JUST IN: PGA Tour Agrees to $3 Billion Investment in New For-Profit Entity — Amid Lingering Questions About Deal With Saudi-Backed LIV Golf

Rich Graessle/AP

The PGA Tour finalized an settlement with Strategic Sports activities Workforce so that it will see at the least $3 billion invested into the tour’s new for-revenue entity, ESPN stated Wednesday.

The group, described as a “consortium of billionaire sports homeowners,” consists of owners from the Boston Crimson Sox, Milwaukee Brewers, Atlanta Falcons, Boston Celtics, New York Mets, and Chicago Cubs. PGA Tour Commissioner Jay Monahan knowledgeable tour participants of the agreement throughout a Wednesday convention name.

With the deal, Strategic Sports activities Crew shall be a minority investor in PGA Tour Businesses — the for-profit arm of the tour. The PGA Tour will maintain a majority stake.

Sources knowledgeable ESPN that the PGA Tour might also see billions extra within the adventure that it finalizes its manage Saudi Arabia’s Public Investment Fund. The PIF, which operates LIV Golf, reached a framework settlement with the PGA Tour in June to type a unified golf entity. These talks are still within the works.

In line with a Monday document from The Wall Side road Journal, on the other hand, the PIF’s absence from this primary round of investments is result in for challenge. The sides set a cut-off date at the finish of 2023 to get the deal executed, yet there has been “no obvious leap forward in talks.” On account of this, the document added, a “U.S. infusion of cash” coming before a Saudi investment “seems to additional dim the possibilities of them arriving at a deal.”

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