By ABC (Business) | Created at 2024-12-17 17:33:13 | Updated at 2024-12-23 23:44:36
6 days ago
The PGA Tour, flush with a $1.5 billion investment from private equity and still negotiating with the Saudi-backers of LIV Golf as a minority investor, is hiring a CEO for the first time who will work alongside Commissioner Jay Monahan.
Monahan made the announcement to his staff Tuesday morning as part of a year-end message that looked ahead to 2025.
“Everything is on the table,” Monahan said in a video message posted on PGA Tour's social media channels.
The PGA Tour is wrapping up a year of sweeping changes while still unable to reach an agreement with the Public Investment Fund of Saudi Arabia, though recent signs indicate they are closer than ever. Still unknown is to what degree this can unite a sport where its biggest names are competing in opposite leagues.
Strategic Sports Group, a consortium of American sports business owners led by Fenway Sports Group, invested $1.5 billion in a deal announced in late January, with the possibility of that investment reaching $3 billion.
That led to a first-of-its-kind equity ownership for the players, depending on their level of success and contributions to the tour.
“We're bringing new perspectives on to our team to help us realize the incredible opportunities ahead for our sport, including launching a search for a CEO of the PGA Tour,” Monahan said. “We can learn so much from across the world of sport and entertainment, and I'm excited to meet candidates for this important new role.”
Atlanta Falcons owner Arthur Blank, part of SSG and a member of the new commercial PGA Tour Enterprises, will be leading a search committee that includes Monahan.
PGA Tour Enterprises runs the for-profit business of the tour, while Monahan is the commissioner of PGA Tour Inc.
The PGA Tour Enterprises board includes all six players on the policy board, led by Tiger Woods, four members of SSG, Monahan and Valero CEO Joe Gorder. The 13th member is former PGA Tour player Joe Ogilvie in a liaison role.
Professional golf now has four top executive openings. The LPGA is searching for a new commissioner to replace Mollie Marcoux Samaan; the PGA of America has narrowed its search for a CEO to replace Seth Waugh; and LIV Golf is expected to name Scott O'Neil as its new CEO with Greg Norman taking on a different role.
The PGA Tour already has tightened its player eligibility by eliminating 25 cards through the FedEx Cup, meaning only the top 100 will be guaranteed full status at the end of the year. Field sizes also are being reduced.
The tour also will be launching its massive PGA Tour Studios next to its headquarters, filled with the latest technology that will allow the tour to produce its own content and “delivering our fans around the world more of what you want to see,” Monahan said.
The tour also has invested in the TMRW Golf League that starts next month, an indoor competition among six teams that will be televised on ESPN platforms. Woods and Rory McIlroy are behind TGL and belong to the teams filled with top players.
Monahan's message came on the day McIlroy and Scottie Scheffler play an exhibition match against Bryson DeChambeau and Brooks Koepka from LIV Golf, a sign interpreted as a small step toward getting PGA Tour and LIV Golf players together more often than the four majors.
But there has been no indication of any serious competition among the two leagues. LIV still hasn't filled out its 2025 schedule — its fourth season.
Monahan had talked in August about reaching out to the fans, and he said more than 50,000 of them responded to a “fan forward” survey geared toward improving the product. He did not mention details of what the tour learned.
___
AP golf: https://apnews.com/hub/golf
