"You nailed the MOST important part" - Phil Mickelson reacts to golf commentator Bob Ball's Twitter post on the PGA framework
Phil Mickelson gave his approval to golf commentator Bob Ball's breakdown of the consequences of PGA Tour players not agreeing with the PIF-PGA Tour framework.
Last week, the PGA Tour issued a statement indicating the commencement of a fresh round of negotiations and their commitment to reaching a decision that prioritizes the well-being and interests of the players.
Ball wrote four long tweets warning the PGA Tour players of the consequences of not agreeing with the framework.
"You are all in trouble & screwed if you don’t support the Framework agreement. I’ve signed similar frameworks with institutional capital, so I also want to tell you what’s really going on with the agreement," he tweeted.
A message to the players of the PGA Tour.
You are all in trouble & screwed if you don’t support the Framework agreement. I’ve signed similar frameworks with institutional capital, so I also want to tell you what’s really going on with the agreement.
I didn’t want to get… twitter.com/i/web/status/1… https://t.co/fb8BaNE6iT
Bob Ball further talked about how most experts didn't get an understanding of the framework correctly.
"First, H.E. Yasir Al-Rumayyan will firmly be in control but wants to leave the day-to-day decision making and operations of the different Tours to skilled professionals," he added.
will firmly be in control but wants to leave the day-to-day decision making and operations of the different Tours to skilled professionals. KVV got that part correct. Al-Rumayyan’s position as board chair & his first right of refusal for new investment capital are also very… twitter.com/i/web/status/1…
Ball went on to add that Al-Rumayyan's real control came from this statement from the framework agreement.
"PIF's investment in NewCo, which will include customary protections and standard governance terms for a non-controlling voting interest (including veto/consent rights and preemptive rights for PIF in the event of a future capital raise by NewCo and customary drag/tag rights and transfer restrictions)," he averred.
Ball continued:
"Anyone that's sought institutional investment and signed a final agreement knows what this means. You (PGA Tour) get an investor (PIF), and they now own part of your company that you manage.
"But, there is a list of things you can't do without the investor’s consent. Those are called 'veto/consent rights.' Having signed and negotiated similar documents, I see it pretty clearly; Al-Rumayyan's list will be long (I’ve seen long ones) and will include that LIV cannot be shuttered unless he approves."
Ball added two more tweets in the thread regarding how LIV was not going anywhere and that the PGA Tour professionals were delusional to think that Saudi-backed circuit golfers would be penalized to play on the Tour again.
they will evaluate it but everyone has left off the second part which says,
"PIF, the PGA TOUR and the DP World Tour will work together in an effort to determine how best to integrate team golf into PGA TOUR and DP World Tour events going forward."
PGA Tour sycophants… twitter.com/i/web/status/1…
Ball concluded:
"You are in deep trouble if you don’t embrace the Framework Agreement and new leaders that are passionate about LIV and the PGA Tour surviving and thriving.
"It will be interesting to see if Jimmy Dunne can dance the Potomac two step coming up. Health aside, Monahan surely couldn’t. As a world class athlete, are you really going to leave your fate in the people that manipulated and lied to you?"
you from the @eamonlynch and Jay Monahan types that have turned their noses up at you and think past Tour economics are fair (while Monahan has been flying in private jets & building lavish headquarter buildings.) Monahan & Co. are the ones that created this false fight with LIV… twitter.com/i/web/status/1…
Phil Mickelson approved Ball's assessment and replied:
"This is spot on accurate. You nailed the MOST important part of the entire agreement. You’re the first to do it!"
@BobBallPdx This is spot on accurate. You nailed the MOST important part of the entire agreement. You’re the first to do it!
Mickelson also endorsed the analysis in a separate tweet, where he praised Ball's research.
This thread is a long and accurate FULL truth(not half truth) of the LIV/PGA Tour agreement if you’re interested. Well done BobBall and thank you. twitter.com/bobballpdx/sta…
What's next for Phil Mickelson?
Phil Mickelson will next play at the LIV Golf London, which is scheduled to commence on Friday, July 7, at Centurion Club, Hertfordshire.
Mickelson currently holds the 42nd position in the individual standings for the LIV Golf League's 2023 season, while his team, HyFlyers GC, is placed ninth in the standings.