Report: PIF close to buying stake in PGA Tour Enterprises

Field Level Media|published: Tue 10th December, 14:17 2024

Apr 21, 2024; Hilton Head, South Carolina, USA; The PGA TOUR logo is seen on the pin flag on the ninth green during the final round of the RBC Heritage golf tournament. Mandatory Credit: Aaron Doster-Imagn Images

The Public Investment Fund of Saudi Arabia -- the money behind LIV Golf -- is nearing the acquisition of a small share of PGA Tour Enterprises, Bloomberg reported Tuesday.

The PIF, per the report, is set to take a 6 percent ownership stake in the organization, which is the for-profit branch of the PGA Tour. The two sides have been negotiating an alliance for more than a year.

Strategic Sports Group, a consortium made up largely of owners of pro sports franchises, already has an investment in PGA Tour Enterprises and is set to put in as much as $3 billion. Bloomberg did not pin a dollar figure on a potential PIF investment but pegged the value of PGA Tour Enterprises at about $12 billion.

A representative of PGA Tour Enterprises declined to comment to Bloomberg.

LIV Golf began in 2022 after the PIF invested hundreds of millions of dollars into luring big-game golfers, including Brooks Koepka and Dustin Johnson, away from the PGA Tour.

Following lawsuits and countersuits, the two sides agreed to discuss an alliance -- and a way for LIV golfers to play in big PGA Tour events beyond the four majors.

A PIF investment in PGA Tour Enterprises would be a positive step for the tour, which doesn't want to see more golfers abandon it for LIV Golf.

Any deal would require regulatory approval.

--Field Level Media

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