PGA Tour insists players will have vote on final deal with Saudi's Public Investment Fund

A new for-profit entity involving the PGA Tour, DP World Tour, and PIF has been proposed

Rory McIlroy is one of five players on the board who were involved in a meeting to discuss the new partnership between the PGA Tour and PIF. Getty

The PGA Tour sought to assure players on Tuesday that they will have a say in the tour's new partnership with the Saudi Public Investment Fund (PIF), with its policy board issuing a statement that noted players would have to approve any final agreement.

The statement was released after a meeting of the board, which includes five players: Patrick Cantlay, Rory McIlroy, Charley Hoffman, Peter Malnati, and Webb Simpson.

On Monday night, media outlets obtained the tour's framework agreement with PIF, which said the PGA Tour and DP World Tour would work with their new partners to decide how defectors to the PIF-financed LIV Golf Series can return and what kind of punishment they should face.

Players have been frustrated by the lack of details in the framework agreement, which was negotiated in private by PGA Tour commissioner Jay Monahan, two independent board members and Yasir Al Rumayyan, the governor of PIF. As part of the deal, the PGA Tour and LIV Golf agreed to dismiss all pending lawsuits.

“Entering the framework agreement put an end to costly litigation. Management, with input from our player directors, has now begun a new phase of negotiations to determine if the tour can reach a definitive agreement that is in the best interests of our players, fans, sponsors, partners, and the game overall," the statement said.

“If future negotiations lead to a proposed agreement, it would need approval by the tour's policy board, which includes player directors. In the meantime, we are all committed to the safeguards in the framework agreement that ensure the PGA Tour would lead and maintain control of this potential new commercial entity," the statement continued.

The board met on Tuesday ahead of the Rocket Mortgage Classic, which many top players are skipping after a busy stretch that included the US Open and last week's Travelers Championship, one of the new designated events on the tour schedule with a $20 million purse. McIlroy and Cantlay are not in the field at Detroit Golf Club.

The framework agreement calls for the tour and the Saudis to form a new commercial entity, known for now only as “NewCo”. It includes assurances that the tour would keep a controlling interest in that entity.

The deal has attracted the attention of Congress, with the Senate Permanent Subcommittee on Investigations set to hold a hearing on July 11. Monahan has been invited to testify, but his availability is in question because he is on leave while dealing with a “medical situation.”