January 31, (THEWILL) – The PGA Tour has secured a $3 billion investment from a consortium of US sports team owners to launch a new for-profit entity called PGA Tour Enterprises. The deal was announced on Wednesday, by PGA Tour Commissioner, Jay Monahan, who will serve as CEO of the new venture.
The investment comes from Strategic Sports Group, led by Fenway Sports Group. As part of the deal, nearly 200 PGA Tour members will have access to grants worth over $1.5 billion as equity owners in PGA Tour Enterprises. According to Monahan, this will “strengthen the collective investment of our players in the success of the PGA Tour.”
Monahan added that the new entity will aim to enhance the organisation’s ability to make professional golf more rewarding for players, tournaments, fans and partners. The PGA Tour is also still negotiating with Saudi Arabia’s Public Investment Fund (PIF), which controls the LIV Golf League, on a potential future investment.
According to the announcement, Strategic Sports Group has consented to an investment by PIF into PGA Tour Enterprises, subject to necessary regulatory review and approvals. Both parties are working towards an ultimate agreement.
John Henry, principal owner of Fenway Sports Group and manager of Strategic Sports Group, said: “Our enthusiasm for this new venture stems from a very deep respect for this remarkable game and a firm belief in the expansive growth potential of the PGA Tour.”
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
