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Ex-PGA Tour professional Joe Ogilvie has written a three-page open letter to the PGA Tour membership, explaining the pros and cons of involving Saudi Arabia's Public Investment Fund and other investment opportunities.
Ogilvie competed on the PGA Tour for fifteen years until his retirement in 2014. Following his retirement, he founded Wallace Capital Management, an investment advisory firm.
Ogilvie, renowned for his business acumen and his deep understanding of the Tour's inner workings, believes that there has never been a better time to be a PGA Tour member. However, he emphasizes that several critical decisions must be made while carefully weighing both the advantages and disadvantages of these actions.
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The 49-year-old former professional began the letter by reminiscing about his time on the PGA Tour, reflecting on how Tiger Woods carried the golf world on his shoulders, and acknowledging how the PGA Tour changed over time into a formidable entity. He was quoted as saying, via Golfweek:
"We played in the largest economy in the world; 90% of the tournaments were located within three time zones, perfect courses, a rabid fan base, and the world’s most famous athlete (not named Michael Jordan) played on the PGA Tour. It wasn’t a fair fight."
He further added that while most of the conditions are still similar, the PGA Tour now has many superstar players instead of being a one-man show like in the 1990s. In his letter, Ogilvie further discussed the media deal, the entry of PIF into the golf business, and the agreement between the two rivals. However, he warned the tour about the consequences of the agreement. He also said:
"If we sell a part of our Tour, we are taking on a close partner. It’s not dissimilar to getting married. Once consummated, the decision-making by law will require that the best interests of all parties be considered, including your new spouse.
"We can’t take their money and check in with them on occasion, they’re in bed with us. They will be part of our Tour, for better or for worse. We must understand the detailed motivations of any new investor and how they will participate in the functioning of the board."
Ogilvie suggested that before considering anyone as a potential financial partner on the tour, it is important to 'codify' the PGA Tour bylaws. It is important to have more player directors on the PGA Tour policy board with the same voting rights as the independent directors.
Describing the framework agreement as the most significant decision since the creation of the modern PGA Tour, Oglivie says it was announced without the input or knowledge of any player on the PGA Tour, be it active or retired.
"The players must continue to hold governance control of the new for-profit entity and the original not-for-profit entity," he wrote.
How many titles has Joe Ogilvie won on the PGA Tour?
The 49-year-old retired golfer has registered five wins in his professional career, and only one came on the PGA Tour. In 2007, he won the U.S. Bank Championship in Milwaukee, beating Tim Clark, Tim Herron, and Charlie Wi by a four-stroke margin. He reached as high as 55th in the Official World Golf Rankings.
Ogilvie retired in 2014 at the Wyndham Championship, finishing 77th in his 399th start.
