The PGA Tour announced Monday it has secured up to $3 billion from a consortium led by Fenway Sports Group for investment into its new for-profit entity, as well as potential co-investments from Saudi Arabia’s Public Investment Fund.
John Henry’s Fenway Sports Group will lead a consortium that includes owners of Major League Baseball team Boston Red Sox and English Premier League club Liverpool, providing almost 200 Tour members access to grants based on career accomplishments, recent achievements, future participation and services rendered. This investment will offer flexible returns some grants could vest over time while others can only be received with active service participation in mind.
Fenway Sports Group
The PGA Tour recently signed an enormous investment deal with a consortium led by owners of Premier League club Liverpool and MLB franchise Boston Red Sox. Under this new venture called PGA Tour Enterprises, nearly 200 tour members can access over $1.5 billion of equity.
This new for-profit entity will be overseen by PGA Tour commissioner Jay Monahan, and does not interfere with charitable operations of the tour. This step comes eight months after they signed a framework agreement with Saudi backers of LIV Golf.
The PGA Tour has also held talks with the Public Investment Fund and sources indicate a possible investment by PIF may come soon however Congressional oversight remains high over their activities in American sports.
Major League Baseball
The PGA Tour recently completed an investment package with several billionaire US sports team owners that will complement its planned merger with Saudi Arabia’s Public Investment Fund. Strategic Sports Group (SSG) investors include Tom Werner and John Henry owners of MLB’s Boston Red Sox; Arthur Blank, owner of NFL Atlanta Falcons; and Wyc Grousbeck who owns NBA Boston Celtics.
The consortium plans to invest up to $3 billion in a for-profit company that will manage PGA Tour commercial assets. Players have the option of becoming equity holders of this new firm.
The tour’s Policy Board approved of the deal on Tuesday and Commissioner Jay Monahan gave golfers notice in a memo Wednesday morning. This move gives the PGA Tour leverage as it negotiates with PIF, potentially months or even years away from a deal being finalized.
NFL
The PGA Tour announced on Tuesday it had secured a $3 billion investment from Fenway Sports Group and other U.S. sports team owners, and intends to use the funds raised from this investment to form a for-profit entity that allows golfers to receive equity stakes. PGA Tour commissioner Jay Monahan made this announcement via conference call with players from the PGA Tour, Korn Ferry Tour and PGA Tour Champions Tours.
John Henry and Tom Werner of Boston Red Sox ownership; MLB New York Mets owner Steven Cohen; Arthur Blank who owns Atlanta Falcons and Pittsburgh Steelers as well as NBA Boston Celtics owner Wyc Grousbeck are among SSG members, while almost 200 PGA Tour players may become equity holders based on their career accomplishments and recent successes.
NBA
The NBA (National Basketball Association) is a professional basketball league in both the United States and Canada that currently comprises 30 franchises divided between two conferences of five teams each, located across 30 franchise cities that span from large metropolitan areas to smaller towns. Established in 1946 and featuring Adam Silver as its current Commissioner from both Duke University and University of Chicago Law School.
The PGA Tour announced on Wednesday that a consortium of billionaire sports team owners, led by Fenway Sports Group’s ownership of English football club Liverpool FC and MLB/NHL franchise Boston Red Sox/Tampa Bay Lightning respectively as well as New York Mets owner Steve Cohen’s Cohen Private Ventures company; Atlanta Falcons owner Arthur Blank; and Boston Celtics co-owner Wyc Grousbeck would invest up to $3 billion into its new for-profit entity known as PGA Tour Enterprises. The investors include Fenway Sports Group which owns English football club Liverpool FC as well as MLB Boston Red Sox/NHL Tampa Bay Lightning.
NHL
The PGA Tour has unveiled a commercial venture with a US consortium of billionaire sports team owners that will give nearly 200 players an opportunity to become equity holders. Dubbed PGA Tour Enterprises and funded with up to $3 billion investment from Strategic Sports Group (SSG), Fenway Sports Group owner of Boston Red Sox, Liverpool FC, Pittsburgh Penguins of NHL as well as New York Mets owner Steve Cohen-owned Cohen Private Ventures could join Atlanta Falcons co-owner Arthur Blank as well as NBA Milwaukee Bucks co-owner Marc Lasry all being part of this consortium of billionaire sports team owners.
SSG’s agreement allows the PGA Tour to remain in control of its for-profit entity while giving players more ownership in the game, and also opens the door for future investments from outside groups including Saudi Arabia’s Public Investment Fund – that could take shape.
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