More than a year after the controversial yet-to-be-consummated “framework agreement” between the PGA Tour, the DP World Tour and the Saudi Arabian Public Investment Fund, PGA Tour commissioner Jay Monahan said Wednesday that parts of the original scheme are still in play. while negotiations continue, but that everyone “started over.”
Monahan did not offer specific details about the negotiations, which he called positive in remarks to reporters at the Travelers Championship outside Hartford.
“I would say the framework agreement is still relevant,” Monahan said in his first public comments since the Players Championship in March. “There are certainly aspects that remain in play.
“But I would say it more: we took a step back, we all took a step back and started again. And particularly with the introduction of the transactions committee, the involvement of our players, and I would say the vast majority of what we’re talking about, we’re building from the ground up. But any time you build from scratch, part of what you’ve talked about, part of the history of those conversations is important context.”
The original framework agreement outlined a new board of directors that included Yasir Al-Rumayyan, the governor of the PIF, which backs LIV Golf. That has not happened because there is still no agreement.
The Tour also funded its new for-profit PGA Tour Enterprises through Strategic Sports Group, a private equity firm made up of several professional sports owners and groups. While other investments were part of the original framework agreement, it was unclear at what level. So far, SSG has invested $1.5 billion in the new effort and the Tour has announced an equity ownership plan for current and former players.
The transaction committee was formed outside the board to negotiate directly with the PIF and includes Monahan, Tiger Woods, Adam Scott, Rory McIlroy and board members Joe Gorter and John Henry, who is at SSG and Fenway Sports Group.
“I will return to the meeting we had just two Fridays ago in New York, where our entire transaction committee, including Tiger Woods and Adam Scott in person and Rory calling from the Memorial Tournament, along with Yasir Al-Rumayyan, the Governor of the PIF and representatives of the PIF,” Monahan said. “It was a very productive discussion. As we have said, progress was made and we continue to engage in regular dialogue. I had a 10 o’clock call this morning with the PIF and we do it several times a week.”
Monahan added: “People seem to think there are things that are happening and things that aren’t happening, but ultimately we are the arbiters of that and… I understand there is a lot of attention and there will be a lot of opinions. and there will probably be many rumors. And as part of the position that I and everyone are in, we are focused on trying to get to the right outcome, the right outcome for our players, for our fans, for the game of golf, and that’s where our focus is. ”.
When asked about comments McIlroy made two weeks ago about the Justice Department and how complicated the discussions can be, Monahan said:
“I think our approach to this is that the number one focus is to make this agreement pro-competitive for the players, for our fans and for all of our constituents. That is a shared commitment that we all have. And there is no doubt that as we move forward in this process, they (the Department of Justice) will be an important part of the discussions.”
Monahan also addressed the new exemption granted to Tiger Woods, who will be eligible for all limited-field signature events starting next year without needing a sponsor exemption.
Woods, who missed the cut at the US Open and PGA Championship, played in his own event, the Genesis Invitational, thanks to a sponsor invitation in February.
The Player Advisory Committee recommended the measure, which was approved by the Policy Board. It also approved a plan to ensure a minimum of 72 players per signature event, and the possibility of adding 36-hole cuts to the eight signature events is being discussed. Only three events (Genesis, Arnold Palmer and Memorial) have them now.
“I think it was important to our membership, it’s something we talked about with the PAC, it was important to our player managers, it was important to our board of directors,” Monahan said of Woods’ exemption. “It’s important to me because, as the waiver says, he has won over 80 events and I think being able to give him the opportunity to compete in these events; Any event he’s played in he’s done bigger, he’s done better. “It has attracted more attention and I think as an organization we wanted to celebrate the exceptionalism of him in that way.”
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