PGA Tour Acquires Share Of European Tour Productions, Board Seat For Jay Monahan In "Landmark Strategic Alliance"
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The European Tour and PGA Tour have finally decided to join forces. And what better day to share this news than than the ultimate Friday news dump window, Black Friday!
Wait, what?
Blow is the PGA Tour release, dropped on the Friday most Americans focus on getting 60% off an air fryer and anything but looking at news. While light on detail despite seemingly positive news for the two Tours, it is hard to get past the odd timing and brevity of the release.
Here is the PGA Tour copy followed by one notable omission when compared with the European Tour’s version.
EUROPEAN TOUR AND PGA TOUR ANNOUNCE LANDMARK STRATEGIC ALLIANCE
* Historic move brings golf’s two leading global Tours together in partnership
* Alliance allows for further collaboration on scheduling and commercial opportunities
The European Tour and PGA TOUR today heralded a significant new era for global golf with an historic announcement of a Strategic Alliance.
The landmark agreement will see golf’s two major Tours explore all facets of collaboration, working together on strategic commercial opportunities including collaborating on global media rights in certain territories.
Certain territories. Tantalizing!
This will come through part of the agreement which sees the PGA TOUR acquire a minority investment stake in European Tour Productions (ETP), the European Tour’s Media Production company, which produces and distributes content internationally.
That’s the lead news in this? I mean, we all love ETP and they certainly do a fine job but uh, ok. More likely it gets top billing because this was the easiest way for the PGA Tour to send a check that keeps the lights on in Wentworth.
The Tours will also work in partnership on a number of other areas including global scheduling, prize funds and playing opportunities for the respective memberships. Further details of these areas will be announced in due course.
That would have been my lead!
Now to the air quotes…
Keith Pelley, Chief Executive of the European Tour, said: “This partnership is an historic moment for the game of golf and is a fantastic opportunity for both the European Tour and the PGA TOUR to explore ways to come together at the very pinnacle of our sport and work in unison for the benefit of the men’s professional game.
First thing we’ve learned: Tour remains in all caps for the PGA, not for the European.
“Today’s announcement is the formalisation of a closer working relationship between the Tours in recent years. It was one which was crystalised earlier this year when both Jay and I were part of the working group containing representatives of the four Majors and the LPGA, a group which helped shape the remainder of the golfing calendar for 2020 during unprecedented times.
“We shared the challenges of working through a year neither of us could have ever imagined and we found definite synergies in many areas of our respective Tours. That gave us the impetus to move forward together and arrive at this momentous announcement we are making today.”
So momentous we are dropping it on a Friday with only one significant detail about acquisition of a minority share in a money-losing in-house television department? Whatever you say Chief Executive!
Jay Monahan, Commissioner of the PGA TOUR, said, “We are thrilled to announce this further strengthening of our partnership with the European Tour, and we look forward to working together for the benefit of the men’s professional game and for golf fans around the world.”
And that would be the end.
Here is the one difference between to the two press releases sent to media, included by the European Tour but not the PGA Tour when its release landed 24 minutes later (but included in the PGATour.com online version):
One element of the partnership which can be confirmed today is the fact that PGA TOUR Commissioner Jay Monahan will take a seat on the Board of the European Tour.
A board seat is a pretty big deal. It means Monahan gets a close look at all of the European Tour financials, including the Ryder Cup. And from the player’s perspective, this particular bit of news should prompt multiple questions including, “why wasn’t Keith Pelley afforded a similar seat on the PGA Tour Tour Policy Board?”
Just guessing here, but that would have required assembling the current board, a lot of lawyers who’d charge double to work on Thanksgiving, and doing a major re-write of the PGA Tour by-laws that would have taken more time.
In Europe they’ve lately been handing out board seats monthly so clearly it was an easy move for the European Tour to add Monahan. Still, it raises questions.
More analysis to come…
