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Jordan Spieth said he believes unifying professional golf would be a positive outcome in the future, but now is not the time and investment from Saudi Arabia’s public investment fund is “not needed.”
Spieth’s comments come as the PGA Tour informs its members that Strategic Sports Group, a consortium of U.S.-based sports franchise owners, has invested an initial $1.5 billion to become a minority shareholder in the PGA Tour. It was announced hours later at the AT&T Pebble Beach Pro-Am on Wednesday. companies.
Spieth was part of a group of player directors that voted unanimously to support a three-part equity investment that would give PGA Tour players the opportunity to become stockholders in the new company. Spieth was joined in voting by Tiger Woods, Patrick Cantlay, Peter Malnati, Adam Scott and Webb Simpson.
“I think the best thing about this game is that the players are now the owners,” Spieth said. “So not only do they make money off the tour, but now they own the equity, so they want to drive the tour themselves and make the product better themselves.
“Not that it hasn’t happened before, but you can directly benefit from owning the work. So I think that part is probably the best part of fundraising.”
Fenway Sports Group and a group of other U.S. sports franchise owners, including Steve Cohen of the New York Mets and Arthur Blank of the Atlanta Falcons, have announced a strategic partnership to join the tour regarding financial support from PGA Tour Enterprises. Established a sports group. Effective immediately, FSG will serve as commercial advisor to PGA Tour Enterprises.
“It’s clear that we have a big weapon behind us, we have backup, and the strategy that this group provides is something that was actually very important when we were looking at it,” Spieth said. he said. “I think this is something like 200 years of sports owner experience that will help us navigate our future, including how content will be consumed when the next media deals are made. Helpful ideas… Having these partners permanently, I think it can’t be overlooked.
“You’re talking about funding, but really the strategies they can take to navigate that space are going to be very important.”
The PGA Tour remains in ongoing discussions with PIF, the majority owner of LIV Golf, that this development will ultimately remain.
PGA Tour Commissioner Jay Monahan noted progress toward the agreement with LIV in a memo outlining more detailed details of the SSG deal, which could be worth more than $3 billion. Only PGA Tour members will have “collective access to over $1.5 billion in equity” over the long term based on “career performance, recent accomplishments, future participation and service,” according to Wednesday’s tour announcement.
The investment from SSG welcomes the possibility of a further $3 billion (possibly more) in investment from the Saudi Public Investment Fund, which has launched a competing circuit. A memo sent to players made it clear that investments in PIF would be accepted “subject to necessary regulatory reviews and approvals.”
Spieth specifically pointed out that a potential agreement with the PIF was not covered by Wednesday’s announcement and that member states would decide what additional investments would be approved. There are further hurdles to overcome, including a regulatory review by the Department of Justice before reaching an agreement with PIF.
“I don’t think it’s necessary,” Spieth said. “I think the good thing is the integration, but I think it’s hardly even worth talking about at this moment, given the timeliness of everything to understand it.
“But we have a strategic partner and the idea is that the PGA Tour can move forward with the way it currently operates without any options from other investors, whether it’s them or someone else. (It’s just a decision with them)” (PIF) Clearly, there are active discussions going on.
“But I think the short answer is that we don’t need to do that, and I think the long answer is that it’s a positive thing that we’re going to see more unification. 10 on the list of 10, despite government intervention in what they said was a long process.
“We should try to make it happen, but we don’t know when or how it will happen.”
Like most developments since LIV entered and disrupted professional golf, Wednesday’s announcement contained almost as many questions as answers.
How will PGA Tour Enterprises’ individual capital be determined? Spieth said he “probably” knows how it will be determined, but “I personally don’t know what I get out of this issue.” “Understanding this is not my top priority.”
How will LIV players be treated if they want to return to the PGA Tour? Rory McIlroy said Tuesday that he believes LIV players should not be punished. This is a stark reversal from his previous position, a view Spieth says is not shared by the full membership.
“That’s Rory’s perspective. You can name players who have the same perspective, and you can name players who have the complete opposite perspective,” Spieth said. “So it’s certainly complicated how the players feel about it, and that’s what I think.”
Spieth is thrilled that one of his favorite tournaments, Pebble Beach, has earned representation status this year. Whether it remains at that level, or whether signature events into 2025 are even part of the equation, is part of the continued evaluation of the business model.
There are many things that are still unresolved. For now, Spieth said the tour has the stability it’s lacked since LIV’s arrival. And most importantly, its future will be planned by its members and supported by deep-pocketed sports owners.
“This is the best place to play professional golf and these partners will help us continue on that path and have some influence, but membership will have a big impact on how things go going forward. “Deaf,” he said. . “The fact that it’s done collectively and very openly means they want to talk to us, they want to know what we want to know, and we want to know what they can do. That’s all we can do as just talent.” Golf alone can get you this far.
“I think it’s a very positive thing that the ship has turned around at this point and we have no choice but to go in the right direction from here.”
–Field level media
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