Tiger Woods, Rory McIlroy and Adam Scott are key players on a new PGA Tour subcommittee designed to negotiate with Saudi Arabia’s Public Investment Fund.
In a consequential announcement Thursday night, the PGA Tour said Valero executive chairman Joe Gorder will serve as the first chairman of PGA Tour Enterprises. Gorder is also working on the so-called Transaction Subcommittee, “which has been engaging directly in negotiations with the Public Investment Fund (PIF),” per the tour.
The subcommittee also includes PGA Tour commissioner Jay Monahan; Joe Ogilvie, a former pro golfer-turned-money manager serving as a “liaison director” for the tour; John W. Henry of Fenway Sports Group, a key part of the Strategic Sports Group (SSG) investing in PGA Tour Enterprises; and Woods, Northern Ireland’s McIlroy and Australia’s Scott.
McIlroy recently eyed a return to the PGA Tour policy board after resigning his player director seat in November. Webb Simpson reportedly requested that McIlroy take his seat, but after receiving pushback on the plan, Simpson opted to see out his term while McIlroy was given another role to help the PGA Tour’s ongoing negotiations with the Saudis.
“I’ve already had calls with that group, I had a really good hour-and-a-half Zoom with those guys on Sunday,” McIlroy told reporters after his first round at the Wells Fargo Championship on Thursday. “We went through a 150-page doc about the future product model and everything.
“Yeah, I’m not on the board, but I’m in some way involved in that transaction committee. I don’t have a vote so I don’t — you know, I don’t have I guess a meaningful say in what happens in the future, but at least I can — I feel like I can be helpful on that committee, and that was sort of a compromise for I guess not getting a board seat.”
While the PGA Tour has partnered with SSG — a consortium of U.S.-based sports owners — to invest in the tour’s new for-profit wing called PGA Tour Enterprises, the tour is still seeking to hammer out a deal with the PIF, which bankrolls the LIV Golf circuit.
“Having witnessed the profound impact of the PGA Tour at the Valero Texas Open, I’ve seen firsthand how deeply the tour connects with communities and ignites its passionate fanbase,” Gorder said in a news release. “My dedication to this organization and optimism for what lies ahead are shared by all board members. Together with our Player Directors, we understand that fans are counting on us to actively engage with the PIF and pursue other investment and innovation opportunities that benefit everyone — fans, players, and sponsors alike. We’re all committed to making this happen.”
In a statement, Woods called the work “well underway” and said Gorder has “the experience and vision to help us realize all that this organization can accomplish in the future.”
–Field Level Media