Report: PGA Tour near investment deal with Strategic Sports Group
Aug 22, 2023; Atlanta, Georgia, USA; PGA Tour Commissioner Jay Monahan addresses the media during a press conference in the Clubhouse Ballroom at East Lake Golf Club prior to Thursday s start of the TOUR Championship golf tournament. credits: John David Mercer-USA TODAY Sports The PGA Tour will begin receiving investment from its new U.S.-based partner, the Strategic Sports Group, as early as next week, Sportico reported Friday.
Fenway Sports Group and other U.S. sports owners, including the New York Mets' Steve Cohen and the Atlanta Falcons' Arthur Blank, formed the consortium in order to engage with the tour about helping fund its new for-profit entity, PGA Tour Enterprises.
The Strategic Sports Group will infuse less than the originally reported figure of $3 billion, according to Sportico.
The PGA Tour is also still in talks with Saudi Arabia's Public Investment Fund. After they originally self-imposed a Dec. 31 deadline to finalize an agreement, the sides pushed it back to extend their negotiations. The PIF funds PGA competitor LIV Golf.
The Strategic Sports Group would remain on as a minority owner of PGA Tour Enterprises if the PGA Tour, LIV Golf and DP World Tour end up merging.
—Field Level Media
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