PGA Tour’s policy board member, Randall Stephenson, has resigned from his position due to “serious concerns” over the proposed deal between the Tour and Saudi Arabia’s Public Investment Fund (PIF).
First reported by the Washington Post, Stephenson, a former AT&T executive, was a member of the ten-man board since 2012. The board which features five non-playing directors and five players including Rory McIlroy, Patrick Cantlay and Webb Simpson, will be required to approve the deal before it is finalised.
However, Stephenson has now recused himself from that process, noting in his resignation letter that the proposed deal “is not one that I can objectively evaluate or in good conscience support, particularly in light of the U.S. intelligence report concerning Jamal Khashoggi in 2018.”
The shock deal, which was announced on June 6th, would see the PIF, which currently funds LIV Golf, join forces with the PGA Tour and DP World Tour as part of a new, joint venture.
“I joined this board 12 years ago to serve the best players in the world and to expand the virtues of sportsmanship instilled through the game of golf,” Stephenson added in his letter to fellow policy board members.
“I hope, as this board moves forward, it will comprehensively rethink its governance model and keep its options open to evaluate alternative sources of capital beyond the current framework agreement.”
The 63-year-old also mentioned that his intention was to resign nearly a month prior on June 12th - only a week after the framework deal was announced - but delayed his decision when PGA Tour Commissioner Jay Monahan took a leave of absence due to a “medical situation.”
Monahan has recently announced he will return to his post on July 17th.
The resignation also comes just days before the PGA Tour’s scheduled congressional hearing on July 11th when the proposed deal between the two parties and the DP World Tour will be scrutinised by the Senate Permanent Subcommittee on Investigations.
Monahan will not be present at the hearings with the PGA Tour set to be represented by COO, Ron Price, who has acted as co-commissioner in Monahan’s absence, and board member, Jimmy Dunne, who was one of the key brokers of the deal.
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