Blake Davis
The man who put together the deal between the PGA Tour and the Saudi Arabian Public Investment Fund – the backers of LIV Golf – won’t be around to potentially see it through. Jimmy Dunne resigned Monday from his position on the PGA Tour’s policy board, saying he no longer sees how he can be of service to the body.
Dunne explained his abrupt resignation in a letter.
“When I arrived on the Board in January 2023, everyone involved in the game was concerned about the fundamental threat from LIV Golf. harm our game and the Tour. Furthermore, the Tour was involved in costly litigation that was expensive, undesirable and uncertain.
“As directed by the Commissioner [Jay] Monahan, I hired LIV’s majority owner, the Public Investment Fund, to see if we could settle the lawsuits and reunify the game. Importantly, we were able to reach an agreement in which the lawsuits were dismissed with prejudice and a path was created for the Tour to remain in control of professional golf. As there was no exclusivity clause, players had a wide range of options to seek external investors. This resulted in a multi-billion dollar commitment from Grupo Esportivo Estratégico. I believe that history will look favorably on this result and the real opportunities that are now offered to the Tour.”
Dunne further notes that he has not negotiated with the PIF since June 2023, and as players now outnumber others on the board, he felt his role in the future was “entirely superfluous” as “no significant progress has been made towards a transaction with the PIF.”
Dunne’s resignation comes about a year after the PGA Tour and PIF announced a framework agreement to merge commercial operations under a new for-profit entity, which has since been called PGA Tour Enterprises. The settlement eliminated costly litigation between the two parties and made the discovery process avoidable.
In addition to making first contact with PIF Governor Yasir Al-Rumayyan last April, Dunne testified before Congress alongside PGA Tour Chief Operating Officer Ron Price to detail the discussions.
PGA Tour Enterprises has been busy accepting a $3 billion infusion from its now lead investor, Strategic Sports Group. However, talks with the PIF about bringing the PGA Tour and LIV Golf under the same umbrella have stalled. PGA Tour competition director Tyler Dennis told a small group of media last week at the Wells Fargo Championship that he had “no material updates” on the status of negotiations.
“Unifying professional golf is critical to restoring fan interest and repairing the wounds left by a fractured game,” concluded Dunne. “I tried my best to move all minds in that direction.”
Dunne was not a member of the transactions subcommittee, which was tasked with negotiating with the PIF. Rory McIlroy announced after his first round last week that he would have a role on this committee after being excluded from a possible return to the PGA Tour’s policy council.
McIlroy was expected to return to the role he resigned from last fall, as Webb Simps expected Rory to take his place. A small subset of board members — reportedly made up of people like Patrick Cantlay and Jordan Spieth (who filled McIlroy’s vacant seat) — were uncomfortable with the 35-year-old’s potential return.
