This was Jay Monahan‘s first public press conference since his return and everyone was eager to hear the status of the framework agreement with the Saudi Public Investment Fund (PIF). saudi. Monahan’s 45-minute speech was lyrical with a positive tone, but few details came out.
His opening speech lasted 14 minutes. “I know I talk a lot, but it’s been a long time since I’ve seen you,” he even laughed.
Jay Monahan, statements
On June 6, the PGA Tour reached a framework agreement with the Saudi sovereign wealth fund to immediately end the litigation between the two parties and create a new for-profit company, called PGA Tour Enterprises, in which the PIF will be a minority investor.
. The deadline for the agreement, which may be extended, is December 31.“If you see the number of conversations and the time that the PGA Tour, the DP World Tour and the PIF spend to move from a framework to a final agreement, I think you would see the sincerity of the efforts.
The PGA Tour will have the PIF as a minority investor in the new identity, full governance and operational control of the circuit and the men’s professional game”.Even if the clock is ticking, the commissioner general of the PGA Tour is confident for the future.
“Given the frequency of discussions, we are probably at the point where I expected us to be today. I am confident that we will reach an agreement that will lead to a positive outcome for the PGA Tour and our fans. I am sure”.But what do we mean by a positive result? Is it to ensure that LIV Golf eventually disappears? Or that his best recruits return to the circuit with a penalty? Monahan couldn’t say more.“I appreciate the question.
These are the kinds of topics and discussions that we have at the moment with the PIF, he replied. When we have finished our discussions, we will have an answer to this question. That’s a non-answer, but that’s my position.”While the 53-year-old doesn’t yet have all the answers about the parties’ deal, he does have ideas of how to use the Saudi millions.
“Use the capital to be able to reinvest in our product. This could be further reducing commercial ads in our broadcasts, investing more in our data businesses, investing in our media business… Potentially investing in entities and businesses that we believe will help us grow and to diversify our fan base and improve golf in general”.