Word on the street —According to a report by Bloomberg — the PGA Tour is about to lock in a major deal that’s gonna flood the North American circuit with a mind-blowing $3 billion injection. The Tour seems all set to roll in some serious dough.
Bloomberg spilled the tea, reporting that Strategic Sports Group (SSG) is gearing up to throw down the cash as early as next week. SSG, a squad of deep-pocketed players led by Tom Werner and John Henry’s Fenway crew (you know, the ones calling the shots at Liverpool FC and the Boston Red Sox), is stepping up to the plate.
This cash infusion from SSG is in a league of its own and has nothing to do with the deal the Tour struck with Saudi Arabia’s Public Investment Fund (PIF).
PIF, the big guns behind LIV Golf, has been throwing billions around, enticing top-notch champions onto their turf. A deal was supposed to be sealed by the end of the year, but with SSG getting in the mix, things hit a roadblock.
This surprise move comes in the midst of some wild chaos in men’s pro golf, and it’s waving goodbye to the costly legal battles between the tours. Records show the Tour shelled out a cool $22 million in legal fees during their showdown with LIV.
Bloomberg’s got the deets, suggesting that SSG is throwing in an initial investment of $3 billion. Here’s a snippet from their report:
“The first stash from Strategic Sports Group could hit about $3 billion, with an extra stack coming from the Saudi Public Investment Fund, according to unnamed insiders. “The whole deal might put a value of around $12 billion on PGA Tour Enterprises – the moneymaking entity that holds the Tour’s commercial interests – as per one of the insiders. “The Saudi-backed LIV Golf might not be part of the initial deal, with ongoing talks on how to bring the rival league into the mix. The investment and valuation could still change, though.”
Bloomberg tried to get the scoop from the Tour and SSG, but both stayed mum. Meanwhile, LIV Golf’s gearing up for their third run in Mayakoba, Mexico.
As per the framework deal, LIV/PIF had promised not to snatch up any more golf heavyweights from the Tour during peace negotiations. But, under the watchful eyes of the U.S. Department of Justice, that clause got tossed over antitrust concerns.
LIV then went ahead and snagged the reigning Masters champ Jon Rahm, sending shockwaves through the power corridors. And if the grapevine’s right, Tyrrell Hatton, Rahm’s teammate from the 2023 Ryder Cup, also jumped ship to LIV, allegedly pocketing a cool £50m (about $54,216,586.59 USD). Cha-ching!
