Greg Norman Unfazed By Jay Monahan’s $3B Backstab That Infuriated Al-Rumayyan: ‘Positive Development’

The PGA Tour’s $3B deal with Strategic Sports Group won’t affect the functioning of LIV Golf. Or, the future of the PIF-funded side in any way whatsoever. Greg Norman, the LIV Golf CEO, said in no unambiguous terms in a recent memo to players. PIF is still in talks with the PGA Tour and DP World Tour, as the American top circuit has chosen the consortium of billionaire sports team owners as a third-party investor in the newly formed for-profit entity, PGA Tour Enterprises. PIF was not involved in the initial deal, which reportedly angered Yasir Al-Rumayyan, the PIF Chief, but Norman took a different stance.

Greg Norman, in fact, believes it is a positive development. “We started LIV Golf with the goal of creating something new, taking the game to a global, diverse audience, and driving innovation while growing golf’s fanbase. More investment in golf is a great thing for the game and for us. It’s a positive development for our players, our fans, and for the long-term future of the game,” Bob Harig of Sports Illustrated quoted the Great White Shark as saying. 

The $3B from SSG will come in two parts. SSG is set to invest half the sum at first. As part of the deal about 200 qualified players on the PGA Tour will have an equity stake in that $1.5B. The amount each player is set to receive will be based on career achievements, recent accomplishments, services, and other criteria, Monahan said in a three-page memo.

Most importantly, PGA Tour Commissioner, Jay Monahan has been named the CEO of the newly formed entity. The 13-member board which comprises seven players, four SSG representatives, one independent director of the PGA Tour’s Policy Board, and Jay Monahan himself, doesn’t include Yasir Al-Rumayyan, the PIF Chief.

The New York Post earlier reported that Al-Rumayyan was not very pleased with the agreement, as he felt the $3B from SSG would take center stage away from PIF, which was also slated to invest $3B. 

Notably, the documents in the senate hearing show that PGA Tour officials wanted Norman’s role to be negated in the future entity. Regardless, the Hall of Famer looks unfazed as he added in the memo, “We are moving full steam ahead and expanding on the incredible success we have already achieved in a very short time. I have never been more confident in the league, the people involved, and our supporters all over the world.’’ 

The SSG’s involvement raises some questions about the necessity of the deal with PIF. The two parties have been locked in talks for more than eight months without reaching a breakthrough. Jordan Spieth, a Player-Director called the merger unnecessary in the wake of the announcement. 

Where is the PGA Tour – LIV Golf merger headed?

Jay Monahan expressed his desire to onboard PIF in the latter part. The PGA Tour Commissioner wrote in the memo, “The transaction announced today allows for a co-investment from the Public Investment Fund (PIF) in the future, subject to all necessary regulatory approvals.” The regulatory approvals are expected to take some time. 

Read More: Mayakoba Calls but LIV Golf Still Raises More Questions Than It Answers

As we speak, the Senate committee has requested documents from four U.S. consulting firms to investigate the proposed merger between PIF and PGA Tour. In fact, the committee headed by Richard Blumenthal, has also accused Yasir Al-Rumayyan of blocking the process by filing a lawsuit in Saudi court against the firms, so that they can’t disclose the documents.