(Reuters) – Tiger Woods has been named on Wednesday as vice chairman of the 13-member board of directors for the newly formed, for-profit entity known as PGA Tour Enterprises.
The board will lead commercial activities related to the PGA Tour and focus on driving fan engagement and growth, as well as developing new media, sponsorship and commercial opportunities.
All six Player Directors from the PGA Tour Policy Board will simultaneously serve on the Enterprises board, a group that in addition to 15-times major champion Woods consists of Patrick Cantlay, Peter Malnati, Adam Scott, Webb Simpson and Jordan Spieth.
Former PGA Tour player Joe Ogilvie was named to the board after the Player Directors identified the benefit of having a “Director Liaison” on both boards given the significant time investment required from the players to serve on both boards.
“We are excited to continue to build the PGA Tour as the highest level of competition in professional golf,” the Player Directors and Liaison Director said in a joint statement.
“It’s an opportunity for us to shape something special that will not only create more value for the PGA TOUR, but will also benefit and grow our fanbase. We’re ready to get started.”
PGA Tour Commissioner Jay Monahan and Joe Gorder, who is an Independent Director on the PGA Tour Policy Board, will round out the U.S.-based circuit’s representation on the Enterprises Board, with Monahan serving as CEO.
The other board members will come from Strategic Sports Group, the consortium of U.S. sports team owners who finalised a $3 billion deal in January that would make them equity owners in PGA Tour Enterprises.
The four SSG Directors are: John Henry, principal owner of Fenway Sports Group; Arthur Blank, owner of the NFL’s Atlanta Falcons; Andrew Cohen, vice chairman of MLB’s New York Mets; and Sam Kennedy, a partner in Fenway Sports Group.
The PGA Tour Enterprises Board will elect a chairman at an upcoming meeting.
Monahan called the announcement of the board members a “milestone”, saying the group has the right expertise and balance to lead the organization into the future.
“Our current and former players will provide essential insight into our members’ priorities and needs,” said Monahan.
“And we welcome key SSG members to the leadership team, whose exceptional track records and achievements in global professional sports will lend a wealth of knowledge into the opportunities ahead for the PGA Tour.”
Last June, the PGA Tour, Saudi Arabia’s Public Investment Fund and Europe-based DP World Tour announced a framework agreement to house their commercial operations in a for-profit entity called PGA Tour Enterprises.
As talks with the PIF dragged on, outside investor interest in the PGA Tour heated up by way of SSG.
The consortium will invest an initial $1.5 billion and provide strategic focus on maximizing revenue generation for the benefit of players and on finding opportunities to enhance the game of golf across the world.
(Reporting by Frank Pingue in Toronto; Editing by Toby Davis)
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