PGA Tour, new multi-million dollar agreement

Last Sunday, the tour announced that it was in advanced negotiations with the PIF and the Strategic Sports Group, a group of billionaires led by Fenway Sports Group

by Andrea Gussoni
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PGA Tour, new multi-million dollar agreement
© Getty Images Sport - Michael M. Santiago / Staff

The PGA Tour is about to close a million-dollar investment agreement with a consortium of American sports team owners, while awaiting a response from the Saudi Public Investment Fund (PIF), according to ESPN. The American golf league has been seeking investment for its new for-profit entity, PGA Tour Enterprises, which was hatched in the framework agreement with the PIF in June.

The deadline to ratify the agreement is December 31.

Pga Tour, news

Last Sunday, the tour announced that it was in advanced negotiations with the PIF and the Strategic Sports Group, a group of billionaires led by Fenway Sports Group.

Other notable owners of the investment group include Arthur Blank (Atlanta Falcons), Wyc Grousbeck (Boston Celtics), Marc Lasry (Milwaukee Bucks) and Steve Cohen (New York Mets). According to ESPN, Strategic Sports Group would invest more than $3 billion in the new entity.

The PGA Tour intends to maintain control of PGA Tour Enterprises, while counting Strategic Sports Group and the PIF as minority owners, the report states. PGA Tour Commissioner Jay Monahan has yet to meet with PIF Governor Yasir Al-Rumayyan after several previously canceled meetings.

These meetings could ultimately decide the fate of LIV Golf, the league funded by Saudi wealth that has plunged men's professional golf into a schism. LIV chief executive officer and commissioner Greg Norman has told ESPN that, regardless of the results, the league will not disappear.

However, the framework agreement provided that the future of the LIV would depend on a board with a majority controlled by the PGA Tour. In this sense, tensions between the PGA Tour and the PIF could worsen after the signing of Jon Rahm by LIV Golf.

This is a situation that deserves attention and reflects the complexity of negotiations in the world of professional golf. The PGA Tour is an organization that hosts major professional golf tours in the United States. It is headquartered in Ponte Vedra Beach, a suburb of Jacksonville, Florida. Its official name is written in all capital letters, namely "PGA TOUR".

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