Fenway Sports Group invested $3 billion in the PGA Tour, through Strategic Sports Group, a holding company led by the owner of Liverpool.
This group also includes Gerry Cardinale, founder of the RedBird fund, owner of Milan; Mark Attanasio, owner of the Milwaukee Brewers; Marc Lasry, former owner of the Milwaukee Bucks; Wyc Grousbeck, owner of the Boston Celtics; as well as other managers of North American franchises.
The consortium had been negotiating with the PGA for more than half a year, apart from the conversations it has with Saudi Arabia for its integration with LIV Golf and the European Tour. From the PGA Tour they assure that “we will maintain control and the majority shareholding, as well as the majority on the board of directors. We will also have all the authority in the strategy and operations related to the competition and the supervision of commercial assets.”
The operation valued the entire circuit at US$ 12,000 million, at the same time that the circuit also confirmed that negotiations are being held with Saudi Arabia, but that this agreement is not related. Fenway, for its part, owns Liverpool and the Boston Red Sox, and has John Henry as owner.
One of the most relevant points of the agreement is the way in which they want to involve the players, at a time when many of them have opted to sign with LIV Golf given its best economic proposal. Under the new agreement, golfers would collectively access more than $1.5 billion in shares of PGA TOUR Enterprises.
This share package will be delivered gradually and based on the sporting merits of each individual, as well as their involvement and participation in the projects of the professional circuit. In addition, they must be members of it, something that today would exclude those who were withdrawn for signing with the championship financed by Saudi Arabia.
“By converting the members of the PGA Tour As owners of their league, we strengthen our players’ collective investment in the success of the PGA TOUR. Fans win when we all work to deliver the best in sports entertainment and bring the focus back to the incredible, unmatched competitive atmosphere created by our players, tournaments and partners. And partnering with SSG will enhance our organization’s ability to make the sport more valuable to players, tournaments, fans and partners,” said Jay Monahan, CEO of the championship.
Player representatives, through Patrick Cantlay, Peter Malnati, Adam Scott, Webb Simpson, Jordan Spieth and Tiger Woods, highlighted that “it was incredibly important for us to create opportunities for players of today and the future to invest more in your organization, both financially and strategically. This not only further strengthens the TOUR from a business perspective, but also encourages players to fully invest in continuing to offer (and further improve) the best of golf to our fans. We look forward to this next chapter and an even better future.”
The 2024 season of PGA Tour started in Hawaii in early January, while the first event of the seasons LIV Golf starts Friday in Mexico.
Source: Ambito
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