'Framework agreement' details PGA Tour, PIF alliance - ESPN

The five-page agreement signed by PGA Tour commissioner Jay Monahan, DP World Tour CEO Keith Pelley and Public Investment Fund governor Yasir Al-Rumayyan to form a new entity that will align men's professional golf gives the PGA Tour «full decision-making authority with respect to all strategic and operational matters related to competition.»

The «framework agreement» was signed May 30 and sent, along with other documents, to a Senate subcommittee looking into the alliance Monday ahead of a July 11 hearing in Washington.

The agreement stated that the «parties share a common goal of creating a global golf partnership and of growing and promoting the game of golf globally, ending divisions and unifying the game of golf for the benefit of all of their shareholders, including players, sponsors, and fans of the game worldwide.»

ESPN obtained a copy of the framework agreement Monday. Details of the final agreement are still being worked out, sources told ESPN. Once completed, it will need approval by the PGA Tour Policy Board.

The stunning alliance, which was announced June 6, combines the commercial activities of the PGA Tour, DP World Tour and Saudi Arabia's sovereign wealth fund (PIF) into a new for-profit entity, called «NewCo» in the framework agreement.

Monahan will serve as CEO of the new entity; Al-Rumayyan will be chairman.

«The framework outlines a future for professional golf under the PGA Tour's leadership that benefits players, fans, and the sport,» the PGA Tour said in a statement Monday. «Following the recent resolution of litigation, we're working productively towards a definitive agreement. Any resulting agreement will have to be approved by the full board of the PGA Tour, including our player directors.»

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