BREAKING: PGA Tour Strikes $3 Billion Deal with Strategic Sports Group
The PGA Tour has struck a $3 billion deal with Strategic Sports Group (SSG) to launch at new for-profit company – PGA Tour Enterprises.
This according to a memo that was sent to players, and obtained by GolfNewsRI, on Wednesday morning following a multi-tour wide zoom call.
The deal includes an initial $1.5 billion to PGA Tour enterprises, giving equity opportunities to almost 200 PGA Tour members.
“Today marks an important moment for the PGA Tour and fans of golf across the world. By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour. Fans wins when we all work to deliver the best in sports entertainment and return the focus to the incredible – and unmatched – competitive atmosphere created by our players, tournaments and partners. And partnering with SSG – a group with extensive experience and investment across sports, media and entertainment – will enhance our organizations ability to make the sport more rewarding for players, tournaments, fans and partners,” said Jay Monahan, Commissioner of the PGA Tour and CEO of PGA Tour Enterprises.
The SSG is led by Fenway Sports Group, owners of the Boston Red Sox, Fenway Park and Liverpool Football (soccer) Club.
“We greatly appreciate the opportunity to join PGA Tour players in this important next phase of the PGA Tour’s evolution. Our enthusiasm for this new venture stems from a very deep respect for this remarkable game and a firm believe in the expansive growth potential of the Pga Tour,” said John Henry, Principal Owner of Fenway Sports Group and Manager of Strategic Sports Group.
Other investors include Steven A. Cohen, Arthur M. Blank, Tom Werner, Mike Gordon, Sam Kennedy, Andrew B. Cohen, Mark Attanasio, Wyc Grousbeck, Avenue Sports Fund, Linda Henry and Alex Scheiner.
According to the memo, co-investment from Said Public Investment Fund (PIF), backers of LIV Golf, is still on the table, but not part of this particular deal.
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