round through the new entity. If the round wants to make any future investments, the Public Investment Fund will have the right to join it in this endeavor.
Greg Norman’s future is uncertain
When asked about Greg Norman’s involvement during CNBC’s initial announcement Tuesday morning, Al-Rumayyan did not offer an unequivocal endorsement of LIV’s current CEO.
“I made contact just before this, and of course he is a partner with us,” Al-Rumayyan said. “And all the stakeholders that we have with us, they got the call right before this interview.”
Norman told LIV staff this week that he’s not going anywhere, but with Monahan at the top of the league now, it’s uncertain if Norman will still be part of the company.
Money is not promised (yet)
While this deal will undoubtedly see an influx of cash into the game, nothing is firm yet. Dunn told SI that the PIF has not promised any investments yet, and the round has not promised anything other than a “right of first refusal” for future investments. It’s easy to imagine a world in which the Public Investment Fund sponsors future events for the rounds, but so far, nothing is certain.