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Posted on 6/6/23 at 4:30 pm to ell_13
quote:
Access and control of the PGA.
Every news report coming out says that the PGA is retaining control of the board.
Posted on 6/6/23 at 4:31 pm to Crimsonians
It obviously isn't going to happen now. Not going to bother him with questions from a sports talk website. I was just relaying what I was told.
Posted on 6/6/23 at 4:32 pm to barry
quote:Unreal there was no leaks.
Jay Monahan said these negotiations took about 7 weeks. It was him and 2 others PGA Tour board members in room. Zero players. Finalized last night.
quote:
Monahan emphasizes that the PGA Tour will continue to run the PGA Tour. Frames the deal as PIF investment into new for-profit entity that’ll be controlled by the Tour.
quote:
Johnson Wagner estimated the negative/positive split to be 90/10 in the player meeting. Including a “standing ovation” when the room called for new TOUR leadership.
This post was edited on 6/6/23 at 4:38 pm
Posted on 6/6/23 at 4:35 pm to barry
quote:I understand that. But who controls the purse strings?
PGA is retaining control of the board.
Posted on 6/6/23 at 4:35 pm to ell_13
Yep. As we have seen, money makes all the decisions.
Posted on 6/6/23 at 4:36 pm to lsupride87
quote:
Unreal there was no leaks.
This is one of the strangers business stories i can remember. I bet this isn't over by any stretch. Congress will get involved. There will be stories galore. It's going to be a shite show.
Posted on 6/6/23 at 4:36 pm to barry
quote:
Johnson Wagner estimated the negative/positive split to be 90/10 in the player meeting. Including a “standing ovation” when the room called for new TOUR leadership.
Posted on 6/6/23 at 4:36 pm to ell_13
quote:The PIF. The PGA tour has no reason to out the PIF, but they have the voting power to do so. The PIF can’t out the PGA tour
I understand that. But who controls the purse strings?
This post was edited on 6/6/23 at 4:38 pm
Posted on 6/6/23 at 4:38 pm to lsupride87
They can pay for any votes they want.
Posted on 6/6/23 at 4:38 pm to ell_13
quote:
I understand that. But who controls the purse strings?
If the purse strings controlled things, then they would have negotiated board control with this investment.
Due to CFIUS they probably can't/don't want control.
Remember, Saudi doesn't care about actually controlling anything, they just want the brand association.
Posted on 6/6/23 at 4:39 pm to ell_13
quote:Or they sit back and let their appointed CEO run the golf league. Likely the reason they didn’t care about control, they don’t really even want it
They can pay for any votes they want.
This post was edited on 6/6/23 at 4:40 pm
Posted on 6/6/23 at 4:39 pm to lsupride87
As long as he does it the way they want.
Posted on 6/6/23 at 4:40 pm to lsupride87
What i don't understand is they are retaining the non-profit PGA entity, which ran EVERYTHING. So what is the non-profit entity doing now and what will the for-profit entity be doing in the future?
Posted on 6/6/23 at 4:41 pm to Crimsonians
quote:
As long as he does it the way they want.
My god, how hard is this? The board appoints the CEO. PGA has board control.
PGA could have raised capital from any number of places. The best part about Saudi money is they don't give a flying frick about running anything, they just want the brand association.
It's dumb money.
This post was edited on 6/6/23 at 4:42 pm
Posted on 6/6/23 at 4:42 pm to Crimsonians
quote:then it goes to a vote, where jay and his boys have control
As long as he does it the way they want.
But once again, I think the Saudi’s don’t want active work in this anyway
Posted on 6/6/23 at 4:48 pm to barry
I find it odd that many will simply ignore hard and fast truths about money and power in this very specific case and only on this case.
I don't want the Saudis to have control over the tour, but they absolutely without question will. The Tour sold out for profit and likely to protect secrets they didn't want exposed. To spin this as the PIF LOSING leverage on the game is wild.
I don't want the Saudis to have control over the tour, but they absolutely without question will. The Tour sold out for profit and likely to protect secrets they didn't want exposed. To spin this as the PIF LOSING leverage on the game is wild.
Posted on 6/6/23 at 4:52 pm to GRTiger
quote:
I find it odd that many will simply ignore hard and fast truths about money and power in this very specific case and only on this case.
This is such a simple and unnuanced take.
Saudis don't want power. They want recognition and acceptance on the world stage.
They want what they have a hard time buying even with all the money in the world.
They don't give a shite about controlling the PGA. They just want to sit at the cool kid's table.
also these guys lose interest in shite faster than a toddler on cocaine. They go from one shiny object to the next.
This post was edited on 6/6/23 at 4:54 pm
Posted on 6/6/23 at 4:53 pm to barry
Super unclear. But, sounds similar to the F1 structure where the FIA (PGA) is the governing body of the sport and the commercial rights holder Bernie / Liberty (PGA LLC) controls all the money.
Which would make sense from the PIF side, put money in, get money out, close association with a premier sports league.
I am interested to see what the player’s cut is and whether it is top heavy to the stars or more widely distributed towards the bottom.
Which would make sense from the PIF side, put money in, get money out, close association with a premier sports league.
I am interested to see what the player’s cut is and whether it is top heavy to the stars or more widely distributed towards the bottom.
Posted on 6/6/23 at 4:55 pm to GRTiger
quote:
The Tour sold out for profit and likely to protect secrets they didn't want exposed.
What secrets would those be? I'm having a hard time figuring out how entering into an agreement which will be controversial, unpopular with their players in the short run, and bring all kinds of media scrutiny is supposed to protect some kind of unnamed secrets. I always thought that making a big public splash involving millions of dollars is not a way to protect any kind of secrets.
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