Jimmy Dunne, an instrumental figure who brokered talks between the PGA Tour and the Public Investment Fund, has resigned from the PGA Tour Policy Board.
Dunne revealed his decision effective immediately in a letter which said “no meaningful progress” has been made in the proposed agreement between the PGA Tour and the PIF.
Having helped to architect an alliance with the Saudi sovereign wealth fund which was made public last June, stunning the golf world, Dunne wrote that his vote and role became “utterly superfluous” as player directors now outnumber independent directors on the board.
“It is crucial for the board to avoid letting yesterday’s differences interfere with today’s decisions, especially when they influence future opportunities for the tour,” Dunne wrote.
“Unifying professional golf is paramount to restoring fan interest and repairing wounds left from a fractured game. I have tried my best to move all minds in that direction.”
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Dunne was one of few people privy to the negotiations with the multi-billion dollar Saudi group in the lead-up to the June 6 announcement, the same group that funds the LIV Golf league. A month after the announcement, Dunne and PGA Tour Chief Operating Officer Ron Price appeared in the US Senate to provide testimony about the process that led to the framework agreement.
A vice chairman of an investment bank in America, Dunne is also a member of some of the most prestigious golf clubs in the world including Augusta National, Pine Valley and Seminole. Dunne played a crucial role in contacting PIF Governor Yasir Al-Rumayyan to begin what many view as a peace deal to end golf’s civil war.
Litigation between the PGA Tour and LIV Golf ended due to the newfound relationship, but a final agreement and what it could mean for the game’s future hasn’t materialised. In the meantime, the PGA Tour has signed a deal worth $1.5 billion in equity to its members with Strategic Sports Group, a US-based sports investment consortium.
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Dunne was part of a five-person board of independent directors, but there is a six-person board of player directors which includes the voices of Tiger Woods, Patrick Cantlay and Jordan Spieth. Rory McIlroy was a player director until November when he resigned, and his peers reportedly blocked his proposed return to the fray in recent weeks.
However, McIlroy is part of the new PGA Tour Enterprises’ Transaction Subcommittee which is engaged in direct dialogue with the PIF. He, Woods and Adam Scott are part of this seven-person committee that includes PGA Tour commissioner Jay Monahan, but Dunne was never involved.
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