PIF governor Yasir al-Rumayyan stunned PGA emissaries when he offered to drop litigation for nothing in return. It was during that April meeting that the beginnings of a plan hatched to give both sides something they desired — a joint golf venture.
, when a striking moment occurred. Here was Yasir al-Rumayyan. Black suit, silk blue and black striped tie, burgundy pocket square, sturdy cufflinks. Hair pushed back in a wave. There was Jay Monahan. Gray suit, blue and white tie. Side part.“There are financial returns, though, that we’re talking about here, without a doubt?”
As Monahan and al-Rumayyan spoke, broadcast live, the word “merger” appeared on the CNBC chyron beneath them on-screen. That word was louder than any answer. Reactions were instant and visceral. The 25-minute interview was lost in the wash as Monahan, along with a variety of tour informants, spent the remainder of the day trying to clarify the deal, doing all they could to dispel any notion of it being a merger of equals.
The Public Investment Fund of Saudi Arabia, he said, intended to drop all litigation against the PGA Tour, regardless of how the meeting proceeded.Dunne, a member of the PGA Tour’s policy board, and Herlihy, the chairman of the board, stared back at al-Rumayyan. “They could further marginalize us and lure away players and, in time, transform the tour into a minor league,” said one individual involved with the PGA Tour’s negotiation with the PIF.
After London, there was Venice. Al-Rumayyan was in town for the wedding of the daughter of Lawrence Stroll, the Formula 1 racing billionaire, while Monahan was there for al-Rumayyan. According to multiple individuals briefed on the conversations that followed, al-Rumayyan told Monahan the PIF was “ready to invest in the tour and ready to invest in you.” Monahan tested al-Rumayyan over the next two days.
The two sides met next on Memorial Day weekend. The deal was finalized at the San Francisco Four Seasons and a five-pageSo, how grand are the plans of this new PGA Tour-led, PIF-backed company? Some individuals interviewed here have mentioned the possibility of the tour buying the LPGA. Or buying the PGA of America, along with its most coveted holding — the Ryder Cup. Hell, maybe all of the above? Open access to multiple billions of dollars is now readily available.
As part of Vision 2030’s drive to increase Saudi Arabia’s worldwide visibility and domestic viability, sports was earmarked as an area of focus. While heavy investments in soccer have made the biggest headlines, money has also been poured into Formula One, eSports and gaming, WWE and other ventures. And how is that investment looking? The idea of LIV turning a profit anytime in the conceivable future remains far-fetched, according to those interviewed for this piece. While some concepts of LIV — team franchises with ownership rights, and a global schedule — are revenue streams that will be of interest to both the PGA Tour and the new company formed with the PIF , LIV itself spends more than it can possibly take in.
“We’re going to be fair,” an individual involved with tour decision-making said. “We’re not just going to tank it. We have to look at it objectively and look at the data, and if it’s working, it’s making money, then we would want to keep it. But it doesn’t seem like it is.” Young Saudis, largely well-educated and conscious of the world outside the sovereign state, living under an autocratic regime, need something to connect to.
Criticism persists surrounding both antitrust concerns and the tour’s status as a 501 tax exempt organization.Next week, Dunne and PGA Tour COO Ron Price will appear in Washington D.C. in front of subcommittee chairman Richard Blumenthal and ranking member Ron Johnson to answer questions about the agreement.
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