The PGA Tour is finalizing an in Decembervestment agreement with a U.S. consortium of major U.S. Sports team owners, including John Henry and Arthur Blank, according to the announcement.
The tour is close to a deal with Strategic Sports Group that would pump $3 billion into the professional golf organization, according to Bloomberg. The deal comes as rival PGA Tour sponsor LIV Golf continues negotiations with Saudi Arabia’s sovereign wealth fund, extending the deadline for completing their “merger” to April.
However, Strategic Sports Group’s investment in the PGA Tour is reportedly not affected by the PIF negotiations. PIF is said to still be investing in the tournament.
PGA Tour Enterprises, a for-profit entity created to manage the tour’s commercial interests, could see its value rise to $12 billion with additional tranches from Strategic Sports Group.
However, as talks continue about the Rebels’ departure and the PGA Tour’s future relationship, the deal may not initially include PIF LIV Golf, the Bloomberg report added.
Strategic Sports Group includes Tom Warner and John Henry (Boston Red Sox and Liverpool FC), Arthur Blank (Atlanta Falcons) and Vic Groesbeck (Boston Celtics).Cohen Private Ventures, the family office of billionaire New York Mets owner Steve Cohen, and former Milwaukee Bucks co-owner Mark Lasry also participated.
The PGA Tour has confirmed it will continue talks with PIF and LIV Golf despite rumors Tyrrell Hatton could lose his Ryder Cup partner after the takeover of Saudi-backed Jon Rahm last month.
However, the talks between the political parties have been slow to progress, with the original deadline of December 31 being pushed back due to the concerns of US politicians.
