Jimmy Dunne, one of the initiators of the Framework Agreement between the PGA Tour and the PIF, is stepping down from his position on the PGA Tour’s Policy Board. The reason for this is that ‘no meaningful progress has been made towards a transaction with the PIF’ and he therefore considers his role on the Policy Board to be ‘utterly superfluous’, Dunne said in a letter explaining his resignation.
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<p dir="ltr" lang="en">Here’s Jimmy Dunne’s resignation letter from the PGA Tour board.</p>
Jimmy negotiated the Framework Agreement with the Saudi PIF. Then the players reacted and took the majority on the board. Dunne been completely shut off from negotiations. Also very close with Rory McIlroy. <a href="https://t.co/OGQfXDGynz">pic.twitter.com/OGQfXDGynz</a>
— Dan Rapaport (@Daniel_Rapaport) <a href="https://twitter.com/Daniel_Rapaport/status/1790129047264985197?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Jimmy Dunne negotiated with the Public Investment Fund on behalf of the PGA Tour
Jimmy Dunne was one of the few people who not only knew about the deal between the PGA Tour and the Saudi Arabian Public Investment Fund, but was also heavily involved in the negotiations. To stem the threat from LIV Golf, Dunne approached the PIF on behalf of Monahan with the aim of settling the ongoing legal proceedings and bringing about a reunification of the sport. Together with the DP World Tour, the parties reached a framework agreement that ended the legal disputes and would lead to further negotiations. The deadline was actually 31 December 2023, but as a result was not yet in sight, it was agreed to continue negotiations.
Dunne himself had not been part of the negotiations since June 2023. His intention had been to vote as part of the Policy Board should an agreement be reached with the PIF. ‘Since the players on the Policy Board now outnumber the independent directors and no meaningful progress has been made towards a transaction with the PIF, I feel like my vote and role is utterly superfluous.’ However, Dunne reiterates that an agreement is important for professional sport in order to win back the interest of the fans.
Rory McIlroy had also expressed his frustration at the slow progress of negotiations before he resigned from his position on the Players’ Advisory Council in autumn 2023. However, Jay Monahan assured in March that talks were now progressing more quickly.
Earlier this year, Strategic Sports Group also invested billions in the PGA Tour, leading to the creation of PGA Tour Enterprises, which puts the Tour in a better position financially but is not yet a step towards an agreement with the PIF or a solution to the split between the Tour and LIV Golf.
