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- Strategic Sports Group includes John Henry, Steve Cohen, Arthur Blank
- Payment will be based on “career accomplishments, recent accomplishments, and future participation and service.”
- The tour claims the deal allows for co-investment from PIF.
PGA Tour players will benefit from more than $1.5 billion in equity after the US-based golf circuit announced an investment deal with Strategic Sports Group (SSG).
Payments are based on “career accomplishments, recent accomplishments, future participation and service” and are available only to eligible PGA Tour players, a memo to players read.
SSG has made an initial investment of USD 1.5 billion, with the potential to grow up to USD 3 billion.
The PGA Tour said the deal also allows for future “co-investments” from Saudi Arabia’s Public Investment Fund (PIF), which funds LIV Golf, but that it would require “all necessary regulatory approvals.” “Approval” will be required, he said.
The agreement with PIF has come under scrutiny from the U.S. Department of Justice and the U.S. Senate due to antitrust concerns.
The PGA Tour said its strategic partnership with the DP World Tour “remains a focus.”
“As a close partner, the DP World Tour was included in the initial framework discussions and agreements announced last year, and the Tour is actively involved in how best to work together for the continued benefit of everyone. “We are in discussions,” the statement said.
PGA Tour Player Directors Tiger Woods, Jordan Spieth, Patrick Cantlay, Peter Malnati, Adam Scott and Webb Simpson will be based in the U.S. with the newly launched PGA Tour Enterprises, which includes the Boston Red Sox. They unanimously voted in favor of the agreement with SSG, a consortium of investors. and John Henry, owner of Liverpool, and Arthur Blank, owner of the National Football League’s Atlanta Falcons.
Wick Grousbeck, owner of the National Basketball Association’s Boston Celtics, and Steve Cohen, owner of the New York Mets, are also part of the group.
Woods, Spieth, Cantlay, Malnati, Scott and Simpson said in a joint statement: “It was extremely important to us to create an opportunity for current and future players to invest more in our organization, both financially and strategically.” said in a statement.
“Not only does this further strengthen the Tour from a business perspective, but it also encourages our players to continue to provide the best golf to our fans and to continue to make it even stronger.
“We look forward to this next chapter and an even brighter future.”
“Today is a significant moment for the PGA Tour and golf fans around the world,” added Jay Monahan, PGA Tour Commissioner and CEO of PGA Tour Enterprises.
“By making PGA Tour members owners of their own league, we strengthen our players’ collective investment in the success of the PGA Tour. Fans win by striving to bring the focus back to the great and unparalleled competitive atmosphere that is created, and by partnering with SSG, a group with extensive experience and investment across sports, media and entertainment. “This will strengthen the organization’s ability to make the sport more valuable to players, tournaments, fans and partners.”
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