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The deal, which has been negotiated since early December, was made official to the PGA Tour’s membership in a cellphone name early this morning (Wednesday) and coincides with the launch of the brand new for-profit PGA Tour Enterprises, which PGA Tour commissioner Jay Monahan will function chief govt.
SSG is a collective of a number of buyers and corporations fronted by the Fenway Sports activities Group. The sports activities conglomerate owns the Boston Purple Sox, the Pittsburgh Penguins, Liverpool Soccer Membership and a NASCAR racing staff. The group additionally has Fenway Park and the New England Sports activities Community underneath its umbrella.
Different members of SSG embrace Arthur Clean, proprietor of the Atlanta Falcons, Wyc Grousbeck (Boston Celtics), Marc Lasry (Milwaukee Bucks), Tom Ricketts (Chicago Cubs), Cohen Non-public Ventures (New York Mets) and HighPost Capital. Most of the aforementioned names have an possession stake in TGL, the Tiger Woods,/Rory McIlroy indoor golf league that was set to launch in 2024, however was pushed again a yr when its facility suffered injury in a storm final month.
SSG will make investments $3 billion into PGA Tour Enterprises with an preliminary enter of $1.5 billion for a valuation of over $12 billion. Gamers will obtain fairness into PGA Tour Enterprises; these grants, remodeled time, will probably be primarily based on tourament outcomes, future participation and tour standing.
“An essential second for the PGA Tour and followers of golf internationally”
The elephant within the room – or quite, the elephant absent from the room – is what, if any, involvement Saudi Arabia’s Public Funding Fund, the monetary backs of the LIV Golf League, may have within the new for-profit enterprise. The PGA TOUR has introduced that the cope with SSG will enable for co-investment from PIF sooner or later, and it’s understood that SSG made the cope with the tour underneath the assumption that PIF will be a part of the occasion sooner or later sooner or later. The PIF’s funding has been hampered by US antitrust laws, the Congress saying this week that its investigation into PIF and its investments in American companies will proceed and will take years to resolve.
The timing of the announcement comes simply two days earlier than LIV Golf launches its third season this week in Mexico, whereas the PGA Tour hosts the AT&T Pebble Seashore Professional-Am, its second signature occasion of 2024 with a $20 million prize fund.
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