The Public Funding Fund of Saudi Arabia — the cash behind LIV Golf — is nearing the acquisition of a small share of PGA Tour Enterprises, Bloomberg reported Tuesday.
The PIF, per the report, is ready to take a 6 p.c possession stake within the group, which is the for-profit department of the PGA Tour. The 2 sides have been negotiating an alliance for greater than a 12 months.
Strategic Sports activities Group, a consortium made up largely of householders of professional sports activities franchises, already has an funding in PGA Tour Enterprises and is ready to place in as a lot as $3 billion. Bloomberg didn’t pin a greenback determine on a possible PIF funding however pegged the worth of PGA Tour Enterprises at about $12 billion.
A consultant of PGA Tour Enterprises declined to remark to Bloomberg.
LIV Golf started in 2022 after the PIF invested tons of of tens of millions of {dollars} into luring big-game golfers, together with Brooks Koepka and Dustin Johnson, away from the PGA Tour.
Following lawsuits and countersuits, the 2 sides agreed to debate an alliance — and a method for LIV golfers to play in large PGA Tour occasions past the 4 majors.
A PIF funding in PGA Tour Enterprises could be a constructive step for the tour, which does not wish to see extra golfers abandon it for LIV Golf.
Any deal would require regulatory approval.
–Area Degree Media