PGA officials were in the hot seat on Tuesday as they faced lawmakers questions about the tour’s abrupt reversal that led to a deal with Saudi-backed rival Liv, despite months of criticism over the human rights record of the Saudi gpvernment.
At a hearing of the Senate Homeland Security Permanent Subcommittee On Investigations, PGA COO Ron Price, pressed to provide an estimate of just how much the Saudi Arabian Public Investment Fund would contribute to a new entity, said that “north of $1 billion” was being discussed, but that negotiations on a final agreement were ongoing.
Price and Jimmy Dunne, board member of the PGA Tour, said that the new entity would still be controlled by the PGA. They each stressed to lawmakers that the PGA decided to enter into the agreement rather than face years of litigation and a division among its athletes, as well as the threat posed by the rival Liv league,...
At a hearing of the Senate Homeland Security Permanent Subcommittee On Investigations, PGA COO Ron Price, pressed to provide an estimate of just how much the Saudi Arabian Public Investment Fund would contribute to a new entity, said that “north of $1 billion” was being discussed, but that negotiations on a final agreement were ongoing.
Price and Jimmy Dunne, board member of the PGA Tour, said that the new entity would still be controlled by the PGA. They each stressed to lawmakers that the PGA decided to enter into the agreement rather than face years of litigation and a division among its athletes, as well as the threat posed by the rival Liv league,...
- 7/11/2023
- by Ted Johnson
- Deadline Film + TV
Randall Stephenson, the former chairman and CEO of AT&T and architect of the telecom giant’s ill-fated acquisition of Time Warner, has resigned from the policy board of the Professional Golf Association at a critical moment.
On Tuesday morning, PGA officials and others are expected to testify before the Senate Permanent Subcommittee on Investigations, which is chaired by Sen. Richard Blumenthal (D-Ct). Among those the committee will question are Jimmy Dunne, the policy board member who helped broker the deal, and Ron Price, the PGA Tour’s chief operating officer.
Stephenson, who had been a member of the influential policy board since 2012, stepped down from it over the weekend, with his sharply worded resignation letter reported by the Washington Post, The New York Times and others. The exec said he could not abide the deal brokered between the PGA and upstart rival Liv, which is funded by the Saudi Arabian Public Investment Fund.
On Tuesday morning, PGA officials and others are expected to testify before the Senate Permanent Subcommittee on Investigations, which is chaired by Sen. Richard Blumenthal (D-Ct). Among those the committee will question are Jimmy Dunne, the policy board member who helped broker the deal, and Ron Price, the PGA Tour’s chief operating officer.
Stephenson, who had been a member of the influential policy board since 2012, stepped down from it over the weekend, with his sharply worded resignation letter reported by the Washington Post, The New York Times and others. The exec said he could not abide the deal brokered between the PGA and upstart rival Liv, which is funded by the Saudi Arabian Public Investment Fund.
- 7/10/2023
- by Dade Hayes
- Deadline Film + TV
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