LIV Golf News: Yasir Al-Rumayyan Is Full of Hope Despite $3B ‘Backstab’ by Jay Monahan

Despite earlier reports to the contrary, PIF chief Yasir Al-Rumayyan remains positive about the PGA Tour’s deal with Strategic Sports Group. In a letter to the players, Saudi Mogul termed the agreement in line with LIV Golf’s idea of growing the sport. Although the Tour’s deal with SSG didn’t mention PIF, which bankrolls LIV Golf, except for Monahan saying that they are willing to bring PIF on board as well, Rumayyan feels LIV Golf will “maintain incredible momentum.”

Sports Illustrated reported that Al-Rumayyan told players at the Mayakoba Resort that the $3 billion investment from SSG “is consistent with PIF’s longstanding passion to grow the game. PIF continues to discuss and evaluate the possibility of investment that benefits the greater game of golf.” As part of the deal, SSG will invest $1.5 billion in the Tour at first for an 11% minority stake, which, of course, raises the PGA Tour Enterprises’ total valuation to around $12 million.

The PGA Tour has been in talks with SSG, a consortium of billionaire Sports team owners led by Fenway Sports Group, for the past two months. As per the reports, after two marathon board meetings, the agreement with the SSG was passed unanimously. The deal also leads the pathway for creating PGA Tour Enterprises, a for-profit entity that was first floated in the initial June 6 framework agreement between PIF, DP World Tour, and PGA Tour.

Interestingly, Yasir Al-Rumayyan was slated to head the new organization. But the recent announcement makes Jay Monahan the CEO of PGA Tour Enterprises. Monahan will be a part of the 13-member board, comprising seven players, four representatives from SSG, and one independent player director. Early reports in the New York Post claimed that Yasir Al-Rumayyan was not very pleased with the arrangement. 

On top of that, the announcement came on the heels of a subpoena from the U.S. Senate Permanent Subcommittee on Investigations to four US-based law firms working closely with PIF. Sen. Richard Blumenthal shot off a letter to the PIF chief accusing him of blocking the investigation. The letter claimed that Rumayyan had sued the firms in Saudi court, effectively barring them from releasing any documents. Nevertheless, the PIF chief appeared unfazed, as Greg Norman, the LIV Golf CEO, was a day earlier.

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Yasir Al-Rumayyan shares Greg Norman’s enthusiasm

Greg Norman, too, remained buoyant that the SSG investment would be a positive development for the merger agreement. “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.

Read More: ‘Not Even Worth Talking’: Jordan Spieth Sheds Dreadful PIF Merger Update Amid $3B SSG Entry