Thursday, February 29, 2024
HomeGolfTour advances negotiations; nonetheless in talks with PIF

Tour advances negotiations; nonetheless in talks with PIF

The PGA Tour has narrowed its negotiations to an funding group led by Fenway Sports activities Group because the circuit strikes nearer to a for-profit entity.

The Tour coverage board despatched a memo to the membership Sunday afternoon outlining a plan to “additional negotiate with Strategic Sports activities Group (SSG), a consortium of U.S.-based skilled sports activities staff buyers led by Fenway Sports activities Group.”

Included within the checklist of a dozen buyers with SSG was Arthur Clean, the proprietor of the Atlanta Falcons and co-founder of The Residence Depot, and John Henry, the principal proprietor of Liverpool Soccer Membership and the Boston Pink Sox.

The Tour had narrowed the checklist of potential non-public fairness companions to 3 – Fenway Sports activities Group; Acorn Progress Cos.; and Liberty Media Corp., the proprietor of F1 – and following a coverage board assembly Saturday, Fenway Sports activities emerged because the winner.

“We additionally anticipate advancing our negotiations with [Saudi Arabia’s Public Investment Fund] within the weeks to come back,” the memo learn. “Additional, the DP World Tour will proceed to be an vital a part of the method as we construct towards PGA Tour Enterprises [the name given to the for-profit entity that will include the Tour, European circuit and LIV Golf].”

Tour commissioner Jay Monahan is scheduled to fulfill with the governor of PIF, Yasir Al-Rumayyan, subsequent week. The framework settlement the circuit signed with PIF in June requires a Dec. 31 deadline for the negotiations and the commissioner stated earlier this month that could be a “agency goal.”

The Tour was rocked final week by information that Jon Rahm, the world’s third-ranked participant and reigning Masters champion, had joined LIV Golf. Many considered the transfer as a leverage play by PIF and in line with numerous sources, the negotiations heated up following Rahm’s transfer to the Saudi-backed league.

“We’re very assured in an eventual, optimistic consequence for all gamers and the PGA Tour as a complete,” the memo to Tour gamers learn.

Strategic Sports activities Group, per the PGA Tour:

  • Marc Attanasio
  • Arthur Clean
  • Gerry Cardinale
  • Cohen Non-public Ventures
  • Fenway Sports activities Group
  • Mike Gordon
  • Wyc Grousbeck
  • John Henry
  • HighPost Capital
  • Marc Lasry
  • Tom Ricketts
  • Tom Werner



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