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PGA TOUR, DP World Tour and PIF announce newly formed commercial entity (*** NO POLITICS ***)


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10 minutes ago, bladehunter said:

Amen.  And if Greg is the face. I’m out now.  He’s the embodiment of David simms everywhere 

Admittedly, I'm about as anti-Norman as anyone, but in this case, it doesn't mean he wasn't right.  Ultimately, he knew that and so did Mickelson.  I don't know if he'll be the face, but it wouldn't shock me either way.

Edited by tbowles411
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3 minutes ago, jdl said:

 

Everything's coming up Milhouse Jay Monahan

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1 minute ago, King_Slender said:

 

They are merging into a for profit entity.

But per the press release which it appears not many have read the PGA Tour is keeping its 501(c)(6) status.

 

Separately, PGA TOUR Inc. will remain in place as a 501(c)(6) tax exempt organization and retains administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events, the administration of the competition and rules, as well as all other “inside the ropes” responsibilities, with Jay Monahan as Commissioner and Ed Herlihy as PGA TOUR Policy Board Chairman. PIF’s Governor Yasir Al-Rumayyan will join the PGA TOUR Policy Board. The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.

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7 minutes ago, maowv said:

Ultimately, this will be bad for the sport of professional golf.

 

Shocking move by the PGA Tour and al I can say is that Jay Monahan should be terminated from further employment, effective immediately. He was always a step slow and a step behind throughout this entire process.

 

Giving Norman and the clown prince a legitimate seat at the table does not advance the game of golf.

With the check Monahan is getting under the table to sell out the Tour and everyone who actually supported him. .. he wouldn't have to work again ever.  🤷‍♂️

 

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4 minutes ago, golfortennis said:

 

They are a 501(c) non profit currently.  The new entity becomes a for profit organization.  Which is as it should be.  This has been abused far too long.

 

What will also be interesting is what happens to the pension plan, given that it's treated as part of current assets or something like that with the 501(c) designation.  Ie., when Vijay Singh sued, had he won and been awarded a massive judgment, the pension assets would have been at risk. 

Separately, PGA TOUR Inc. will remain in place as a 501(c)(6) tax exempt organization and retains administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events, the administration of the competition and rules, as well as all other “inside the ropes” responsibilities, with Jay Monahan as Commissioner and Ed Herlihy as PGA TOUR Policy Board Chairman. PIF’s Governor Yasir Al-Rumayyan will join the PGA TOUR Policy Board. The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.

Edited by grm24
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Just now, wy3134 said:

haha rich lerner on golf channel crying...music to my ears to see him so sad. 

but what is Bramdel doing? 

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1 minute ago, mister2cool said:

With the check Monahan is getting under the table to sell out the Tour and everyone who actually supported him. .. he wouldn't have to work again ever.  🤷‍♂️

 

 He has taken a payment for sure.

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5 minutes ago, gaffs said:

 He has taken a payment for sure.

 

From his own press release, first sentence paragraph two:

 

"In addition, PIF will make a capital investment into the new entity to facilitate its growth and success. "

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3 minutes ago, tbowles411 said:

Admittedly, I'm about as anti-Norman as anyone, but in this case, it doesn't mean he wasn't right.  Ultimately, he knew that and so did Mickelson.  I don't know if he'll be the face, but it wouldn't shock me either way.

I don't think Norman will have any significant input on anything...the Saudi guy in the interview said he called Norman right before the sitdown interview so it sounds like he was cut out of all the conversations leading up to this point today.

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1 minute ago, gaffs said:

 He has taken a payment for sure.

Yep. Jay personally sold the tour.     

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1 minute ago, bladehunter said:

But right about what?  Knowing a company’s dirty laundry and then leveraging their business away from them , or wedging yourself into their business is a mobster move.  Doesn’t make your right.  Just makes you win.  

 

The PGA Tour doesn't own professional golf.  If the PGA Tour disappeared tomorrow, another entity would spring up.  There is a market for professional golf.  Why do you think all those tournaments that Walter Hagen and Gene Sarazen played in existed?  It wasn't because the pga tour organized them.

 

If a new shop opens up in your town and does a better job than you or pays your mechanics more, that's a mobster move?  This isn't Moonshiners..

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  • bscinstnct changed the title to PGA TOUR, DP World Tour and PIF announce newly formed commercial entity (*** NO POLITICS ***)
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