Senior PGA Tour member quits over concerns surrounding PIF merger with Saudi Arabia

PGA Tour policy board member Randall Stephenson resigned from his position on Sunday. The resignation was submitted in a letter to the other members of the board, which was later released to the media.

Stephenson, the tour's board member for more than a decade, said he cannot "in good conscience" support the deal between the tour and Saudi Arabia's Public Investment Fund (PIF). He added that he hopes the PGA Tour board can "rethink its governance model".

Below is a part of what Stephenson said, according to The Washington Post:

“It is not one [the PGA Tour/PIF agreement] that I can objectively evaluate or in good conscience support, particularly in light of the U.S. intelligence report concerning Jamal Khashoggi in 2018 ... I joined this board 12 years ago to serve the best players in the world and to expand the virtues of sportsmanship instilled through the game of golf."

Stephenson added:

"I hope, as this board moves forward, it will comprehensively rethink its governance model and keep its options open to evaluate alternative sources of capital beyond the current framework agreement,”

Randall Stephenson, 63, is a former executive at telecommunications giant AT&T. There, he served as CEO from 2007 to 2020, and as executive chairman for the last six months of 2020. He announced his retirement effective Jan. 1, 2021.

Stephenson also served as national chairman of the Boy Scouts of America from 2016 to 2018, and is a member of the Council on Foreign Relations.

The PGA Tour's policy board acts as the organization's governing board. It consists of five active tour players (currently including Rory McIlroy and Patrick Cantlay).

In addition, it is comprised of five independent directors (who are not paid for their services) and one representative of the PGA of America (non-voting).

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Stephenson's resignation in the PGA Tour context

Randall Stephenson's resignation came two days before the PGA and PIF are due to appear before the U.S. Senate to account for the agreement they made public in early June.

Specifically, the hearing will be before the Senate Permanent Subcommittee on Investigations, led by Senator Richard Blumenthal. The Connecticut lawmaker called for the inquiry "given Saudi Arabia's deeply disturbing human rights record at home and abroad."

Blumenthal was critical of the agreement from the day it was announced, and just six days later, he officially launched the investigation.

The procedure included the request and submission of a detailed list of documents on the relationship between the PGA circuit and the PIF and the agreement between the two.

All documentation was made available to experts appointed by the Senate Permanent Subcommittee on Investigations, who are to issue a report.

Tuesday's hearing is not a mandatory hearing. The top representatives of the PGA Tour and PIF, Jay Monahan and Yasir Al-Rumayyan, declined the invitation to testify.

Jimmy Dunne and Ron Price, both PGA Tour board members, will attend the hearing.