Unsubstantiated reports that more players are leaving the PGA Tour to join LIV Golf have swept the golf world this week, prompting a response from the six player directors on the circuit’s policy committee.
in Notes sent to players Late Friday, player directors Tiger Woods, Charlie Hoffman, Peter Malnati, Patrick Cantlay, Webb Simpson, and Jordan Spieth (as well as Adam Scott, who will replace Hoffman in early 2024) said, “We Regarding speculation regarding the match, he said: A two-page update on the tour’s ongoing negotiations with Saudi Arabia’s Public Investment Fund and the long-awaited ‘governance’ review.
“With the 2024 season just around the corner and a lot of speculation surrounding our games, we wanted to speak directly with you,” the memo begins.
“Since Tiger joined the policy committee on August 1, player directors have been committed to doing everything they can to ensure the PGA Tour is in the best position to thrive for decades to come. ,” the memo continued. “We have learned a lot and are encouraged by the progress we have made on many fronts.”
Echoing comments made by Woods at the Hero World Challenge earlier this week, the update is “focused on ensuring that no major decisions can be made in the future without the player’s prior involvement and approval.” The outline of the establishment of a “Governance Committee” is provided. Directors. ”
The memo, like a similar memo sent by Tour Commissioner Jay Monahan last month, does not go into specifics, but it does not go into detail, but does allow the PIF and DP World Tour to “progress” toward a final agreement by the Dec. 31 deadline. It outlines the negotiations during the period. Framework agreement.
The memo also mentions other investment possibilities. What Monahan proposed this week This could be done in parallel with the investment from PIF.
“These are not traditional ‘private equity’ groups as reported, but strategic partners that have been around for decades. “The groups are optimistic about the PGA Tour’s growth opportunities and their ability to foster that growth,” the memo said. “We agreed to try to reach unanimous agreement before voting on proposals that would create a for-profit entity or consider third-party investment.”
The basis of the deal with PIF and other private equity companies is an “equity grant” to members, with Player Directors “committed to providing ownership opportunities to current and future PGA Tour Members.” Yes,” the memo says.