CNBC
When it was announced on June 6 that the PGA Tour and Saudi Arabia’s Public Investment Fund – which supports LIV Golf – some Details of the proposed partnership shock and confusion reigned in the golf world and beyond. Among many fears and panicked leaps to conclusion: Were the Saudis taking over men’s professional golf? Will the Governor of the Public Investment Fund, Yasser Al-Rumayyan, become the head of the tour commissioner, Guy Monahan? Does LIV melt? Or will the LIV model come to the PGA Tour? And perhaps above all, why such an extreme turn from the Tour, which for months had been embroiled in a bitter dispute – legal and otherwise – with the LIV’s power brokers?
For golf enthusiasts, tour watchers, and even the players themselves, there have been more questions about the secret deal than answers.
And the tour knew that.
This was featured a lot on Monday by Ron Price, the tour’s chief operating officer, who was at the Posted by the athletebooks:
“Due to the confidential nature of the negotiations surrounding the framework agreement, much of the initial reaction was negative, marred by misinformation or misunderstandings.. This is something we completely own up to and deeply regret. Going forward, we firmly believe that the more facts are discussed and understood, the more our constituents will support a potential final agreement – if one is reached – and we look forward to positive and lasting impact at all levels of our game.”
The editorial also explains why Price believes the agreement, if approved, will lead to “a very positive outcome for the PGA Tour”, and is supposedly a preview to Price and Tour Policy board member Jimmy Dunn – whom Monahan credited with brokering the proposed deal with Al Rumayyan. — will appear Tuesday on Capitol Hill, where both are scheduled to answer questions from the US Senate Permanent Subcommittee on Investigations investigating the Tor agreement and the Public Investment Fund.
Monahan, who is recovering from an undisclosed health condition, will not be present, nor will Alrumayyan or LIV CEO Greg Norman, both of whom have cited scheduling conflicts.
The hearing will be chaired by Sen. Richard Blumenthal (D-Conn.), chair of the subcommittee, and Sen. Ron Johnson (R-Wisconsin), ranking member of the subcommittee. As Blumenthal explained in a June 21 letter to Monahan, the purpose of the session is to “examine the planned agreement … the future of PIF-financed LIV Golf, the risks associated with foreign government investment in American cultural institutions, and the implications of this.” This agreement is planned for professional golf in the United States in the future.”
All dental questions.
In a statement, Johnson added, “I hope that the hearing and any further role Congress plays in this matter will be constructive.”
Last week, in a meeting with Milwaukee Journal SentinelJohnson said that when it came to the antitrust concerns raised about the proposed deal, he believed the courts would not stand in the way and instead would likely rule “in favor of sporting competition”. Johnson said his primary concern is maintaining the “purity of competition” on the PGA Tour.
Price and Dunn will face inquiries across a range of topics on Tuesday. But they are also sure to come armed with their own agenda. At the top of that list, if Price’s article is any indication: tightening of messaging around the details of the agreement – for example, not just what it is but also just as important no.
“This is not a merger,” Price wrote in the op-ed. “The PGA Tour remains intact. The subsidiary — PGA Tour Enterprises — will include the PIF as a non-controlling minority investor, as it has in many other US companies.”
It will take this nuance a while to chip away at the media lexicon, if reporters and editors acknowledge it at all. A quick search on Monday for reporting on the deal turned up the word merger It is still in use by a variety of outlets, from CNN and NBC News to luck And hill.
Price continued, “He will lead the PGA Tour Enterprises Board of Directors. The majority of that board will be appointed by the PGA Tour and that entity will be run by a CEO. That CEO will be PGA Tour Commissioner Jay Monahan. The PGA Tour’s controlling stake in the board will remain unchanged.” In the future, regardless of the initial investment size of the Public Investment Fund or any future additional investments, the Board of Directors will also have the power to reject any unwanted investment.
“For two years, the question has been, Who will lead professional golf forward? The answer this work has given toward a final agreement is now clear: the PGA Tour.”
Clarity is something golf enthusiasts and players alike crave. We’re not there yet. But Tuesday’s actions may bring us one step closer.