Report: PGA Tour set for $3bn (!) cash injection separate to Saudi investment
According to a report by Bloomber, the PGA Tour is closing in on a major deal that will see the North American circuit boosted by a $3bn investment.
The PGA Tour is reportedly closing in on a major deal that will see the circuit infused with a cash injection of an almighty $3bn.
Bloomberg have reported Strategic Sports Group are willing to start financing the Tour as soon as next week.
SSG is a consortium of billionaires headed by Tom Werner and John Henry's Fenway organisation that owns Liverpool FC and the Boston Red Sox.
The agreement with SSG is separate to the deal between the Tour and Saudi Arabia's Public Investment Fund (PIF).
The PIF are LIV Golf's primary backers and have already spent billions luring major champions to their circuit.
A framework agreement was supposed to be ratified by the turn of the year but talks stalled in light of SSG's involvement.
The shock agreement came amid unprecedented disruption in men's professional golf.
It also signalled the end of the expensive litigation between the tours.
Records have shown the Tour spent up to $22m in legal fees at the height of their battle against LIV.
The detailed report by Bloomberg, which you can read here, suggest SSG are willing to initially invest $3bn into the Tour.
Part of the report states:
Bloomberg stated the Tour and SSG declined to comment.
Meanwhile, LIV Golf are set to begin their third campaign in Mayakoba, Mexico.
Per the terms of the aforementioned framework agreement, it was stipulated LIV/PIF wouldn't sign any more golfers from the establishment amid peace talks.
But under scrutiny of the U.S. Department of Justice, that clause was removed over antitrust concerns.
LIV then poached reigning Masters champion Jon Rahm which caused more panic in the corridors of power.
Rahm's 2023 Ryder Cup teammate, Tyrrell Hatton, was also lured to LIV after allegedly accepting a £50m fee.
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Ben joined GolfMagic as Content Executive in September 2021 just before the Ryder Cup and has contributed significantly to the growth of the site. Ben now assumes our Content Manager role, specialising in PGA Tour, DP World Tour and LIV Golf content.
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