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We have recently obtained documents that reveal Saudi Arabia’s proposals to make their upstart team golf league the culmination of the PGA Tour. These documents also show that the Saudi-owned LIV Golf wants to give ownership stakes to star players such as Tiger Woods and Rory McIlroy. The country’s sovereign wealth fund, known as the Public Investment Fund (PIF), wants to take control of the sport.
Newly released correspondence from the US Senate reveals the behind-the-scenes negotiations and ambitions of Saudi Arabia and the PGA Tour regarding the LIV Golf league. Despite initial bitter litigation, the two sides quickly moved towards a partnership, while keeping top tour players and board members uninformed.
PGA board member Jimmy Dunne testified before the Senate subcommittee on investigations, stating that the framework agreement and subsequent negotiations were the best way to maintain the sport’s independence. Dunne expressed concerns that the PIF would take over golf, saying, “My fear is if we don’t get this agreement, [the PIF] have a management team that wants to destroy the tour.”
The terms of the union between the PGA Tour and LIV Golf are still being negotiated. This potential merger would have far-reaching effects on professional golf, including players, sponsors, and media partners.
The documents include an April proposal from PCP Capital Partners, representing the PIF, to PGA representatives. One proposal was to award Tiger Woods and Rory McIlroy their own LIV teams, as they had been holdouts for joining the league. Another suggestion was to create a unified golf circuit with jointly-held media rights. The PIF also sought benefits for its governor Yasir al-Rumayyan, including memberships to prestigious golf clubs Augusta National in the US and The Royal and Ancient Golf Club of St Andrews in Scotland.
In April, PCP Capital Partners, on behalf of the PIF, sent a proposal to PGA representatives. Amanda Staveley, from PCP Capital Partners, stated in an email to Jimmy Dunne, the PGA board member, “Evidently, there’s a real opportunity to build something truly remarkable, preferably under one roof.”
Ron Price, the Tour’s chief operating officer, and Dunne testified before the Senate, assuring the senators that the framework agreement was designed to end litigation while keeping the PGA Tour in control of competition and tournament administration. Price stated, “We would
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