In an open letter to PGA Tour Commissioner Jay Monahan, the PGA Tour’s Board and fellow players, World Golf Hall of Famer Tom Watson said communication of the new partnership between the Tour and the Saudi-run Public Investment Fund was poorly handled and wondered aloud whether the players have any other options.
The note, which was sent on Monday, wished Monahan well as he battled a recent medical issue, then acknowledged that his job has been a difficult one as the Tour has attempted to stave off LIV Golf’s advances. But Watson, who won five U.S. Opens among eight majors, said he wasn’t pleased with how the news was rolled out.
In the wake of recent news, I also understand the cries of hypocrisy. Because he is a smart man, I know Jay does too. In my opinion, the communication has been mishandled and the process by which the Tour agreed on a proposed partnership with PIF was executed without due process. As a group of players and stakeholders who represent the face and the brands of the Tour, what are our choices?
Watson added that while the meeting the players had in advance of the RBC Canadian Open allowed for a short forum on the deal, many questions remain unanswered and he hopes there will be a more robust discussion this week as the Tour heads to TPC River Highlands in Cromwell, Connecticut, for the Travelers Championship.
The Commissioner and the PGA Tour Board, on which five Tour players sit, are going to have to do a lot of firsthand explaining to comfortably coax acceptance with our membership on this partnership with the PIF. The Tour’s stakeholders: the Players themselves, the broad span of global media, as well as the tournament sponsors and independent Tour partners, require an explanation of the benefits of forming this partnership.
Monahan told PGA Tour employees the current model wasn’t sustainable. The PIF has a reported $620 billion in assets. The meeting in Toronto came two days after the announced deal to form a new for-profit entity.
Monahan reportedly told employees the Tour had spent $50 million in legal fees and dipped into reserves for $100 million to pay increased purses in designated events and other bonuses.
There are many unanswered questions to date, which I hope will be addressed with the players by Tour management at this week’s Traveler’s Tour event. What does acceptance of this partnership mean to the Tour? What do we get? What do we give up? Why was this deal done in such secrecy and why wasn’t even…
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