Ron Price, the PGA Tour’s Chief Operating Officer and interim leader, in the absence of Commissioner Jay Monahan, wrote an op/ed for The Athletic, previewing the Capitol Hill hearing scheduled for Tuesday. He argues that the framework agreement will be the best choice moving forward.
Price started by praising the Tour and its mission, while highlighting the charitable impact. He then delved into the turbulent two years that have passed since LIV Golf entered the fray thanks to the financial support from the PIF. The deal was shocking to both players and fans.
Price wrote: “Given that the PGA Tour has been involved in a long-running legal dispute with the PIF and the media, the fans, and Congress, we can understand their legitimate concerns.” We are committed to answering these questions, as we have now moved past the destructive litigation that was resolved by the framework agreement and are exploring if we can reach an agreement definitively.
The Tour did not have an answer to these questions when Yasir al-Rumayyan, PIF Governor, joined Monahan and CNBC on 6th June to share the news. This was despite the fact that the framework agreement had been signed a week prior. One month after the framework agreement was signed, there are few details. Price blamed negative reactions on “misinformation” or misunderstandings and claimed that the Tour was responsible for the blunder. Price also repeatedly reaffirmed that the deal would be completed.
The Athletic Op-Ed:
“Fundamentally there are two reasons why the framework agreement between the PIF, DP World Tour and the PGA Tour is not only a highly positive outcome for the PGA Tour but also a clear path to success for professional golf in general. The agreement includes clear, explicit, and permanent safeguards to ensure that the PGA Tour is in control of the decisions that will shape our future and we have full control over our strategy, operations, and mission. If we reach a final deal, we will be able to invest more in the players that define our sport and the events and venues, communities, and technology which bring it to life. We are the stewards for the long-term leadership and health of the organization, working in partnership with members and the Policy Board. The framework agreement was a clear “yes”, when weighed against the threat of an unsustainable, ongoing battle that would threaten our existence.
Price confirmed that the PIF will be a minority, non-controlling investor in the new entity currently known as PGA Tour Enterprises. This is despite initial reports that PIF was the sole investor. Price also said that the new board would be led by a PGA Tour majority and the entity run by Monahan who will serve in the role of CEO.
Price never mentioned Al Rumayyan, or that he was going to be the chairman.
Since two years ago, the question was, “Who would lead professional golf to new heights?” This work towards a definitive deal has now made it clear that the PGA Tour is in charge of professional golf. Price wrote. This agreement has made the future of the PGA Tour much brighter. The PGA Tour has a unique opportunity to improve player rewards, increase our audience and grow our game. We have many ideas to help us reach these goals. This agreement will increase the excitement and reward of playing professional golf.
Time will tell.
By: Adam Woodard
Title: PGA Tour executive admits ‘regret’ after mishandled announcement of Saudi Arabia deal
Sourced From: golfweek.usatoday.com/2023/07/10/athletic-pga-tour-regret-saudi-arabia-pif-news/
Published Date: Mon, 10 Jul 2023 18:37:05 +0000
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