McIlroy and Adam Scott Join Woods in PIF Talks Sub-Committee
A day after he was rebuffed while seeking a player director seat on the PGA Tours’ board, world number two Rory McIlroy and Australia’s Adam Scott were drafted into a sub-committee set up to pursue negotiations with LIV Golf investor PIF.
A day after he was denied a seat as player-director on the PGA Tour’s policy board, Rory McIlroy was inducted into a “transaction sub-committee” that has been set up to negotiate a way forward with Saudi Arabia’s Public Investment Fund.
In a statement announcing the unanimous election of Joseph W. “Joe” Gorder as the inaugural chairman of PGA Tour Enterprises’ board of directors, the tour said McIlroy had been added to the seven-member panel “which has been engaging directly in negotiations with the Public Investment Fund”. McIlroy however is not a director of the for-profit subdivision of the tour either.
“The sub-committee’s initial members are Joe Gorder, Joe Ogilvie, John W. Henry, Jay Monahan, Adam Scott and Tiger Woods from the PGA Tour Enterprises board, as well as Rory McIlroy.” The statement added.
Speaking to Golf Channel after the first round of the Wells Fargo Championship in Charlotte, where he was tied for second place behind Xander Schaufele, McIlroy said, “I’m not on the board but I’m in some way involved in that transaction committee.
“I don’t have a vote so I don’t have a meaningful say in what happens in the future, but at least I can feel like I can be helpful on that committee and that was sort of a compromise for, I guess, not getting a board seat.
“I feel like I’ve got good relationships on both sides there and hopefully I can bring something to the table and try to provide some insight and value and see if we can get this thing done.”
Talks between the PGA Tour and PIF, which backs LIV Golf, have stalled despite sporadic efforts to push matters along after the two entities came together under a “framework agreement” last June and set a December 31 deadline that was subsequently pushed back by an unspecified period.
The PGA Tour subsequently roped in the Strategic Sports Group as an outside investor and set up PGA Tour Enterprises, in which PIF has agreed to invest as a minority stakeholder, but is yet to take on any substantial form.
Expanding on its commercial arm, the PGA Tour statement called it “a groundbreaking venture … propelling professional golf into a new era. In January, the Strategic Sports Group made an initial investment of $1.5 billion – with up to $3 billion available – into the entity, and this funding allows the tour to make significant strategic investments for the first time.”
On Gorder, and his role, it added, “Gorder serves Valero Energy Corporation as its executive chairman of the board … Gorder and Valero have been steadfast supporters of the PGA Tour for more than two decades, as Valero has served as title sponsor of the Valero Texas Open since 2002 with the partnership secure through 2028.”
“Joe’s outstanding business acumen and leadership, marked by his time as chairman and CEO of a Fortune 50 company, position him perfectly to lead the PGAT Enterprises Board as we embark on this new chapter,” said tour commissioner Jay Monahan, who is also CEO of the entity.
“His strategic vision is crucial as we collaborate — player directors, board members and tour management — all pulling together to deliver the best for our fans, who are always our top priority, while also enhancing the tour overall for our players and sponsors.”
Added Woods, “With so much work well underway, we were proud to unanimously elect Joe Gorder as chairman,” said Woods, on behalf of the player directors. “He not only has a deep understanding of what the PGA TOUR has and always will stand for, but also the experience and vision to help us realize all that this organisation can accomplish in the future.”
