(Reuters) – The PGA Tour could not afford to conduct a lengthy spending war against Saudi Arabia, the Wall Street Journal reported on Saturday, citing a person who heard the remarks by PGA Tour commissioner Jay Monahan. Monahan told employees that the Tour had spent close to $50 million in its legal fight which had […]
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PGA Tour ‘couldn’t afford to keep battling Saudi Arabia’ – WSJ
(Reuters) – The PGA Tour could not afford to conduct a lengthy spending war against Saudi Arabia, the Wall Street Journal reported on Saturday, citing a person who heard the remarks by PGA Tour commissioner Jay Monahan.
Monahan told employees that the Tour had spent close to $50 million in its legal fight which had years to go, and had dipped into $100 million of its reserves to pay for its schedule, the report added.
“We cannot compete with a foreign government with unlimited money,” Monahan said, according to the WSJ report. “This was the time….We waited to be in the strongest possible position to get this deal in place.”
PGA Tour did not immediately respond to a Reuters’ request for comment.
(Reporting by Urvi Dugar in Bengaluru; Editing by Alex Richardson)