Former AT&T Chairman Randall Stephenson resigned from the PGA Tour's policy board over concerns about the tour's proposed partnership with Saudi Arabia's...
Former AT&T Chairman Randall Stephenson resigned from the PGA Tour’s policy board over concerns about the tour’s proposed partnership with Saudi Arabia’s national wealth fund, The Washington Post reported Sunday.
The PGA Tour confirmed the resignation in a memo to its members, referring to Stephenson’s “exemplary service” for more than 12 years.The Post said it obtained a copy of his letter that was dated Saturday and said the tour’s framework agreement with Saudi Arabia’s Public Investment Fund “is not one that I can objectively evaluate or in good conscience support, particularly in light of the U.S. intelligence report concerning Jamal Khashoggi in 2018.
The agreement, which still requires PGA Tour board approval and is being looked at by the Justice Department, would create a for-profit company in which the PIF, the PGA Tour and the European tour would pool their commercial business and media rights. “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 said in his letter. “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.”
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