Rory McIlroy is not returning to the PGA Tour's board of directors, but will remain involved in negotiations with Saudi Arabia's Public Investment Fund over a possible multibillion-dollar investment in PGA Tour Enterprises as a member of the newly formed Transactions Committee, the Tour announced on Thursday.
McIlroy had hoped to rejoin the PGA Tour's policy board, but said he would not replace Webb Simpson because of concerns from other player directors about bringing him back.
Former Valero Energy Corp. CEO Joseph W. Gorder was unanimously elected as first chairman by the PGA Tour Enterprises board of directors, a Tour news release said.
Gorder, now chairman of Valero Energy, will also serve on the transactions subcommittee along with player liaison director Joe Ogilvie, Fenway Sports Group founder and principal owner John W. Henry, PGA Tour commissioner Jay Monahan and golfers Adam Scott, Tiger Woods and McIlroy.
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Gorder joined the PGA Tour's policy board last year.
“Joe’s outstanding business acumen and leadership skills, informed by his time as chairman and CEO of a Fortune 50 company, position him perfectly to lead the PGA Tour Enterprises board as we embark on this new chapter,” Monahan said in a statement . “His strategic vision is critical as we work together – player directors, board members and tour management – all pulling together to deliver the best to our fans, who are always our top priority, as well as the tour as a whole for our players and sponsors.”
McIlroy, who resigned from the board on Nov. 14, was expected to replace Simpson on that board and on the board of PGA Tour Enterprises, the new for-profit company the tour formed in January with Strategic Sports Group.
SSG, a consortium of billionaire owners of American sports teams and celebrities, made an initial investment of $1.5 billion, with up to $3 billion available.
McIlroy is increasingly frustrated by the lack of movement in the PGA Tour's negotiations with the PIF, which funds the rival LIV Golf League. The sides signed a framework agreement on June 6 and the deadline expired on December 31. The sides have continued to negotiate for the past four-plus months.
McIlroy said Wednesday that the idea of him returning to the board “opened up some old wounds and scar tissue from things that happened before.” According to McIlroy, there was a subset of people on the board who were “perhaps uncomfortable” with the thought of his return.
“I don't think or believe necessarily that people didn't want to get me involved, it was more about how could I get involved again, right?” McIlroy said. “Just like the board did [gone] through this extensive eight-month governance review, and what happened to Webb and me and this whole thing, that was outside the scope of governance, right?
“Then what’s the process to get me back in?” That was really the crux of the whole thing.”
After McIlroy shot a 4-under 67 in the first round of the Wells Fargo Championship at the Quail Hollow Club in Charlotte, North Carolina, on Thursday, he was asked if his relationship with Woods was strained.
“Friends can have disagreements or disagree but still have disagreements,” McIlroy said. “I think that's fine. But no, we had a really good conversation for 45 minutes last Friday about a lot of different things. No, there is no tension. I think we may see the future of golf a little differently, but I don't think that should put a strain on a relationship or a friendship.”
McIlroy said he held a video conference with other members of the transaction committee for more than an hour on Sunday. The group reviewed a 150-page document about the tour's future product model.
“Yes, I’m not on the board, but I’m involved in this transaction committee in some way,” McIlroy said. “I don't have a vote, so I don't think I have a significant say in the future, but at least I feel like I can be helpful on this committee, and that's it. “I guess it's some kind of compromise for not getting a seat on the board.
Simpson, 38, will complete his term, which ends in 2025. He had planned to step down from both boards to spend time with his family.
“I feel really good about Webb staying in this spot,” McIlroy said. “Webb is a very level-headed, even-tempered guy who sees the big picture. If I hadn't taken his place, the next best thing would be for Webb to be there. Yes, I’m happy about that.”
In addition to Simpson, Scott and Woods, Patrick Cantlay, Peter Malnati and Jordan Spieth are player directors on the policy board.
