As Padre said, this happened so quickly that not much is known about how this evolved. On the surface it appears PGA Commissioner Jay Monahan (not a LIV proponent) sold the PGA and its members down the river.
Golf
- Thread starter Padreruf
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Going to bed with the devil because the mattress is full of money.
I am pretty confident that money (Saudi billions) carried the day. Not sure what I feel about that...but that is the nature of the world we live in. The Saudi's LIV was losing money and fans and the PGA TOUR was losing money in the legal process -- and probably with TV contracts as several of the top players were not in their fold. Simply put, Mona
How they come back to the Tour in 2024 is the question that has yet to be answered.
I agree that money probably ruled the day. But who gets the money?
As in, if it’s “the PGA Tour,” who specifically is that? Who owns ”the PGA Tour?”
Put another way, suppose “the PGA Tour” got $1 Billion in the deal. The Tour is an intangible entity. It can’t derive any benefit for itself. Does Jay Monahan benefit with a new godamighty pay package? Do the tour players split up the money?
To quote Tidewater, “Cui bono?” Or, more specifically, what human beings (as opposed to an intangible entity) benefit, how, and how much?
And BTW, think Tiger Woods and Rory McElroy haven’t already ripped Monahan a new one? Both turned down literally hundreds of millions of dollars, stood firm, and are now exactly where they would have been if they had taken the money — on the PGA Tour. Except they took a moral stand, refused to be bought, and don’t have the hundreds of millions of dollars.
So much for doing the right thing.
Jay Monahan is no different from a streetwalker.
As in, if it’s “the PGA Tour,” who specifically is that? Who owns ”the PGA Tour?”
Put another way, suppose “the PGA Tour” got $1 Billion in the deal. The Tour is an intangible entity. It can’t derive any benefit for itself. Does Jay Monahan benefit with a new godamighty pay package? Do the tour players split up the money?
To quote Tidewater, “Cui bono?” Or, more specifically, what human beings (as opposed to an intangible entity) benefit, how, and how much?
And BTW, think Tiger Woods and Rory McElroy haven’t already ripped Monahan a new one? Both turned down literally hundreds of millions of dollars, stood firm, and are now exactly where they would have been if they had taken the money — on the PGA Tour. Except they took a moral stand, refused to be bought, and don’t have the hundreds of millions of dollars.
So much for doing the right thing.
Jay Monahan is no different from a streetwalker.
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Not for me. I could care less now.
My dislike for anything touched by the house of Saud is deep and intense; they’ve always played us for fools and gotten away with it because of their oil.
That’s a secondary bonus for my purchase of an EV. B-I-L said that price of gas will drop when everyone starts driving one; that’s a win in my book because their profits will drop as well - refining/shipping that oil ain’t ever gonna get cheaper. I want to see them dirt poor and living off of camel dung.
Well, I heard part of the answer to, “Cui bono?” On Sirius this afternoon. Sorry….it was a radio broadcast so there’s no link. But I’m guessing there’s one out there somewhere.
Turns out a to-be-named for-profit corporation, currently referred to as “Newco,” will have wholly-owned subsidiary corporations LIV (a for-profit corporation), the PGA Tour (still a not-for-profit corporation according to the Sirius broadcast), and some other ancillary entities.
What I still don’t know is who owns or will own Newco. I’m also most interested to understand Monahan’s motivation for consenting to this merger.
Surely Monahan won’t have an ownership interest in Newco. Or worse, collect a “consulting fee” for facilitating the merger. Either would be an obvious bribe and breach of fiduciary duty on his part. But I’ve seen less principled actions, especially when multiples of 9 figures are involved.
More to come.
Turns out a to-be-named for-profit corporation, currently referred to as “Newco,” will have wholly-owned subsidiary corporations LIV (a for-profit corporation), the PGA Tour (still a not-for-profit corporation according to the Sirius broadcast), and some other ancillary entities.
What I still don’t know is who owns or will own Newco. I’m also most interested to understand Monahan’s motivation for consenting to this merger.
Surely Monahan won’t have an ownership interest in Newco. Or worse, collect a “consulting fee” for facilitating the merger. Either would be an obvious bribe and breach of fiduciary duty on his part. But I’ve seen less principled actions, especially when multiples of 9 figures are involved.
More to come.
Day 3 and no more info...only inferences from a few statements by upper tier players who have been briefed as to what is coming. It appears that there will be enough money to make those top players who turned down LIV "whole." Whatever that means. This move is essentially about money -- now and in the future. Money talks...I get that. However, any illusion we had that the PGA TOUR was "different" from other pro franchises is gone. They are all about the Benjamins, pure and simple.
Here's a really good analysis by Stephen Carter -- Yale Law professor and noted author:
www.bloomberg.com
Here's a really good analysis by Stephen Carter -- Yale Law professor and noted author:
PGA-LIV Merger Raises More Legal Questions Than Ethical Ones
Players who stayed loyal to the PGA Tour could make trouble if they wanted. So could antitrust authorities.
www.bloomberg.com
It has been so for 30+ years, Padre.Day 3 and no more info...only inferences from a few statements by upper tier players who have been briefed as to what is coming. It appears that there will be enough money to make those top players who turned down LIV "whole." Whatever that means. This move is essentially about money -- now and in the future. Money talks...I get that. However, any illusion we had that the PGA TOUR was "different" from other pro franchises is gone. They are all about the Benjamins, pure and simple.
Here's a really good analysis by Stephen Carter -- Yale Law professor and noted author:
PGA-LIV Merger Raises More Legal Questions Than Ethical Ones
Players who stayed loyal to the PGA Tour could make trouble if they wanted. So could antitrust authorities.
Guy I grew up with (played pickup football/basketball with) was signed by Ted Williams out of HS and went on to play for the Yankees (has a few records in Cooperstown, ATM). He played for the love of the game, but he became bitter a couple of years after his retirement when salaries skyrocketed.
All pro sports are all about money (not mine), and college athletics are now going down that road. IMO, it’s a sad commentary on where we are, as a civilization, but there’s no denying it’s where we are.
US Open week is here -- after a dramatic finish to the Canadian Open won by a Canadian -- Nick Taylor -- in 4 overtime holes by making a 72 foot eagle putt. 1st win by a Canadian in 69 years.
US Open should be exciting -- LA CC is supposed to be tight, tough with sloping greens. This course supposedly favors straight hitters over bombers...as do most US Opens. My only "complaint" is having it at an "exclusive" course that very few of us could ever play. That's old golf, not the new with great public courses. Although, with PIF money it could be the new as well.
If I bet I would pick Max Homa....Californian who has all the attributes needed and elevates his game when he plays in his home state.
US Open should be exciting -- LA CC is supposed to be tight, tough with sloping greens. This course supposedly favors straight hitters over bombers...as do most US Opens. My only "complaint" is having it at an "exclusive" course that very few of us could ever play. That's old golf, not the new with great public courses. Although, with PIF money it could be the new as well.
If I bet I would pick Max Homa....Californian who has all the attributes needed and elevates his game when he plays in his home state.
If Sally Jenkins is right, the defacto CFO of Saudi investments controls NewCo, the current name of the entity that owns the PGA Tour, LIV Golf and other related entities.
IOW, the Saudi royal family now owns professional golf.
I would say that Jay Monahan is a crackhead streetwalker, but I don’t want to talk about crackhead streetwalkers that way.
IOW, the Saudi royal family now owns professional golf.
I would say that Jay Monahan is a crackhead streetwalker, but I don’t want to talk about crackhead streetwalkers that way.
Bud Light, Target, PGA...someone will learn soon enough.
Lumping those together as decisions made, not the actual decisions themselves, that's another topic.
Well, I've been off the grid for a week in an area of OK with very little cell service and so, I am just seeing all this horrible news.
I love the PGA Tour, I even worked at the Golf Channel for 5 years in the early 2000s. I'm done though. I will no longer watch and have already removed my recording in YTTV that records all PGA events. I refuse to knowingly support Saudi investments and it makes me sick how much in bed this country is with those corrupt governments.
It's a sad day for golf fans everywhere and I wish enough fans would abandon the sport to hurt them but, they won't. I am done, I will never watch a PGA event again, including this week's US Open (which is jointly run by both the USGA and PGA). The Masters will probably be the only tournament I watch going forward.
I can't (but can) believe the PGA did this after all the well deserved crap they gave those players that abandoned them for LIV. It will be interesting to see what the few golfers do, like Tiger, who refused LIV's offers on morality grounds. Will they still stand for human rights and abondon the PGA completely or take the money and run?
I love the PGA Tour, I even worked at the Golf Channel for 5 years in the early 2000s. I'm done though. I will no longer watch and have already removed my recording in YTTV that records all PGA events. I refuse to knowingly support Saudi investments and it makes me sick how much in bed this country is with those corrupt governments.
It's a sad day for golf fans everywhere and I wish enough fans would abandon the sport to hurt them but, they won't. I am done, I will never watch a PGA event again, including this week's US Open (which is jointly run by both the USGA and PGA). The Masters will probably be the only tournament I watch going forward.
I can't (but can) believe the PGA did this after all the well deserved crap they gave those players that abandoned them for LIV. It will be interesting to see what the few golfers do, like Tiger, who refused LIV's offers on morality grounds. Will they still stand for human rights and abondon the PGA completely or take the money and run?
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Tiger Woods has been uncommonly quiet...very interesting to say the least.
I am on the edge feeling like you do...since the PGA TOUR is not involved with this tournament -- or any of the majors -- I can watch them.
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