We are learning a little more of the PGA Tour’s agreement with the Saudi Public Investment Fund (PIF) with Tour Commissioner Jay Monahan revealing those PGA players who did not defect to the Saudi-backed LIV Golf would receive a “financially significant” repayment.
“This program, should we reach a Definitive Agreement, will be financially significant in total and incremental to our planned compensation package,” said Monahan in his memo to tour members.
“More details to come as we determine how players from across the membership would benefit.”
We know it was PGA Tour policy board member and Seminole Country Club owner Jimmy Dunne who indicated there would be the likelihood of compensation package but this news from Monahan is a first official notice to those who chose to stay loyal to the PGA Tour.
It is understood the PIF has over $US720 billion in assets, as the Saudis are looking to diversify their economy as a part of Crown Prince Mohammed bin Salman’s “Vision 2030.”
In his memo to players Monahan also stated that a “task force” would be set-up to develop “potential pathways back to the PGA Tour for LIV players who wish to reapply in the future.”
However, as many are now pointing out, Monahan’s memo to players does not recognise if penalties would be imposed on those LIV players who chose to initiate legal action against the PGA Tour after being fined by the Tour in joining LIV.
Monahan also sought to clarify the PGA Tour’s opposition to the United States Golf Association (USGA) and R&A’s joint proposal to roll back the golf ball in men’s professional golf, saying it is “not able to support” this proposal and that it is “not warranted and not in the best interest of the game.”
Monahan returned to work the Monday following the Open Championship after a nine-day medical leave of absence stating at the top of his memo to players he was fit and ready to resume his role in leading the PGA Tour.