The PGA Tour is getting a $3 billion investment from Strategic Sports Group in a deal that would give players access to more than $1.5 billion as equity owners in the new PGA Tour Enterprises.
The launching of PGA Tour Enterprises, with SSG as a minority partner, comes eight months after the PGA Tour signed a framework agreement with the Saudi backers of LIV Golf for a commercial venture, and ultimately led to private equity groups wanting to join.
The tour still is negotiating with the Public Investment Fund of Saudi Arabia, which was not part of the deal. The tour said its partnership with SSG allows for a co-investment from PIF, subject to regulatory approval.
“By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” Monahan, who will be CEO of PGA Tour Enterprises, said in the formal announcement.