Power broker Jimmy Dunne with 9/11 history helped get PGA and Saudis to the table

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The PGA Tour Commissioner, Jay Monahan, and Yasir Al-Rumayyan, the governor of Saudi Arabia’s sovereign wealth fund, recently appeared on CNBC wearing familiar smiles, displaying a friendship that had only blossomed within the last two months.

This unexpected alliance was made possible due to Jimmy Dunne, a prominent figure in the golf industry and Wall Street, who joined the PGA Tour board of directors in late 2022. Dunne, with his personal connection to the September 11 terrorist attacks, played a crucial role in bringing Monahan and Al-Rumayyan together for their first meeting shortly after the Masters tournament.

Among the key players involved in this groundbreaking collaboration, Dunne and Ed Herlihy, the chairman of the PGA Tour policy board, were the primary individuals Monahan relied upon to set up this meeting. Together, they orchestrated an agreement that unites the commercial interests of the PGA Tour, European Tour, and Saudi Arabia’s Public Investment Fund, forming a for-profit entity presently known as “Newco.”

One significant aspect of this deal involves resolving all ongoing litigation. Dunne, emphasizing the importance of direct communication, stated, “I came to the table not being comfortable with criticism about why we didn’t meet with them. I want to ask them directly, not their lawyers.”

Herlihy, a New York attorney specializing in mergers and acquisitions of financial institutions, serves as the chairman of the PGA Tour board. His extensive experience made him an instrumental figure in facilitating the initial conversation between Monahan and Al-Rumayyan, which paved the way for subsequent positive developments.

The fact that Dunne played a key role in arranging the meeting speaks volumes. Merely a year ago, during the inaugural 54-hole event held by LIV Golf outside London, Monahan faced questions regarding the September 11 attacks and their connection to Saudi Arabia. Dunne, having a deep personal connection to the events, remains unwilling to pass judgment on Saudi involvement due to the tragic loss of friends and colleagues that day.

Motivated by finding solutions, Dunne became instrumental in addressing the challenges faced by the PGA Tour. Monahan revealed that reshaping this year’s schedule, incorporating 13 designated events with an average prize money of $20 million, required tapping into the tour’s reserves. The sustainability of this approach had raised concerns, necessitating proactive measures.

Rory McIlroy, one of the player-directors on the PGA Tour board, was informed about the partnership by Dunne just hours before its official announcement. The unexpected move caught many off guard, but McIlroy expressed confidence in the tour’s position of strength, citing recent legal victories for the DP World Tour as a catalyst for this groundbreaking collaboration.

Dunne had been advocating for discussions with the Saudis for some time, and following a string of legal wins, the tour decided to explore potential alliances. The objective was to unite golf under a single entity with Monahan at the helm, while also putting an end to the costly litigation.

The Public Investment Fund’s involvement, including LIV Golf, now falls under the purview of the new company, with Monahan serving as CEO and Al-Rumayyan as chairman. Dunne and Herlihy join them on the executive committee, solidifying their influential roles in this transformative partnership.

Undoubtedly, this significant development presents challenges for Monahan, who must navigate credibility issues arising from the past year’s rivalry that has now transitioned into a partnership. Nevertheless, Monahan acknowledges the changing circumstances and the rapid pace at which this collaboration has unfolded, largely driven by the efforts of Dunne and Herlihy.

In conclusion, the PGA’s historic partnership with Saudi Arabia, brokered with the help of Jimmy Dunne, stands as a testament to the evolving landscape of the sport and the strategic vision of its leaders.

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