NEW YORK: Tiger Woods was named vice chairman of the 13-member board of directors of a newly formed, for-profit entity known as PGA Tour Enterprises on Wednesday.
The board will lead commercial activities related to the PGA Tour and will focus on promoting 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 serve concurrently on the Enterprises board, a group that includes Patrick Cantlay, Peter Malnati, Adam Scott, Webb Simpson and Jordan Spieth in addition to 15-time major champion Woods.
Former PGA Tour player Joe Ogilvie was appointed to the board after player directors identified the benefit of having a “director connection” on both boards given the significant time investment required by players to serve on both boards.
“We are excited to continue building the PGA Tour as the highest level of competition in professional golf,” the players’ directors and director of partnerships said in a joint statement.
“This is an opportunity for us to create something special that will not only create more value for the PGA TOUR, but also benefit and expand our fan base. We’re ready to get started.”
PGA Tour Commissioner Jay Monahan and Joe Gorder, who is an independent director of the PGA Tour Policy Board, will complement the US-based circuit’s representation on the Enterprise Board, with Monahan serving as CEO.
Other board members will come from Strategic Sports Group, a consortium of U.S. sports team owners that completed a $3 billion deal in January to own shares in PGA Tour Enterprises.
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The four directors of SSG 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, partner at Fenway Sports Group.
The PGA Tour Enterprises Board will elect a chairman at an upcoming meeting.
Monahan called the board members’ announcement a “milestone” and said the group has the right expertise and balance to lead the organization into the future.
“Our current and former players will provide critical insight into the priorities and needs of our members,” Monahan said.
“And we welcome key members of SSG to the leadership team, whose exceptional track records and achievements in global professional sports will bring a wealth of knowledge to the opportunities ahead on 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 place their commercial operations in a for-profit entity called PGA Tour Enterprises.
As negotiations with the PIF dragged on, outside investors’ interest in the PGA Tour grew through SSG.
The consortium will invest an initial $1.5 billion and provide a strategic focus on maximizing revenue generation for the benefit of players and seeking opportunities to improve the game of golf worldwide.
