The PGA Tour is closing in on a $3bn investment deal with Strategic Sports Group, a group of US-based sports team owners which is led by Fenway Sports Group and includes Steve Cohen, Owner of the New York Mets, Arthur Blank, Owner of the Atlanta Falcons and Marc Lasry, former Co-Owner of the Milwaukee Bucks.
Additional cash for the deal, which could set the valuation of the new for-profit PGA Tour Enterprises at around $12bn, may also be provided by Saudi Arabia’s Public Investment Fund (PIF).
According to Bloomberg, Saudi-backed LIV Golf, which is backed by PIF and agreed an outline for a merger with the PGA Tour last year, may not initially be included in the deal, with talks said to be ongoing.
The two tours extended their timeframe to agree the final terms of their merger beyond the original deadline of New Year’s Eve after LIV Golf’s Chairman Yasir Al-Rumayyan reportedly expressed concerns over the involvement of private equity money.
