The Los Angeles Lakers figure of the NBA and the Canadian rapper are two of the new investors in the American golf circuit.
The emergence of LIV circuit -financed with Saudi funds- on the world golf scene forced the PGA, which until then was the clear dominator of the sport, to take a step forward in all aspects to thus cut off the escape of its main figures.
The Americans, who saw before their eyes several of their great stars being captured by Saudi petrodollars, as happened with Jon Rahm, embarked on a search for external investment to be able to retain the best players on the planet.
A breakthrough came last January, when it was announced that Strategic Sports Group (SSG) would inject up to $3 billion into PGA Tour Enterprises, a new entity in which almost 200 players from the PGA Tour They will have shares.
Now, The New York Times gave more details of that operation, revealing two names of celebrities who also decided to bet financially on the American golf circuit. It’s about LeBron James, NBA star who currently plays for the Los Angeles Lakers, and Drake, the Canadian rapper world famous. Both, who will add extra capital, are defined as “strategic investors”, and its extensive marketing reach is expected to be used to promote and grow the PGA Tour.
“Golf can be much more than a sport. I remember that some of my best childhood memories are on the golf course with my uncle. It’s one thing to invest in a team, but to help reinvent one of the world’s great leagues “It is an incredible opportunity and I am excited to be part of it,” he explained. Drake.
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In LeBron’s case, he is a shareholder in Fenway Sports Group, leader of the consortium that forms Strategic Sports Group and owners of the Boston Red Sox and Liverpool.
James expressed interest in owning an NBA team if the league expands to Las Vegas. This additional investment in the PGA Tour allows it to deepen the ranks of owners.
It is not the first time that James and Drake have done business together in sports, since in 2022, together with RedBird Capital Partners and the owners of the New York Yankees, they participated in the purchase of Milan.
In the investment towards PGA Tour Other names also appear, such as actor Chris Pratt or Rich Paul, LeBron’s agent. Furthermore, the star of the Lakers met with the commissioner of the PGA Tour, Jay Monahan, at the home of Tom Werner, president of Fenway Sports Group, to define the roadmap for this new project that aims to revitalize and make the main world golf circuit bigger.
The PGA Tour continues to maintain negotiations with the LIV golf league, backed by Saudi Arabia and the DP World Tour, to merge. The deadline for negotiations expired last year and the parties continue to seek a resolution, which may still include the Saudi Public Investment Fund (PIF). If the current broader agreement stands, the Tour will remain in control of the for-profit entity and Strategic Sports Group (SSG) will be a minority investor.
Source: Ambito
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