Jimmy Dunne blasts player directors, resigns PGA Tour board

Jimmy Dunne, the Wall Street deal maker who played a pivotal role in architecting the PGA Tour’s controversial deal with the Saudi Arabian Public Investment Fund (PIF), has abruptly resigned from the Tour’s Policy Board. His departure comes amid intense scrutiny and secrecy surrounding the deal, which has been a point of contention among players and board members alike.

Jimmy Dunne is the vice chairman and senior managing principal of Piper Sandler, an investment bank and financial services company heavily involved in mergers and acquisitions. His influence extends beyond the financial world; Dunne is an avid golfer and a member of exclusive clubs like Augusta National, Pine Valley, and Seminole Golf Club. His love for golf led him to a significant role in shaping recent developments within the sport.

Jimmy Dunne joined the PGA Tour Policy Board in January 2023 at the request of Commissioner Jay Monahan. Six months later, the Tour announced a shocking Framework Agreement with the Saudis, who had been funding the LIV Golf circuit. The deal was forged in a series of top-secret meetings involving Dunne, Monahan, and board chairman Ed Herlihy.

The immediate result of the deal was an end to antitrust lawsuits that neither side wanted and had already cost the PGA Tour around $50 million. The Tour subsequently brought on Strategic Sports Group as a minority investor in a deal initially worth $1.5 billion. However, the backlash to the deal and the secrecy surrounding it intensified among players and board members.

Jimmy Dunne’s Frustration and Resignation

In a call with Golfweek, Dunne explained his decision to resign. He cited feeling excluded from the decision-making process, particularly regarding the new for-profit entity, PGA Tour Enterprises. Dunne stated,

“There’s a group that decides things, and I’m not in it and I’m not consulted. I’m superfluous. It’s time to move on.”

According to Jimmy Dunne, his role had become marginalized, especially after the players outnumbered the independent directors on the board. Despite his initial involvement in negotiations with the PIF, no meaningful progress had been made towards a transaction. Dunne’s resignation highlights the challenges faced by the Tour as it navigates the complexities of unifying professional golf while balancing financial interests and player concerns.

“I have not been asked to take part in negotiations with the PIF since June 2023,” Jimmy Dunne wrote in his letter of resignation. “During my testimony at the Senate hearing, I said it was my intention to cast my vote alongside the Player Directors if a final agreement was reached with the PIF. Since the players now outnumber the Independent Directors on the Board, and no meaningful progress has been made towards a transaction with the PIF, I feel like my vote and my role is utterly superfluous.”

The current PGA Tour Player Directors are Tiger Woods, Patrick Cantlay, Jordan Spieth, Webb Simpson, Peter Malnati and Adam Scott. All six are members of both the PGA Tour Policy Board and the PGA Tour Enterprises Board.

“It is crucial for the Board to avoid letting yesterday’s differences interfere with today’s decisions,” Jimmy Dunne added, “especially when they influence future opportunities for the Tour. Unifying professional golf is paramount to restoring fan interest and repairing wounds left from a fractured game. I have tried my best to move all minds in that direction.”

The PGA Tour Policy Board plays a crucial role in shaping the policies and regulations that govern professional golf. Comprised of influential figures from the golf industry, the board is responsible for making key decisions that impact the sport at both the professional and amateur levels.

Jimmy Dunne’s presence on the board was instrumental in driving discussions and initiatives aimed at enhancing the overall experience for players, fans, and stakeholders alike, mainly focusing on the ongoing negotiations with with the Saudi Arabian Public Investment Fund (PIF).

As the PGA Tour continues its negotiations with the PIF, Dunne’s departure underscores the delicate balance between business decisions, player representation, and the future of professional golf. His legacy will be intertwined with the controversial deal, and only time will reveal how history judges the outcome and opportunities afforded to the Tour.