The PGA Tour has narrowed its negotiations to an investment group led by Fenway Sports Group as the circuit moves closer to becoming a for-profit entity.
The Tour Policy Board outlined plans to “further negotiate with Strategic Sports Group (SSG), a U.S.-based consortium of professional sports team investors led by Fenway Sports Group,” in a letter to members Sunday afternoon. I sent a memo to do so.
The list of more than a dozen investors in SSG includes Arthur Blank, owner of the Atlanta Falcons and co-founder of Home Depot, and principal owner of the Liverpool Football Club and Boston Red Sox. John Henry was also included.
The tour has narrowed its list of potential private equity partners to three companies. Fenway Sports Group, Fenway Sports Group. Acorn Growth Inc.; and after Saturday’s policy committee meeting, Fenway Sports was crowned the winner.
“We also [Saudi Arabia’s Public Investment Fund] in the coming weeks,” the memo said. “Additionally, the DP World Tour continues to be an important part of our process as we build towards the PGA Tour enterprise. [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 meet with PIF Governor Yasir Al-Rumayan next week. The framework agreement the circuit signed with the PIF in June sets a December 31 deadline for negotiations, which the commissioner said earlier this month was a “firm goal”.
Last week, world No. 3 and current Masters champion Jon Rahm I joined LIV Golf.. Many see the move as a leverage move by the PIF, and various sources say negotiations have intensified following Rahm’s move to the Saudi-backed league.
“We are extremely confident in the ultimate positive outcome for all players and the PGA Tour as a whole,” the memo to tour players said.
Strategic Sports Group by PGA Tour:
- Marc Attanasio
- arthur blank
- Jerry Cardinale
- Cohen Private Ventures
- fenway sports group
- mike gordon
- wick grousbeck
- john henry
- high post capital
- Mark Lasry
- tom ricketts
- Tom Warner