Sboll is Your Go-to Source for the Latest Finance News, Covering Markets, Banking, Investments, Economy and Stocks.
⎯ 《 Sboll • Com 》

Tiger Woods joins PGA policy board after players' concerns about transparency

2023-08-02 08:15
Golf's power structure took a sharp shift to the players Tuesday when Tiger Woods was named as the sixth player director on the powerful PGA Tour policy board.
Tiger Woods joins PGA policy board after players' concerns about transparency

Golf's power structure took a sharp shift to the players Tuesday when Tiger Woods was named as the sixth player director on the powerful PGA Tour policy board.

The move gives the players a one-seat advantage on the board after the controversial merger in June between the PGA Tour and Saudi-backed LIV Golf. Five of the policy board members are independent directors, with professional backgrounds in law and business.

Amid sweeping changes to the professional golf landscape, the PGA Tour said the new agreement would allow for the tour to remain a "player-driven organization" and that the tour is "for the players, by the players." The PGA Tour also addressed players' concerns about transparency, stating that player directors would have a say in potential changes to the tour.

Adding Woods, who reportedly turned down nearly $1 billion to play in LIV Golf, to the policy board provides players their boldest voice, given the 47-year-old's broad footprint on the sport and as it navigates unprecedented territory from the merger.

"I am honored to represent the players of the PGA TOUR. This is a critical point for the TOUR, and the players will do their best to make certain that any changes that are made in TOUR operations are in the best interest of all TOUR stakeholders, including fans, sponsors and players," Woods said in a statement. "The players thank Commissioner [Jay] Monahan for agreeing to address our concerns, and we look forward to being at the table with him to make the right decisions for the future of the game that we all love. He has my confidence moving forward with these changes."

The statement from Woods broke his silence about the tour since the merger and as he recovers from injuries. The Washington Post reported that Woods was among 41 players who sent a letter Monday to Monahan demanding more of a voice about the tour.

Woods joins Rory McIlroy, Webb Simpson, Patrick Cantlay, Charley Hoffman and Peter Malnati as player directors. McIlroy, who was among the group of 41 players, had said he would rather retire than compete on the LIV Golf tour, even if it "was the last place on Earth to play golf."

The PGA Tour and LIV Golf, which is financed by the Saudi Public Investment Fund, merged in secret negotiations, ending a feud that had dogged the sport for the past year. Many elite PGA golfers accepted highly lucrative offers from LIV Golf, including Phil Mickelson, Dustin Johnson, Sergio Garcia and Bubba Watson.

The merger ignited worries over Saudi Arabia's human rights record and "sportswashing," or trying to use sports to rehabilitate the country's image. The merger also sparked questions from Capitol Hill lawmakers such as Sen. Richard Blumenthal, a Democrat from Connecticut, who wrote to Monahan and LIV CEO Greg Norman about the Saudis' possible interest in using "investments in sports to further the Saudi government's strategic objectives."

The presence of Woods on the policy board may provide professional golf some stability in precarious times.

"Tiger's voice and leadership throughout his career have contributed immeasurably to the success of the PGA TOUR, and to apply both to our governance and go-forward plan at this crucial time is even more welcomed and impactful," Monahan said in a statement. "I am committed to taking the necessary steps to restore any lost trust or confidence that occurred as a result of the surprise announcement of our Framework Agreement."

The framework agreement lays out the merger of the two golf organizations.

Along with Woods, a new player directors' special adviser, Colin Neville, will be involved in the framework agreement negotiations. Neville is a partner at US investment bank The Raine Group, which backed the upstart Premier Golf League.

- CNN's Ben Morse contributed reporting.