Saudi Arabia seeks central role in professional golf

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Newly released documents reveal that Saudi Arabia has proposed to make its upstart Team Golf League the culmination of the PGA Tour and give ownership stakes to star players Tiger Woods and Rory McIlroy as its sovereign wealth fund seizes control of the sport. Has sought

Correspondence published by the US Senate on Tuesday as part of a hearing on last month’s surprise deal between the PGA Tour and Saudi-funded LIV Golf shows how the Saudis quieted their ambitions as both sides remained on top Move quickly from bitter litigation to potential partners. Tour players and board members in the dark.

PGA board member Jimmy Dunn told the Senate Subcommittee on Investigations that the framework agreement and follow-up negotiations were the best way to preserve the independence of the game. A takeover of Golf by Saudi Arabia’s Public Investment Fund is “the last thing we want”, Dunn said. “My fear is that if we don’t get this agreement, (PIF) have a management team that wants to destroy the tour.”

The two sides are still negotiating the terms of a planned union that would have a massive impact on the sport of professional golf, its hundreds of players, sponsors and media partners.

The trove of emails, documents and instant messages also included a proposal sent in April to PGA representatives by PCP Capital Partners, the private equity firm run by Amanda Staveley, acting on behalf of the PIF.

This included suggestions that Woods and McIlroy – longtime LIV holdouts – could be won over by awarding their own LIV teams, and a proposal for an integrated golf circuit that would include jointly held media rights. The PIF also demanded benefits for its governor, Yasir al-Rumayyan, including membership of two of the world’s most exclusive golf clubs, Augusta National in the US and the Royal and Ancient Golf Club of St Andrews in Scotland.

“Apparently, there is a real opportunity to build something truly remarkable, preferably under one roof,” Staveley wrote in an email to Dunn in April.

At the hearing, Tour chief operating officers Ron Price and Dunn told senators that the framework agreement was designed to end litigation, as well as put the PGA Tour in charge of competing and administering the tournament. “We will not move toward a definitive agreement until the PGA has full control,” Price said.

People familiar with the ongoing negotiations cautioned that the Senate documents included “proposals made to the PGA Tour by the PIF/LIV or their representatives, which were promptly rejected. . . much of this went on between the PGA and the PIF.” is not relevant to the negotiated settlement.

The framework revealed so far has been criticized by Richard Blumenthal, a Democratic senator from Connecticut and chairman of the subcommittee. He called on the PGA leadership to commit to protecting players who were reluctant to lend their fame to an organization closely linked to the Saudi Arabian regime.

Blumenthal said, “I can only emphasize to you that your players, like Tiger Woods, gave up hundreds of millions of dollars by refusing to join LIV Golf and staying loyal to the PGA.” “They stood firm. I hope the PGA Tour is the same way.

Representatives for Woods and McIlroy did not immediately respond to requests for comment.

The correspondence also provided a glimpse into how the PIF envisions managing the rollout of the Framework Agreement to maximize its acceptance. He proposed seeking a “supportive statement” from Roger Goodell, the commissioner of the US National Football League.

No such statement has been publicly shared, and a person familiar with the plan said the idea of ​​enlisting Goodell was never acted upon. An NFL spokesman declined to comment.

Get Free Golf Updates

we will send you one myFT Daily Digest Latest Email Rounding Golf News every morning.

Newly released documents reveal that Saudi Arabia has proposed to make its upstart Team Golf League the culmination of the PGA Tour and give ownership stakes to star players Tiger Woods and Rory McIlroy as its sovereign wealth fund seizes control of the sport. Has sought

Correspondence published by the US Senate on Tuesday as part of a hearing on last month’s surprise deal between the PGA Tour and Saudi-funded LIV Golf shows how the Saudis quieted their ambitions as both sides remained on top Move quickly from bitter litigation to potential partners. Tour players and board members in the dark.

PGA board member Jimmy Dunn told the Senate Subcommittee on Investigations that the framework agreement and follow-up negotiations were the best way to preserve the independence of the game. A takeover of Golf by Saudi Arabia’s Public Investment Fund is “the last thing we want”, Dunn said. “My fear is that if we don’t get this agreement, (PIF) have a management team that wants to destroy the tour.”

The two sides are still negotiating the terms of a planned union that would have a massive impact on the sport of professional golf, its hundreds of players, sponsors and media partners.

The trove of emails, documents and instant messages also included a proposal sent in April to PGA representatives by PCP Capital Partners, the private equity firm run by Amanda Staveley, acting on behalf of the PIF.

This included suggestions that Woods and McIlroy – longtime LIV holdouts – could be won over by awarding their own LIV teams, and a proposal for an integrated golf circuit that would include jointly held media rights. The PIF also demanded benefits for its governor, Yasir al-Rumayyan, including membership of two of the world’s most exclusive golf clubs, Augusta National in the US and the Royal and Ancient Golf Club of St Andrews in Scotland.

“Apparently, there is a real opportunity to build something truly remarkable, preferably under one roof,” Staveley wrote in an email to Dunn in April.

At the hearing, Tour chief operating officers Ron Price and Dunn told senators that the framework agreement was designed to end litigation, as well as put the PGA Tour in charge of competing and administering the tournament. “We will not move toward a definitive agreement until the PGA has full control,” Price said.

People familiar with the ongoing negotiations cautioned that the Senate documents included “proposals made to the PGA Tour by the PIF/LIV or their representatives, which were promptly rejected. . . much of this went on between the PGA and the PIF.” is not relevant to the negotiated settlement.

The framework revealed so far has been criticized by Richard Blumenthal, a Democratic senator from Connecticut and chairman of the subcommittee. He called on the PGA leadership to commit to protecting players who were reluctant to lend their fame to an organization closely linked to the Saudi Arabian regime.

Blumenthal said, “I can only emphasize to you that your players, like Tiger Woods, gave up hundreds of millions of dollars by refusing to join LIV Golf and staying loyal to the PGA.” “They stood firm. I hope the PGA Tour is the same way.

Representatives for Woods and McIlroy did not immediately respond to requests for comment.

The correspondence also provided a glimpse into how the PIF envisions managing the rollout of the Framework Agreement to maximize its acceptance. He proposed seeking a “supportive statement” from Roger Goodell, the commissioner of the US National Football League.

No such statement has been publicly shared, and a person familiar with the plan said the idea of ​​enlisting Goodell was never acted upon. An NFL spokesman declined to comment.