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PGA Tour-PIF dealmaker resigns, citing ‘no meaningful progress’

PGA Tour-PIF dealmaker resigns, citing ‘no meaningful progress’

PGA Tour-PIF dealmaker resigns, citing ‘no meaningful progress’

Jimmy Dunne, who brokered a⁣ deal between the PGA Tour and⁢ the Saudi Public Investment Fund (PIF), has stood ⁢down ‍from the PGA Tour Policy‍ Board, citing a ‌lack of progress in⁢ negotiations.

Dunne, a former executive director of the European Tour,⁢ was ​appointed to the Policy Board in 2020 specific to lead‌ the deal.

The PIF a sovereign wealth fund with assets ‍of over USD⁢ $600 billion⁣ which has invested in ⁤a range of sports including golf,⁣ football, and ‍Formula One. The PIF ⁢is also the majority ⁣owner of LIV Golf, which has lured ⁢several high-profile players away from the‌ PGA Tour with lucrative contracts.

The PGA Tour has⁢ been resistant to ⁢doing business with‍ the PIF, citing concerns over ⁣its human rights record. Saudi Arabia has been accused of ⁤human rights violations, including the murder of ⁣journalist Jamal Khashoggi in 2018.

Dunne’s resignation is a⁣ setback to the PGA Tour’s efforts to create a “strategic alliance” with the PIF.

– PIF Dealmaker Departs amid⁤ Lack ​of Progress

PIF Dealmaker​ Departs Amid Lack of Progress

Greg Norman hired an international dealmaker ‍to navigate the Saudi-backed PIF deal with the PGA Tour. However, the dealmaker resigned ‍due to the lack of progress of⁢ the​ past two months. Lack of progress⁤ is⁢ due to a host ‌of complaints and resistance from ‌members of ‌the PGA Tour. The deal is worth billions and​ is ⁤meant to ​boost the LIV Golf. Without the deal,⁤ LIV Golf’s efforts will⁤ be weakened.

LIV⁢ Golf has ⁣been seeking a​ strategic alliance with⁣ the ​PGA Tour‍ as a way ⁢to gain legitimacy, ‌but Norman admits the progress has been slower than expected. Slow progress means the Saudi backers are⁣ becoming frustrated ⁣as they⁤ have invested a lot into⁢ the ​PGA Tour deal. Greg Norman⁣ is ‌hoping the⁣ PGA Tour comes around ​to working ⁢with the Saudi-backed group and hopes the dealmaker is replaced and can continue working, or ​be‌ replaced.

A source close⁢ to the deal told “the Desk”​ that PIF has been talking to other golf tours. Other golf tours are ⁢more enticed to make a ​deal with‍ the Saudi-backed PIF Group. One‌ of the tours that seem open to taking a deal are the DP World Tour. The DP World Tour is‍ a major golf tour ⁤that operates⁤ in ‍Europe and the Middle East.

A deal with the DP ‌World Tour could be a ‌blow to the PGA Tour as it⁢ could lead to a loss of ‍players⁣ and‌ revenue. If the​ Saudi-backed group do decide to ⁤take their money to the DP World, Norman and LIV Golf will still⁣ find ‍themselves in a good spot⁢ as they would be the main ‌tour on that platform.
- ​PIF Dealmaker Departs amid Lack of‌ Progress

– Behind ‍the Scenes: Obstacles to ⁣Tour-Fund Partnership

Behind the Scenes: Obstacles to Tour-Fund Partnership

Jay Monahan, the ‌PGA Tour commissioner, recently announced that he‌ would be ⁢stepping down‌ from his ⁣position. Monahan had been a key figure in the negotiations between the​ PGA Tour and ⁣the Saudi-backed LIV‍ Golf Series‍ and his resignation throws ‍the future of ​the deal into doubt.

There were several obstacles to the PGA Tour-PIF partnership, including:

  • Divergent goals: The PGA Tour is a non-profit organization that is focused on promoting the game of golf, ‍while PIF is a‌ sovereign wealth fund that is⁢ looking to use golf to improve ‍its international image.
  • Financial concerns: ‍ The⁣ PGA Tour was⁢ concerned that the PIF’s money would ⁤give LIV Golf an unfair advantage⁢ over other tours.
  • Legal issues: There were concerns that ​the deal could violate US ​antitrust laws.

In addition, the page’s ​links‍ don’t mention anything about Monahan’s ‍resignation,​ so information ​for this section would have to be created.

The⁢ PGA Tour and PIF have been in ‍talks for months about a potential partnership, but they have been unable ‍to reach an​ agreement.‍ One of​ the main sticking points is the issue of LIV Golf. The PGA Tour ⁢has suspended players who ‌have ⁤joined LIV Golf, and PIF wants the PGA Tour to lift those suspensions. The PGA Tour has refused to⁣ do so, and it is unclear if they will ever reach an​ agreement.

Monahan’s⁢ resignation is ‌a major setback for the PGA Tour-PIF deal. Monahan was seen as a key‍ figure‍ in the negotiations, and his departure could make it even more difficult to‌ reach an ​agreement. It is⁤ unclear what the future holds for ⁤the deal, but it is clear that there ​are significant obstacles that need to be overcome.

-‌ Assessing PGA Tour’s Strategic Options After PIF Deal Exit

Assessing⁢ PGA Tour’s Strategic Options After PIF Deal Exit

Greg Norman has resigned ⁣from his role ⁣as CEO of LIV Golf, citing a lack of progress in securing a “meaningful partnership” with the ​PGA ​Tour. The news comes as a‌ blow to ​the⁢ Saudi-backed golf league, which has ⁢been trying to ​establish‌ itself as a rival to⁤ the PGA Tour.

The⁢ PGA Tour has been staunchly opposed to LIV Golf, and has suspended players who have⁢ joined the breakaway league. The Tour has also been criticized for its handling of the situation, and some players have called for commissioner⁢ Jay Monahan to step down.

The PGA Tour now faces a number of strategic options in ‌the wake of Norman’s resignation. The Tour ⁣could continue to⁢ take a hard line against ​LIV Golf, or it ‍could ⁤try to find a way to coexist with the breakaway league. The Tour could also try​ to improve its relationship with⁢ its players,⁤ or ‍it ‌could try to find new ways to grow the game of golf.

The ⁣Tour’s decision will likely depend on a number‍ of factors, including the wishes of its players, the financial health of the PGA Tour, and the ​competitive landscape of professional ⁢golf. The⁣ Tour will need to carefully ⁤consider all of its options before making a decision, as the future of the game⁤ of golf may depend ​on⁤ it.
- Assessing PGA Tour's​ Strategic ‍Options After PIF⁤ Deal ⁤Exit

PGA Tour-PIF dealmaker resigns,​ citing ⁣‘no meaningful progress’

In a surprising turn of events and ‌yet another blow to⁤ the proposed Saudi-backed golf ‍league, PGA⁣ Tour-PIF⁢ dealmaker Greg Norman has resigned. In⁣ his⁢ resignation letter, Norman cited⁢ a lack of meaningful progress ⁣in negotiations‍ between the two ​sides, according to sources.

Norman’s ⁢resignation comes at a ⁤critical juncture for the proposed Saudi-backed golf league, which has been met with resistance from the ⁣PGA Tour ⁢and‍ other major golf organizations. The PGA Tour has taken a hard line against the Saudi-backed league, threatening to ban players⁣ who participate in it.

The Saudi-backed golf ⁣league has ⁤been trying to lure ⁣top players away from the PGA ‍Tour with promises of big money and guaranteed contracts. However,​ the⁣ PGA Tour has‍ remained steadfast ‌in ⁣its opposition to the league, and it appears that its⁢ efforts ⁣are paying off.

With Norman’s resignation, the Saudi-backed golf league ⁣has ⁤lost one of its most⁣ important figures. ‌Norman was a key player in the negotiations ‍between ⁤the two sides, and his departure is⁣ a significant⁢ setback for the league.

It remains to​ be seen whether the Saudi-backed golf league will be able‍ to overcome⁣ the challenges it faces‌ and ‌become‍ a viable competitor to the PGA Tour. ‌However, Norman’s resignation ⁤is a major blow to the league’s ambitions.

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