Is The PGA Tour About to Sign a $3 Billion Deal
By: Derek Clements | Mon 18 Dec 2023
Well, blow me down. It has emerged from America that the PGA Tour is on the brink of signing a $3billion deal with Strategic Sports Group.
Who? You may well ask. The group consists of some very heavy hitters in American sport - billionaire team owners Tom Werner and John Henry (Boston Red Sox), Wyc Grousbeck (Boston Celtics), and Arthur Blank (Atlanta Falcons).
Henry’s Fenway Sport Group also owns a controlling share in Liverpool Football Club and has not been afraid to support Jurgen Klopp in the transfer market. And Liverpool haven’t done too badly under Fenway’s ownership, have they?
On June 6, the PGA Tour announced a framework deal with the Saudi Public Investment Fund (PIF), the beneficiary of LIV Golf.
Since then, this story has taken more twists and turns than a soap opera.
It can be no coincidence that the Red Sox owners and Blank have already invested in golf, with each announcing ownership of teams in Tiger Woods and Rory McIlroy’s TGL virtual golf league.
(Image Credit: Kevin Diss Photography)
The PGA Tour’s framework deal with PIF was supposed to be finalised by December 31, but that is looking increasingly unlikely and indeed it has to be asked if it will ever happen. The Tour and the PIF are due to meet this week, but don’t hold your breath for a positive outcome.
Any deal with either investment group would supposedly still leave the Tour ‘in control’ of the newly formed company.
Many believe that LIV’s signing of Jon Rahm was in retaliation for the PGA Tour entering talks with other potential investors.
That’s what makes this development with Strategic Sports Group most intriguing.
Many people have expressed displeasure, anger and disappointment with the PGA Tour’s decision to partner with the PIF. Rory McIlroy was livid, saying that he felt he had been sold down the river.
With seemingly endless funds at their disposal, the PIF are unlikely to be going away any time soon. But if the PGA Tour does indeed received a $3 billion injection then it will surely make it more difficult for LIV to attract any more of Jay Monahan’s stars.
But it also makes a peace deal seem all the more unlikely.
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