May 22, 2024

Brighton Journal

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Rory McIlroy will be present at the Saudi talks as part of the deals committee

Rory McIlroy will be present at the Saudi talks as part of the deals committee

Rory McIlroy will not return to the PGA Tour Policy Board, but will remain involved in negotiations with Saudi Arabia’s Public Investment Fund regarding a potential multibillion-dollar investment in PGA Tour Enterprises as a member of the Tour’s newly formed Transactions Committee, the Tour announced Thursday.

McIlroy had hoped to rejoin the PGA Tour Policy Board, but said he would not replace Webb Simpson due to concerns from other player managers about bringing him back.

The former Valero Energy Corp. CEO, the tour said in a press release. Joseph W. Gorder was unanimously elected by the PGA Tour Enterprises Board of Directors to serve as its Chairman.

Gorder, who now serves as CEO of Valero Energy’s board of directors, will also serve on the Transactions Subcommittee, along with Director of Player Communications Joe Ogilvy, Fenway Sports Group founder and principal owner John W. Henry, PGA Tour Commissioner Jay Monahan, and golfers Adam Scott, Tiger. Woods and McIlroy.

Gorder joined the PGA Tour Policy Council last year.

“Joe’s outstanding business acumen and leadership, distinguished by his time as Chairman and CEO of a Fortune 50 company, ideally positions him 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 – player managers, board members and Tour management – ​​all come together to deliver the best for our fans, who are always our top priority, while strengthening the Tour overall for our players and sponsors.”

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McIlroy, who resigned from the policy board on Nov. 14, was expected to replace Simpson on that board and the board of PGA Tour Enterprises, the new for-profit entity the tour formed with Strategy Sports Group in January.

SSG, a group of billionaire US sports team owners and celebrities, 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 two sides signed a framework agreement on June 6, and the deadline passed on December 31. The two sides have continued to negotiate over the past four months.

McIlroy said Wednesday that the idea of ​​him returning to the policy board “opened up some old wounds and scar tissue from things that happened before.” According to McIlroy, there was a subset of people on the board who were “probably uncomfortable” with the idea of ​​him returning.

“I don’t think or think necessarily that people didn’t want me involved, it was just a process of how to get involved again, right?” McIlroy said. “Just like the council did [gone] Going through the huge governance review that lasted eight months, and what happened between Webb and I and this whole thing, it was outside the scope of governance, right?

“So what’s the process like to try to get me back? That’s been the really sticking point of the whole thing.”

After carding 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.

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“Friends can have disagreements, or they may not agree on things, but they do have disagreements about things,” McIlroy said. “I think that’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 pressure there. I think we might see the future of golf a little bit differently, but I don’t think that has to “It puts no pressure on the relationship or friendship.”

McIlroy said he held a video conference session with other members of the Transactions Committee for more than an hour on Sunday. The group reviewed a 150-page document on the tour’s future product model.

“Yes, I’m not on the board, but I’m involved in some way on that transaction committee,” McIlroy said. “I don’t have a vote, so, you know, I guess I don’t have a meaningful say in what happens in the future, but at least I feel like I can be useful on that committee, and that was I guess kind of a compromise for not having a seat on the board.” “

Simpson, 38, will finish his term, which ends in 2025. He had planned to step down from both chambers to spend time with his family.

“I’m really comfortable with Webb staying in that seat,” McIlroy said. “Webb is a level-headed, level-headed guy with a big vision. If I’m not in his seat, the next best thing is for Webb to stay. Yes, I’m happy with that.”

Along with Simpson and Scott Woods, Patrick Cantlay, Peter Malnati and Jordan Spieth serve as Directors of Players on the Policy Council.

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