A deal between the PGA Tour and a group of professional sports team owners is “imminent,” according to an ESPN story penned by Mark Schlabach and Don Van Natta Jr.
“A multibillion-dollar deal between a group of well-known U.S. sports team owners and the PGA Tour is imminent, as the tour still hopes to reach a similar agreement with Saudi Arabia’s Public Investment Fund, sources told ESPN on Friday,” the duo wrote.
“The agreement with Strategic Sports Group, a consortium of billionaire team owners that includes Tom Werner and John Henry (Boston Red Sox), Arthur Blank (Atlanta Falcons) and Wyc Grousbeck (Boston Celtics), would infuse more than $3 billion into a new for-profit entity, PGA Tour Enterprises…”
According to the ESPN report, despite the pending big-money agreement with the camera-seeking celebrity sports owners, the tour continues to negotiate with Saudi PIF officials. The end goal, reportedly, is for the new for-profit entity to have more than $7 billion in combined funding at launch.
“If a deal is reached with both Strategic Sports Group and the PIF, more than $7 billion might be infused into PGA Tour Enterprises, which would combine the commercial assets of the PGA Tour, PIF (LIV) and DP World Tour,” according to the ESPN report.
The framework agreement, which calls for the PGA Tour, DP World Tour and PIF (LIV) to align under one roof, was signed on June 6 and included a Dec. 31 deadline.
Under the terms of the proposed deal, the PGA Tour would be the majority owner, with Strategic Sports Group and the PIF listed as minority owners.
PGA Tour commissioner Jay Monahan and PIF governor Yasir Al-Rumayyan are scheduled to meet next week.