Dubai, UAE – Former AT&T Chairman Randall Stephenson has resigned from the PGA Tour’s policy board due to concerns about the tour’s proposed partnership with Saudi Arabia’s national wealth fund, according to The Washington Post.
The PGA Tour confirmed Stephenson’s resignation in a memo to its members, acknowledging his “exemplary service” over the past 12 years. Stephenson retired as chairman and CEO of AT&T in June 2020.
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The PGA Tour’s partnership with the Saudi fund, called the Public Investment Fund (PIF), involves the creation of a for-profit company that would combine the commercial business and media rights of the PIF, the PGA Tour, and the European Tour.
The agreement is still pending approval from the PGA Tour board and is being reviewed by the Justice Department.
PGA Tour Commissioner Jay Monahan had announced the partnership on June 6, causing surprise among the golf community.
Stephenson’s resignation comes shortly before Congressional hearings where details of the partnership will be discussed. The PGA Tour’s bylaws state that the four independent directors will choose Stephenson’s replacement after consulting with the board’s five players and the non-voting PGA of America president.
