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Home»Sports News»Deadspin | Report: PIF shut to purchasing stake in PGA Tour Enterprises

Deadspin | Report: PIF shut to purchasing stake in PGA Tour Enterprises

Sports EditorBy Sports EditorDecember 11, 20242 Mins Read
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Deadspin | Report: PIF shut to purchasing stake in PGA Tour Enterprises
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Apr 21, 2024; Hilton Head, South Carolina, USA; The PGA TOUR brand is seen on the pin flag on the ninth inexperienced throughout the closing spherical of the RBC Heritage golf match. Necessary Credit score: Aaron Doster-Imagn Photographs

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



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