Jay Monahan to retain position as CEO of PGA Tour Enterprises
Jay Monahan's tenure at the helm of the PGA Tour has been anything but uneventful. Monahan has had to deal with the rise of LIV Golf among other historic events. However, the commissioner has no plans to leave the office.
Bartusrol Sports' Dan Rapaport reported Wednesday, Jan. 31, that Jay Monahan will remain at the helm of the organization as it transitions to its new role as PGA Tour Enterprises. Rapaport reported the fact with the following text on his personal X (formerly Twitter) account:
"Jay Monahan will continue on as CEO of the new PGA Tour Enterprises. That’s some Succession-level s**t."
Media outlets, such as ESPN, CBS Sports, and Golf.com, among others, are reporting this Wednesday that the PGA Tour has reached an agreement with the Strategic Sports Group (SSG). The deal would include a $3 billion investment in the circuit and the creation of a new entity, PGA Tour Enterprises.
According to ESPN, Jay Monahan is reportedly briefing members of the PGA Tour, PGA Tour Champions, and Korn Ferry Tour on the details of the deal via video conference on Wednesday morning.
Reports indicate that the SSG would join as a minority partner of the new entity emerging as PGA Tour Enterprises, so the PGA Tour would retain control of the product. Meanwhile, negotiations continue with the Public Investment Fund (PIF) of Saudi Arabia under a so-called 'framework agreement'.
The SSG is composed of individuals and companies that have grouped to negotiate to invest in the PGA Tour. The group includes Cohen Private Ventures and Fenway Sports Group, among others
What is known about PGA Tour Enterprises led by Jay Monahan?
One of the great innovations of Jay Monahan's PGA Tour Enterprises is that it will allow players to become equity holders. According to the PGA Tour News Service, 200 PGA Tour members will be beneficiaries.
The distribution of the shares will be defined based on a set of criteria such as sporting results, both recent and during the player's career, and his commitment to the tour in the future. Only full members of the PGA Tour will be eligible to become equity holders.
After officially announcing the emergence of PGA Tour Enterprises, Jay Monahan stated the following (via PGA Tour News Services):
"Today marks an important moment for the PGA Tour and fans of golf across the world. By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour."
"Fans win when we all work to deliver the best in sports entertainment and return the focus to the incredible – and unmatched – competitive atmosphere created by our players, tournaments and partners."
According to the PGA Tour news service, the SSG's initial investment will be $1.5 billion and is aimed at maximizing profit generation for players, and growing golf on the tour and around the world.