GOLF

Tiger Woods Officially Ends Rumors, A Definitive PIF and DP World Framework Expected by End of 2023

Pinterest LinkedIn Tumblr

Tiger Woods and Jay Monahan are on the same page. Even though the PGA Tour loyalist and the PGAT commissioner both suffered back-to-back kicks in the teeth – Rory McIlroy packed his bag and left the Tour Policy Board and Jon Rahm shook hands with Greg Norman – the tour policy board remains committed to reaching a deal with LIV Golf, as per the December 1 memo that the 47-year-old golfer shared.

The members of the high table admitted that swirling rumors call for direct communication between players, members, and golf fans. The six-point memo, signed by all board members by their first name, enlists major concerns that have engulfed the Tour in the last few months. It appears that Jay Monahan & Co. is seeking to address the lingering concerns within the Tour through various novel policies.

There were speculations of more board members resigning after Rory McIlroy bowed out of the board. However, Woods took to X (formerly Twitter) to comment that members are working together to achieve a deal faster. “The Player Directors are united and all working together to represent the PGA Tour, the entire player membership, and (the) best interests of the sport.” Tiger Woods tweeted with the memo.

This stands in unison with PGAT commissioner Jay Monahan’s earlier comments that the December 31 deadline remains a “firm target.” The 15-tiem Major winner, though admitted his frustration, appeared fervent in achieving the $3B framework agreement.

But the decision won’t be taken without considering every board member. In fact, three members of the board – Patrick Cantlay, Charley Hoffman, and Adam Scott –  represent the players in the governing body to ensure that no major decisions are taken “without the prior involvement and approval of the Player Directors.”

The memo also notes that the player directors are positive about investor groups’ interest in the Tour. Reportedly, Endeavor, and Fenway Sports Group, which owns the Boston Common Golf in the TGL, have shown interest. However, the memo specifically notes that rather than traditional private equity groups “as has been reported,” they are looking at “multi-decade oriented strategic partners.” Notably, the Endeavor group admitted that PGAT rejected their proposal, whereas the Fenway group has yet to share any official statement.

This also puts into question the future of the Tour – whether it’ll become a for-profit entity with major investors or not. As per the memo, that will require a “unanimous” consensus from the board members. Earlier it was reported that players are demanding more in the for-profit entity that will be formed. The December 1 memo, shows that there will be a program through which PGAT members, will have “direct ownership in our tour through equity grants.

The memo ends with a thank note to Rory McIlroy. “He has gone above and beyond for us during challenging times,” notes the board members. Interestingly, the Tour Policy Board is without any representative from the other side of the Atlantic, even though DP World Tour is also a party in the said $3B merger agreement. After the Northern Irishman checked out, the remaining four members elected Jordan Spieth to take his place.

 

Write A Comment