PGA Tour to hire CEO to run expanding business. Jay Monahan stays on as commissioner
The PGA Tour is hiring a CEO for the first time
The PGA Tour, flush with a $1.5 billion investment from private equity and still negotiating with the Saudi-backers of LIV Golf as a minority investor, is hiring a CEO for the first time who will work alongside Commissioner Jay Monahan.
Monahan made the announcement to his staff Tuesday morning as part of a year-end message that looked ahead to 2025.
“Everything is on the table,” Monahan said in a video message posted on PGA Tour's social media channels.
The PGA Tour is wrapping up a year of sweeping changes while still unable to reach an agreement with the Public Investment Fund of Saudi Arabia, though recent signs indicate they are closer than ever. Still unknown is to what degree this can unite a sport where its biggest names are competing in opposite leagues.
Strategic Sports Group, a consortium of American sports business owners led by Fenway Sports Group, invested $1.5 billion in a deal announced in late January, with the possibility of that investment reaching $3 billion.
That led to a first-of-its-kind equity ownership for the players, depending on their level of success and contributions to the tour.
“We're bringing new perspectives on to our team to help us realize the incredible opportunities ahead for our sport, including launching a search for a CEO of the PGA Tour,” Monahan said. “We can learn so much from across the world of sport and entertainment, and I'm excited to meet candidates for this important new role.”
Atlanta Falcons owner Arthur Blank, part of SSG and a member of the new commercial PGA Tour Enterprises, will be leading a search committee that includes Monahan.
PGA Tour Enterprises runs the for-profit business of the tour, while Monahan is the
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