The PGA Tour has finalized a $3 billion investment from a group of U.S. sports team owners in a deal that will be advantageous for its players and also permits co-investment from Saudi Arabia’s Public Investment Fund.
Through the agreement with Strategic Sports Group, players on the U.S.-based circuit will have entry to over $1.5 billion as they become equity owners in the newly established PGA Tour Enterprises.
In a press release, Jay Monahan, the Commissioner of the PGA Tour and CEO of the new enterprise, emphasized that today signifies a significant moment for the PGA Tour and golf enthusiasts worldwide.
Transforming PGA Tour members into owners of their league reinforces the combined investment of our players in the PGA Tour’s success,” Monahan stated. He further mentioned that the agreement would amplify the organization’s capacity to make golf more rewarding for players, tournaments, fans, and partners
.The PGA Tour has reported ongoing negotiations with the PIF, the financial supporter of LIV Golf, regarding a possible forthcoming investment. Both parties are actively working towards reaching a final agreement. The PGA Tour noted that SSG has agreed to an investment by PIF, pending essential regulatory reviews and approvals.
Under the agreement, almost 200 PGA Tour members are eligible for grants that will vest gradually, determined by factors such as career milestones and recent accomplishments.
Tiger Woods, Jordan Spieth, Patrick Cantlay, Webb Simpson, Peter Malnati, and Australian Adam Scott, who serve as PGA Tour Player Directors, expressed their pride in unanimously supporting this groundbreaking partnership between PGA Tour Enterprises and SSG.A group headed by Fenway Sports Group plans to invest an initial sum of $1.5 billion (equivalent to $2.3 billion in Australian dollars).
The consortium aims to strategically prioritize maximizing revenue for players and identifying opportunities to improve the global landscape of golf.
John Henry, the principal owner of Fenway Sports Group and manager of the Strategic Sports Group, expressed deep respect for the game of golf and a strong belief in the PGA Tour’s significant potential for expansive growth. This enthusiasm is the driving force behind their commitment to the new venture.
