The PGA Tour has closed its $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.
The deal includes an initial contribution of $1.5bn from the group led by Fenway, which owns Liverpool FC and the Boston Red Sox, which will go towards the launch of PGA Tour Enterprises, a new for-profit company that will enable players to become equity holders in the tour.
The tour originally planned for a merger with PIF-backed LIV Golf, a rival team-based golf circuit, but negotiation stretched beyond a 31 December 2023 deadline despite intentions being announced last June.
Saudi Arabia’s Public Investment Fund (PIF)’s contribution, which could set the valuation of the new for-profit PGA Tour Enterprises at around $12bn, has not been ruled out.
