Mergers & Acquisitions

Greg Norman talks about the PGA Tour, LIV Golf and the Masters

Even from a distance, his hair and side profile announced Greg Norman. Even at a distance, his hair and side profile announced Greg Norman.

Few golfers have been more talented, more ubiquitous or more divisive across the nearly 50 years since he turned professional.

He spent 331 weeks as the world’s top-ranked golfer, and won the British Open twice. There were disappointments in other majors, however: eight runner up finishes, including three at Augusta National Golf Club’s Masters Tournament which concludes on Sunday. The PGA Tour was furious at the 1990s attempt to create a World Golf Tour. Later, Mr. Norman became the commissioner of LIV Golf – the league backed by Saudi Arabia’s sovereign fund – starting in 2021. Now, the PGA Tour that once condemned LIV is trying to cut a deal with the wealth fund and its leader, Yasir al-Rumayyan.

In February, about a month after Mr. Norman left his job as LIV’s chief executive, President Trump hosted a meeting between Mr. al-Rumayyan and Jay Monahan, the PGA Tour commissioner. The PGA Tour has rejected a wealth fund proposal which would have allowed LIV to continue. And on Friday, a report released by Democrats on a Senate investigative committee said that the Saudi investment in the PGA Tour “does not make business sense unless it is an effort to buy long-term influence.”

During a conversation in late March, Mr. Norman, who remains on the league’s board, flashed the signature defiance that so often enraged his detractors.

This interview has been edited for length and clarity.

In 2023, I asked Augusta National’s chairman whether you had been invited to that year’s Masters, and he said no. He left the door open to the future. Have you been invited?

No.

Do you care if you’re back in the golf establishment’s good graces?

No. I’m always concerned about golf. I care about golf. I care about how the game is growing and what its trajectory is. You’ve said that the World Golf Tour episode affected your game, but what did it do to the next 30 years for you? I’ve never prejudged anyone and I always want to know the truth. I think that the biggest problem in these deals was the fact that people were prejudged. I always tried to be a positive influence, especially for the players. In my 40 years of playing, I never once thought that I would hurt the PGA Tour. I always wanted to show the world that there were many other opportunities for the game’s growth. But now President Trump is involved in the push to reach a deal. I have never been involved in the deal. People have asked me, “Have you spoken to Trump about it?” No, because I’m not involved.

What’s the biggest obstacle to a deal?

There’s one word that’s been used consistently wrong: merger. I don’t know what the correct word is. It was never a merger, as far as I knew from my boss. LIV was always going to be a stand-alone.

There’s been some talk recently that al-Rumayyan might not want to swallow LIV ceasing to exist as a stand-alone brand. Is this true?

I only have what he tells me in our meetings. LIV is a standalone, and LIV will still be around long after his death. Then, it tried to make a deal. I don’t like it when people misjudge the situation or don’t know the facts. Was it the same playbook?

Identical.

LIV needed the Saudi Public Investment Fund’s money.

100%. Was it the same playbook?

Identical.

LIV needed the Saudi Public Investment Fund’s money.

One hundred percent.

But did the Saudi money doom LIV from the start with many people?

The massive headwinds right out of the gate used that as the detrimental side of money. The P.I.F. Who turned this tap on? Who turned on this tap?”

But, I get it. You’re going to fight for it as hard as you can. Are you OK with that?

I don’t like the term because I don’t think it is correct because everyone interprets it in a different way. Are you okay with that?

I dislike the term because it’s not correct because everyone interprets it in a different way.

In the year 2022, when you were asked about Saudi agents’ murder of journalist Jamal Khashoggi, you replied, “We have all made mistakes. You just want to learn how you can correct those mistakes going forward.” Many people thought you were covering for Saudis.

I would probably answer that question differently or not at all if I could go back Even though I tried to say it the way I felt — because we all do make mistakes no matter who you are or what you do — it’s the situation when you say it and how people interpret it.

Did you consider how working with the Saudis could cost you, reputation-wise?

I took that into consideration for sure. I was naive.

Once you’re there, you’re there. I’m not a quitter, so I’m just going to see it through for what I believe is right.

Was there any part of you that signed up with the Saudis for money or retribution?

None.

I can say that with my hand on my heart.

When I realized that the fight with the World Tour was done and dusted, I lost, right? I lost, but not because of what was right. I lost because people worked behind the scenes better that I could. Did it hurt for a while? Yeah. Do you see that as vindication? Do you see that as vindication?

I think it’s a realization of some things they may have overlooked.

You’ve often felt prejudged and misunderstood. Does it bother you?

(Four-second pause. The answer is yes, because of the hesitation. Does it hurt me in some way? Yes. I’m not worried about it anymore. I was proud of what I did there. I was proud of my work. I think they picked the right person.

You played your last major in 2009 – the same year that you played in the Masters. Do you miss playing in major tournaments or the Masters?

Not at all. I’m 70.

Do you enjoy watching the majors? I don’t like watching golf.

Who is your Masters pick?

It depends on the weather.

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