The framework agreement for the new commercial company uniting the PGA Tour and the Saudi Arabian Public Investment Fund, has been obtained by The Athletic. BFQuinn offers first-time clarity and new insight into the controversial deal:
The Athletic— signed on May 30 by PGA Tour commissioner Jay Monahan, PIF Governor Yasir al-Rumayyan and DP World Tour CEO Keith Pelley following six weeks of meeting and negotiations — ended a year of professional golf’s largest stakeholders battling both in the courtroom and the court of public opinion.The framework agreement matches the rapidity with which it came to exist. It numbers only six pages.
The crux of the deal, often misunderstood or mis-explained since being announced on June 6 because of a lack of details and specificity in the initial releases, is made somewhat clearer in the obtained framework agreement, though plenty of questions remain. The framework lays out the composition of the board of the new venture but also states a creation of a “Communications Committee” that could carry significant influence.
While $2-3 billion has been reported as the PIF’s initial investment, there is no mention of that in the agreement. A PIF source toldthat the scale of the first offering is still being negotiated. Before the figure can be decided, valuations of each entity in the new company need to be completed. The PGA Tour’s valuation will include all commercial interests, media rights and properties. The tour is not putting cash into the new company.
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