Greg Norman Unfazed By Jay Monahan’s $3B Backstab That Infuriated Al-Rumayyan: ‘Positive Development’
The PGA Tour’s $3B deal with Strategic Sports Group won’t affect the functioning of LIV Golf. Or, the future of the PIF-funded side in any way whatsoever. Greg Norman, the LIV Golf CEO, said in no unambiguous terms in a recent memo to players. PIF is still in talks with the PGA Tour and DP World Tour, as the American top circuit has chosen the consortium of billionaire sports team owners as a third-party investor in the newly formed for-profit entity, PGA Tour Enterprises. PIF was not involved in the initial deal, which reportedly angered Yasir Al-Rumayyan, the PIF Chief, but Norman took a different stance.
Greg Norman, in fact, believes it is a positive development. “We started LIV Golf with the goal of creating something new, taking the game to a global, diverse audience, and driving innovation while growing golf’s fanbase. More investment in golf is a great thing for the game and for us. It’s a positive development for our players, our fans, and for the long-term future of the game,” Bob Harig of Sports Illustrated quoted the Great White Shark as saying.
The $3B from SSG will come in two parts. SSG is set to invest half the sum at first. As part of the deal about 200 qualified players on the PGA Tour will have an equity stake in that $1.5B. The amount each player is set to receive will be based on career achievements, recent accomplishments, services, and other criteria, Monahan said in a three-page memo.
Most importantly, PGA Tour Commissioner, Jay Monahan has been named the CEO of the newly formed entity. The 13-member board which comprises seven players, four SSG representatives, one independent director of the PGA Tour’s Policy Board, and Jay Monahan himself, doesn’t include Yasir Al-Rumayyan, the PIF Chief.
The New York Post earlier reported that Al-Rumayyan was not very pleased with the agreement, as he felt the $3B from SSG would take center stage away from PIF, which was also slated to invest $3B.
