PGA Tour strikes deal with SSG for $3B investment amid ongoing merger talks with Saudi PIF, per report
CBSN
The PGA Tour has secured its first round of investment from a consortium of U.S. sports team owners
The PGA Tour and Strategic Sports Group have reached a deal in which SSG will invest at least $3 billion into the PGA Tour's new for-profit entity, PGA Tour Enterprises, according to ESPN. The SSG is a widespread collection of U.S. sports owners, which includes the likes of Arthur Blank, John Henry and Wyc Grousbeck. With no apparent breakthrough in talks between the Tour and the Saudis after an initial deadline of the end of 2023, the news of a major U.S. infusion of cash seems to further dim the prospects of them arriving at a deal.
PGA Tour commissioner Jay Monahan is scheduled to speak to PGA Tour, Korn Ferry Tour and PGA Tour Champions membership Wednesday morning to break down the deal. Additional meetings and educational touch points will be held in the weeks ahead to provide details and answer questions players may have.
Amid this new deal, what stands out is the lack of investment thus far from the Public Investment Fund of Saudi Arabia. The Wall Street Journal reported on Monday that the PIF would not be part of this initial minority investment into the new for-profit PGA Tour entity.
