Photo illustration: Pavlo Gonchar/SOPA Images/LightRocket, Getty Images
According to ESPN's Mark Schlabach and Don Van Natta Jr., the PGA Tour continues to negotiate with the Saudi Arabian Public Investment Fund, which funds the PGA's biggest rival in LIV Golf. The company is said to be closing in on a $3 billion investment from a U.S. sports team owner.
Strategic Sports Group, which includes Tom Werner and John Henry (Boston Red Sox, Pittsburgh Penguins), Arthur Blank (Atlanta Falcons), and Wyke Grousbeck (Boston Celtics), is a new commercial organization. It will inject more than $3 billion into the PGA of America's “Tour Enterprise,” Schlabach and Van Natta said.
Mark Attanasio (Milwaukee Brewers), Cohen Private Ventures (New York Mets), Tom Ricketts (Chicago Cubs), and Mark Lasry (former co-owner of the Milwaukee Bucks) are also investors in Strategic Sports. Among the investors included in the group.
The PGA Tour is in negotiations with multiple entities, including Saudi Arabia's PIF, to inject capital into the newly formed PGA Tour Enterprises, which will combine the commercial assets of PIF, the PGA Tour and the DP World Tour.
The framework of the agreement between the three major golf brands was signed on June 6 and expires on December 31, but Schlabach and Van Natta said Friday that it is “likely to be extended if progress is made. ” reported.
Under the terms of the agreement, the PGA Tour will retain management control, while PIF and Strategic Sports Group will become minority shareholders.
According to Schlabach and Van Natta, PIF was initially “reluctant to participate in a deal with the PGA Tour that included other U.S.-based investors,” but added that PIF was “reluctant to participate in a deal with the PGA Tour that included other U.S.-based investors,” but added that PIF was “reluctant to participate in a deal with the PGA Tour that included other U.S.-based investors. It was appealing to partner with a franchise owner.” . ”
A deal with Strategic Sports Group could be announced by early 2024. A deal with PIF could inject more than $7 billion into PGA Tour Enterprises.
The PGA Tour has become even more eager to sign deals with multiple organizations following Jon Rahm's move to LIV Golf earlier this month. Rahm, ranked No. 3 in the world, has reportedly agreed to a multi-year contract with LIV Golf worth more than $300 million.
