The PGA Tour has finalized an agreement with Strategic Sports Group, a consortium of billionaire sports team owners, to infuse at least $3 billion into a new for-profit entity, PGA Tour Enterprises, sources told ESPN on Wednesday.
PGA Tour commissioner Jay Monahan is expected to inform PGA Tour, PGA Tour Champions and Korn Ferry Tour members of the deal in a conference call Wednesday morning.
ESPN reported on Dec. 15 that a deal with Strategic Sports Group (SSG) was imminent. The SSG group includes Tom Werner and John Henry (Boston Red Sox), Mark Attanasio (Milwaukee Brewers), Arthur Blank (Atlanta Falcons), Wyc Grousbeck (Boston Celtics), Steve Cohen (New York Mets), Tom Ricketts (Chicago Cubs) and others.
Strategic Sports Group would be a minority investor in PGA Tour Enterprises, and the PGA Tour would remain the majority shareholder.
Meanwhile, the PGA Tour is continuing its negotiations to finalize an agreement with Saudi Arabia’s Public Investment Fund (PIF) and the DP World Tour, which would potentially inject additional billions of dollars into PGA Tour Enterprises, according to sources.