A member of the PGA Tour’s policy board who had served for many years has resigned after a framework agreement was reached between the Tour, DP World Tour, and Saudi Arabia Public Investment Fund in order to create a global golf entity.
According to a article in the Washington Post, Randall Stephenson, formerly of AT&T, has left the company due to his “serious concern” about the proposed deal. The Tour’s 10-member Board still needs to approve the agreement. Stephenson was appointed to the Board in 2012. He said that the Framework Agreement “is not something I can objectively assess or support in good conscience, especially in light of the U.S. Intelligence Report concerning Jamal Khashoggi, 2018”.
Stephenson, in a letter sent to other board members and obtained by The Post, wrote: “I joined this Board 12 years ago in order to serve the greatest players in the World and to spread the virtues instilled in sportsmanship through the game golf.” I hope that as the board moves forward it will rethink its governance and evaluate other sources of capital than the current framework agreement.
Stephenson said he would resign after a week, but stayed in the job when PGA Tour commissioner Jay Monahan announced he was stepping down to address a health concern. Golfweek reported on Friday the return of Monahan to his position. The Tour confirmed that the commissioner will be back in July.
Golfweek contacted the PGA Tour to get a comment.
The Senate Permanent Subcommittee on Investigations will hold an hearing on Tuesday, under the chairmanship of Sen. Richard Blumenthal. This is due to the concerns that have been raised about “the Saudi Government’s role in this effort and risks posed by foreign government entities assuming control over an American institution.”
“Our goal is uncovering the truth about the PGA Tour deal with the Saudi Public Investment Fund, and what this means for the future and national interest of the cherished American institution,” Blumenthal wrote. He invited PGA Tour Commissioner Jay Monahan to testify. Also included were LIV Golf League CEO Greg Norman and PIF Governor Yasir al-Rumayyan. The Americans deserve to know the structure and governance for this new entity. The major players in the deal should be able to answer this question in public. They owe Congress and the American people answers.
Jimmy Dunne will be in attendance, as well as Ron Price, chief operating officer of the Tour and a member on the Tour’s policy board who was involved in the construction of the deal.
After the May 30 deal, both Tours and PIF announced last month the framework for a global golf entity on the 6th of June. The U.S. The Department of Justice also investigates the proposed deal.
The PGA Tour and LIV Golf both dropped all pending litigation as part of the framework. However, the New York Times moved to unseal all documents in LIV’s claim, and the Tour counterclaim, due to the First Amendment rights and common law right to public records.
