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.
– 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.
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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.
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.
