Confirmed: PGA Tour approves $3bn investment from Strategic Sports Group
The PGA Tour has confirmed a $3bn investment from Strategic Sports Group, with the window open for a further cash injection by the Saudi PIF in the future.
The PGA Tour has agreed a $3bn investment deal with Strategic Sports Group.
According to the Financial Times, the deal will be announced on 31 January before the first round of the AT&T Pebble Beach Pro-Am.
SSG is a group of US-based investors led by Liverpool FC and Boston Red Sox owner John Henry.
According to the report, which you can read here, the Tour agreed the deal over night. All that is left is to do is dot the i's and cross the t's.
The interesting aspect is that the deal does not involve Saudi Arabia's Public Investment Fund.
The PIF bankrolls the LIV Golf League. It is said the PIF could be brought on as an investor down the line.
On 6 June 2023, the PGA Tour announced their intentions to align their commercial interests with LIV Golf and the DP World Tour under the umbrella of a new for-profit golf company.
That company, named PGA Tour Enterprises, is what SSG are investing in.
The FT reported:
The publication has also reported PGA Tour commissioner Jay Monahan will inform PGA Tour, PGA Tour Champions and Korn Ferry Tour members of the deal in a conference call scheduled for Wednesday morning.
Monahan has come under heavy fire from his own members having previously implored golfers not to join LIV over the league's ties to Saudi Arabia amid accusations of sportswashing.
Several high-profile golfers have called for his resignation, stating he broke their trust after the about-face turn.
Monahan even took a leave of absence from his role last year, owing to stress and anxiety, after the 6 June deal was announced.
When he returned, he is said to have apologised to Tour members and owned his mistakes.
It should also be noted that Monahan's power was diminished after Tiger Woods joined the Tour's policy board, shifting the balance of decision-making in favour of the players.
His European counterpart, Keith Pelley, has resigned from the DP World Tour to take up a dream job in Canada.
But Pelley stated he would stay on as the DP World Tour chief executive for three more months as he believed a deal between the establishment and PIF could be agreed.
Update: The PGA Tour have officially announced the news:
Read more:
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