PGA-LIV: One week later
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It's been a week since news of the PGA Tour and LIV Golf's partnership shocked the sports world. Here's an update on what we've learned.
Details: PGA Tour commissioner Jay Monahan will be CEO of the yet-to-be-named new entity, while Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund, will be chairman.
- The Tour and LIV remain their own entities, and Monahan will have the option to cease the current iteration of LIV's team-focused circuit after the season ends in November.
- These details are according to PGA Tour policy board member Jimmy Dunne, who helped broker the deal that was ultimately viewed as a necessity because "we cannot compete with a foreign government with unlimited money," Monahan told employees last week.
What they're saying: "The PGA Tour is the controlling partner of the new company," said Dunne, who is also vice chairman at investment bank Piper Sandler. "It is extraordinarily unlikely that [Al-Rumayyan is] going to be involved in the day-to-day."
- Dozens of Dunne's colleagues at Sandler O'Neill were killed on 9/11 when the plane hit the World Trade Center's south tower. The only reason he wasn't there is he was playing golf.
- 15 of the 19 hijackers on Sept. 11 were Saudi citizens, but "the people I'm dealing with had nothing to do with it," said Dunne. "If someone can find someone who unequivocally was involved … I'll kill them myself."
Between the lines: While LIV defectors are unlikely to be barred from reinstatement, hefty fines are expected for those who return. Meanwhile, golfers who remained loyal to the PGA Tour will reportedly be given equity shares in the new company.
State of play: The 2023 U.S. Open, which will see LIV and PGA Tour players go head-to-head for the first time since the news broke, tees off this week at Los Angeles Country Club.
- On Tuesday, the PGA Tour announced that Monahan is recovering from a medical situation.
- Two top executives will run the day-to-day operations in his absence.
What to watch: The deal must still clear some hurdles, the simplest of which is approval from the Tour's policy board. But government scrutiny is also expected.
- The ongoing antitrust lawsuit against the PGA Tour isn't going away, as many view the deal as a textbook case of antitrust.
- The U.S. Senate is also investigating the deal because of concerns about "PIF's role as an arm of the Saudi government," per Sen. Richard Blumenthal (D-Conn.).
The bottom line: If you're still confused about what this all means, you're not alone. "The whole thing is confusing," defending U.S. Open champion Matt Fitzpatrick said Monday. "I haven't been told much," added LIV's Cameron Smith. "We just want some answers," said world No. 2 Jon Rahm.
