PGA Tour Arm Elects Chair as McIlroy, Woods Get Deal Roles

10/05/2024

(Bloomberg) — The PGA Tour said Joe Gorder was elected chairman of PGA TOUR Enterprises, its commercial venture that secured up to $3 billion of funding in January from a group of US investors.

Gorder, who is executive chairman of Valero Energy Corp., will also sit on a newly formed ‘transaction committee’ which continues to negotiate with Saudi Arabia’s Public Investment Fund. Joining Gorder on that committee are Joe Ogilvie, John W. Henry, PGA Tour Commissioner Jay Monahan, Adam Scott and Tiger Woods — all who are on the PGA TOUR Enterprises Board — and Rory McIlroy.

pga tour arm elects chair as mcilroy, woods get deal roles

Valero Texas Open – Final Round

“Together with our player directors, we understand that fans are counting on us to actively engage with the PIF and pursue other investment and innovation opportunities that benefit everyone — fans, players, and sponsors alike,” Gorder said in the statement late Thursday. “We’re all committed to making this happen.”

Gorder, who stepped down as CEO of the US fuel refiner last year, is familiar with the PGA Tour in part because Valero has been a key sponsor of the Valero Texas Open near San Antonio, Texas since 2002. He joined the PGA Tour’s policy board last year as an independent director, and will retain that position in addition to his role with PGA Tour Enterprises.

Gorder “not only has a deep understanding of what the PGA TOUR has and always will stand for, but also the experience and vision to help us realize all that this organization can accomplish in the future,” Woods said a statement.

The appointment of McIlroy on the new deal committee puts the influential golfer once again in a key position regarding talks with PIF, after stating earlier this week that he would not seek to regain a place as one of the player directors on the PGA Tour’s policy board.

Previously one of the loudest critics of LIV Golf — the Saudi-backed rival golf league — McIlroy has since softened his stance on any potential investment from PIF.

“I feel like I’ve got good relationships on both sides,” McIlroy said in a statement on Thursday, “and hopefully I can bring something to the table and try to provide some insight and value to see if we can get this thing done.”

PIF disrupted the sport by launching upstart league LIV Golf in 2022, which has lured star golfers including Phil Mickelson, Brooks Koepka, Dustin Johnson and in December, Jon Rahm.

(Updated with context on Rory McIlroy’s appointment)

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