Jay Monahan addresses the media ahead of the 2022 Travelers Championship. | Photo by Michael Reaves/Getty Images
Monahan revealed that he will meet with Yasir al-Rumayyan, the governor of the Saudi Public Investment Fund (PIF), next week.
Earlier this week, Tiger Woods shared that he had faith in PGA Tour Commissioner Jay Monahan as discussions with the Saudi Public Investment Fund (PIF) progress. But Woods also insisted on pushing to get a deal done by Dec. 31, 2023, the deadline set by the initial framework agreement last spring.
So, with the end of the year fast approaching, Monahan revealed Wednesday that he will meet with Yasir al-Rumayyan, the Governor of the PIF, next week.
Speaking at The New York Times’ DealBook summit in New York, Monahan insisted on the deadline being a “firm target.”
The Commissioner also noted that the meeting with al-Rumayyan next week will “advance conversations.”
Whether Woods or other PGA Tour Policy Board members will be in attendance was not disclosed.
“When this [agreement] gets finalized, the PGA Tour is going to be in a position where the athletes are owners [of] their sport,” Monahan said. “You not only have the PIF, but you likely [have] another co-investor with significant experience in business, sport, and brand that will help take the PGA Tour to another level.”
Fenway Sports Group, the group that owns the Boston Red Sox, Liverpool F.C., and the Pittsburgh Penguins, has expressed interest in partnering with the PGA Tour. So has Endeavor, the parent company of WWE and UFC, but the PGA Tour has since rejected the holding company as a potential investor.
Photo by Richard Heathcote/Getty Images
Yasir al-Rumayyan, the Governor of the PIF.
Nevertheless, Monahan has complete confidence in this agreement.
“What’s most important to our players is that they go from the model of being independent contractors to being owners,” the Commissioner added. “That ownership will be based on performance. They are going to get equity.”
So many variables need to be considered, including how much stake the players will own. But other than the litigations between the PGA Tour and LIV Golf getting dropped, not much else has been resolved since Jun. 6, 2023. Items that need to be rectified include scheduling, player suspensions, and the overall corporate structure of a new-for-profit entity, PGA Tour Enterprises, among other things.
But the players will have greater control of the Tour and its governance, something Woods was adamant about in his press conference ahead of the Hero World Challenge.
“All the parties are talking, and we’re aggressively working on trying to get a deal done,” Woods said Tuesday.
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Tiger Woods speaking to the media ahead of the 2023 Hero World Challenge.
“As long as a player had input and we’re able to make faster decisions, and the board recognizes that, I think that is one of the key things that the players, all the player directors have focused on.”
Woods joined the PGA Tour Policy Board in August, becoming the sixth player director. Since then, his influence has been felt throughout these negotiations, which Jordan Spieth noted on Tuesday.
Golfers—and all athletes, for that matter—have never had this much influence. That could be due to social media, corporate sponsorships, and thus greater exposure.
Monahan knows players need to have a seat at the table, especially since he needs to earn back their trust. PGA Tour members were left entirely in the dark throughout the spring when secretive talks occurred between the Tour and the PIF.
Woods admitted to being ‘frustrated’ about the lack of transparency in these discussions.
“I think we are in an era of athlete or talent empowerment,” Monahan said Wednesday.
“The move we are making to more strongly align our economic interests with our athletes aligns with the PGA Tour.”
Jack Milko is a golf staff writer for SB Nation’s Playing Through. You can follow him on Twitter @jack_milko for more golf coverage. Be sure to check out @_PlayingThrough too.
