Rory McIlroy will not return to the PGA Tour board, but he will still be involved in negotiations with the Saudi Arabian Public Investment Fund regarding a potential multibillion-dollar investment in PGA Tour Enterprises as a member of the newly formed transaction committee, the tour announced Thursday.
McIlroy had hoped to join the PGA Tour board, but said he would not replace Webb Simpson due to concerns from other player managers about his return.
Former Valero Energy Corporation CEO Joseph W. Gorder was unanimously elected by the PGA Tour Enterprises board of directors to serve as its first chairman, the tour said in a news release.
Gorder, now executive chairman of the board of directors of Valero Energy, will also serve on the transaction subcommittee, alongside director of player liaison Joe Ogilvie, founder and principal owner of Fenway Sports Group John W. Henry, PGA Tour commissioner Jay Monahan and golfers Adam Scott. , Tiger Woods and McIlroy.
Gorder joined the PGA Tour board last year.
“Joe’s exceptional business acumen and leadership, highlighted by his tenure as Chairman and CEO of a Fortune 50 company, positions him perfectly to lead the PGA Tour Enterprises Board of Directors as we begin this new chapter.” , Monahan said in a statement. “His strategic vision is crucial as we collaborate – player directors, board members and Tour management – all united to deliver the best for our fans, who are always our top priority, while improving the circuit as a whole for our players and our sponsors.
McIlroy, who resigned from the policy board on Nov. 14, was expected to replace Simpson on the policy board and the board of directors of PGA Tour Enterprises, the new for-profit entity the tour formed with Strategic Sports Group in January .
SSG, a consortium of billionaire and celebrity American sports team owners, has made an initial investment of $1.5 billion, with up to $3 billion available.
McIlroy has become frustrated with the lack of movement in the PGA Tour’s negotiations with the PIF, which funds the rival LIV Golf League. The parties signed a framework agreement on June 6 and the deadline expired on December 31. The parties have continued to negotiate over the past four months.
McIlroy said Wednesday that the idea of his return to political consulting “has reopened old wounds and scar tissue from things that happened before.” According to McIlroy, there was a subset of people on the board who were “maybe uncomfortable” with the idea of his return.
“I don’t necessarily think or believe that people didn’t want me to get involved, it was more the process of figuring out how I could get involved again, right?” » said McIlroy. “Like the board did this massive eight-month governance review, and what happened with Webb and me and all that, that was outside the scope of governance, right? not ?
“So what’s the process like to try to get me back? That was really the sticking point in all of this.”
After shooting a 4-under 67 in the first round of the Wells Fargo Championship at Quail Hollow Club in Charlotte, North Carolina, on Thursday, McIlroy was asked if his relationship with Woods was strained.
“I think friends can have disagreements or disagree on certain things, but have disagreements on certain things,” McIlroy said. “I think it’s good. But no, we had a really good conversation last Friday for 45 minutes about a lot of different things. No, there’s no tension there. I think we could see the future of golf a little differently, but I don’t think it should put a strain on a relationship or a friendship.”
McIlroy said he had a video conference session with other members of the transactions committee for more than an hour on Sunday. The group went through a 150-page document on the tour’s future product model.
“Yes, I’m not on the board, but I’m somehow involved in this transaction committee,” McIlroy said. “I don’t have the right to vote, so you know, I don’t have a say in what happens in the future, but at least I feel like I can be useful within of this committee, and it was sort of a compromise for, I guess, not getting a seat on the board.”
Simpson, 38, will complete his term, which expires in 2025. He had planned to step down from both boards to spend time with his family.
“I’m really comfortable with Webb staying in this seat,” McIlroy said. “Webb is a very level-headed guy, very balanced and sees the big picture. If it wasn’t me taking his place, the best thing to do was for Webb to stay. Yes, I’m happy about that.”
Alongside Simpson, Scott and Woods, Patrick Cantlay, Peter Malnati and Jordan Spieth serve as player directors on the policy board.
News Source : www.espn.com
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