The PGA Tour and Strategic Sports Group have finalized a 3 billion dollar deal to launch a new PGA Tour Enterprises, a profit-driven operation.
The Strategic Sports Group will be the minority investor in the new company, while the PGA Tour will remain the majority shareholder. Several sports executives, including Tom Werner and John Henry of the Boston Red Sox, Arthur Blank of the Atlanta Falcons, Mark Attanasio of the Milwaukee Brewers, Tom Ricketts of the Chicago Cubs, Steve Cohen of the New York Mets, and Wyc Grousbeck of the Boston Celtics, are members of the SSG.
While this deal is in effect, the PGA is still in negotiations to merge with the Public Investment Fund of Saudi Arabia and the DP World Tour. According to ESPN sources, this deal could potentially bring billions of dollars to PGA Tour Enterprises.
In recent years, many golfers have departed from the PGA Tour and transitioned to the Saudi-backed LIV Golf. Initially, the PGA stated that every golfer who left would be suspended for one year from PGA-supported competition. However, some golfers, including Rory McIlroy, have expressed a change in opinion, considering that Golf would be better off if both of them could progress together, for the sake of the game. This was discussed by McIlroy during the AT&T Pebble Beach Pro-Am.
Recent names that have joined LIV include Tyrrell Hatton, signing a $63 million contract to join John Rahm’s team, as well as Adrian Meronk and Lucas Herbert. It is expected that several more will sign in the coming weeks.
„Guys have decided to play LIV. Guys have decided to stay [on the PGA Tour],“ said McIlroy. „If people are still eligible to play for this tour and come back and play, or if you try to do something, then let them come back.“