The
PGA Tour
reached an agreement with the
Strategic Sports Group
(SSG), a consortium of investors and owners of sports franchises,
to inject up to $3 billion
into the United States professional golf circuit through
PGA Tour Enterprises
. a new commercial company under the control of the PGA in which
the players themselves will have shares in the company
.
As reported this Wednesday by the PGA Tour itself in a statement, SSG will focus through PGA Tour Enterprises on maximizing the generation of golf profits while
the nearly two hundred PGA Tour golfers will have access to 1.5 billion dollars in shares of this brand
, in which the highest-ranked players in the world ranking will have access to a higher percentage of the same than those with the lowest.
The PGA stressed that this transaction allows in the future
"a co-investment of the Saudi Public Investment Fund in the future, subject to all necessary approvals"
and that it follows the relevant study channels.
The PGA TOUR has launched PGA TOUR Enterprises.
Players will have the opportunity to receive over $1.5 billion in immediate and future equity.
The new enterprise is funded through an investment partnership with Strategic Sports Group.https://t.co/zpqmuIeCpJ
— PGA TOUR (@PGATOUR) January 31, 2024
Meanwhile, through this new company called PGA Tour Enterprises,
"players would collectively access more than $1.5 billion in shares
," which will be acquired based on
"professional career achievements, recent achievements, participation and Future Services and PGA Tour Membership"
.
The general director of this new company and commissioner of the PGA Tour,
Jay Monahan
, highlighted that this news
"is an important moment for the PGA Tour and golf fans around the world"
, since
"by converting PGA members Tour owners of their league, the players' collective investment in the success of the PGA is reinforced
. "
"Fans win when we all work to offer the best sports entertainment and return focus to the incredible - and unmatched - competitive atmosphere created by our players, tournaments and partners
, "
said Monahan
, who highlighted that SSG has shares in the different leagues. Americans, such as the NFL, NBA, MLB, NHL.
For their part, PGA Tour player directors Patrick Cantlay, Peter Malnati, Adam Scott, Webb Simpson, Jordan Spieth and Tiger Woods said in a joint statement that they are
"proud to vote in unanimous support of this historic partnership between PGA Tour Enterprises and SSG"
.
The PGA Tour has finalized an agreement with Strategic Sports Group, injecting about $3 billion of cash into a new for-profit entity.
Investors include:
• Tom Werner & John Henry (Boston Red Sox)
• Mark Attanasio (Milwaukee Brewers)
• Arthur Blank (Atlanta Falcons)
• Wyc… pic.twitter.com/A5v8UcfAL1
— Joe Pompliano (@JoePompliano) January 31, 2024
"It was incredibly important for us to create opportunities for players of today and the future to invest more in their organization, both financially and strategically. This not only further strengthens the Tour from a business perspective, but also encourages players to fully invest in continuing to offer - and improving even more - the best of golf to our fans," they explained.
As part of PGA Tour Enterprises, SSG, a consortium of American sports team owners led by
Fenway Sports Group
, will initially invest
$1.5 billion in the company
and will strategically focus on maximizing revenue generation for the benefit of players and finding opportunities to improve the game of golf around the world.
With information from EFE