PGA Tour-PIF Framework Agreement architect Jimmy Dunne resigns, complains about 'no meaningful progress' on the deal

PGA Tour-PIF Framework agreement architect Jimmy Dunne resigned from his position, stating that he found "no meaningful progress" on the deal. Last year in June, the PGA Tour announced a shocking merger with the Saudi Arabia Public Investment Fund (PIF), the financial backbone of LIV Golf.

However, the deal has been postponed repeatedly. Jimmy Dunne proposed the deal to PIF when it was initially announced but numerous changes have taken place since then, and the deal has not been finalized since.

Recently, the PGA Tour announced a transaction subcommittee, which further negotiates the deal with the PIF. However, Jimmy Dunne was not included in the subcommittee, and soon later, he announced his resignation.

His resignation letter was obtained by Sports Illustrated, wherein Dunne mentioned that he felt there was "no meaningful progress" made towards the transaction. He wrote (as quoted by SI):

"As you are aware, I have not been asked to take part in negotiations with the PIF since June 2023. During my testimony at the Senate hearing, I said it was my intention to cast my vote alongside the Player Directors if a final agreement was reached with the PIF. Since the players now outnumber the Independent Directors on the Board, and no meaningful progress has been made towards a transaction with the PIF, I feel like my vote and my role is utterly superfluous."

Jimmy Dunne, along with Tour member Ed Herlihy, had a meeting with PIF governor Yasir Al-Rumayyan to discuss the framework agreement in 2023 before the merger was announced. He oversaw the Tour's transaction team to initiate further talks with the PIF.

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Updates on PGA Tour-PIF Framework agreement

Since the agreement was announced in June 2023, it has only been postponed time after time. The PGA Tour created a Players Directors group, which includes Tiger Woods, Webb Simpson, Peter Malnati, Patrick Cantlay, Jordan Spieth, and Adam Scott, to further the deal with PIF.

The directors even met with the PIF governor earlier this year, but it still did not yield any results. PGA Tour has also established a transaction subcommittee, which includes Rory McIlroy, Tiger Woods, and Adam Scott, along with the current liaison Joe Oglivie, Valero CEO Joe Gorder, Fenway Sports Group's John Henry, and Tour Commissioner Jay Monahan, to further initiate the deal with PIF.

However, so far, the deal has still not been finalized. Last month, the Tour rejected McIlroy's bid to return to the PGA Tour Policy Board Players Directors position, and just a week later, Jimmy Dunne resigned from his position.

It is important to note that the PGA Tour signed a whopping $3 billion deal with Strategic Sports Group (SSG) earlier this year and has also been in talks with PIF for another deal. Only time will tell how the PGA Tour's deal with PIF will progress.