![]() Monahan last week responded to demands from 41 players that players on the board can approve or decline any potential changes to the tour as part of the Saudi agreement, and that no major decisions can be made without involvement and approval of players on the board. Yasir Al-Rumayyan, the PIF governor, would be chairman of the new company. 31, though both sides can agree to extend discussions.Īmong the proposals is for Monahan to be CEO of a new for-profit company in which PIF, the PGA Tour and European tour pool commercial business and rights. The framework agreement requires a deal to be finalized by Dec. “There’s a lot of moving parts that have to come together for it,” Hoge said. When asked if there a feeling the deal might not get done, Hoge described that as a “very real possibility.” “Who knows what the path is going forward? I’ll guess we’ll just wait and see.” “It was good just to have Jay there in front of us, see him again and see that he’s doing well,” he said. So having Woods, who is also kind of a big deal, across the negotiating table from someone who has the clout of the chairman of Aramco, that’s a better match-up than without him.Tom Hoge said it was his ninth year going to player meetings and “not a lot comes from it.” It’s often said that Woods doesn’t drive the needle, he is the needle when it comes to fan and sponsor interest. And in golf, the biggest name the sport has had in the last third of a century is Tiger Woods. In prestige, in tournaments, in personalities. PIF and Aramco deal in billions.īut the PGA Tour has weight in other ways. This is one reason PIF and LIV have more or less a bottomless pit of money to draw from and why the PGA Tour can’t outspend them. How big is Aramco? According to Fortune magazine, Aramco is the second biggest company in the world in terms of revenue, closing in fast on Walmart, which recently had an annual revenue of $622.02 billion. PIF is also involved in many public works programs in Saudi Arabia, from desalinization projects to resorts. PIF owns 5 percent or more of some of those companies. The reasons we know this is that all investors have to disclose stock holdings of 5 percent or more of a company trading on the U.S. PIF also has stakes in EA Sports (Tiger Woods PGA Tour), Take-Two Interactive (NBA2K), Activision (Call of Duty and others), and Japanese manufacturer Nintendo. ![]() companies such as Live Nation, Boeing, Facebook (now Meta), Citigroup, Uber, Disney, and Bank of America. Even though PIF is a small part of the overall Saudi wealth, it is a significant shareholder in many U.S. PIF was created in 1971 when King Faisal bin Abdulaziz Al Saud decided to fund projects that had importance to the country’s economy and well-being. In other words, Al-Rumayyan is kind of a big deal, not just in Saudi Arabia, but around the world in business. Really there are more convolutions to it than a world-class origami expert could sort out. tries to maintain a decent diplomatic relationship with Saudi Arabia. oil companies, which is one reason the U.S. The history since then is tangled up in a variety of U.S. With all the moaning and complaining about the PIF, no one bothered to mention that Al-Rumayyan, in addition to being chairman of PIF, is also chairman of Saudi Aramco, the state-owned oil company of Saudi Arabia, which is the largest oil producer in the world.Īramco, is an abbreviation for Arabian American Oil Company, a partnership that started in 1933 between the country of Saudi Arabia and Standard Oil of California. ![]() There are both monetary and diplomatic reasons why having Woods enter the picture changes things. ![]() Tiger Woods joining the PGA Tour Policy Board as a Player Director is the best thing that could have happened in the ongoing battle/not battle between the PGA Tour and the Public Investment Fund ( PIF) headed by Yasir Al-Rumayyan.
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