JUST IN: PGA Tour Agrees to $3 Billion Investment in New For-Profit Entity — Amid Lingering Questions About Deal With Saudi-Backed LIV Golf

Rich Graessle/AP

The PGA Tour finalized an agreement with Strategic Sports Group that will see at least $3 billion invested into the tour’s new for-profit entity, ESPN reported Wednesday.

The group, described as a “consortium of billionaire sports owners,” consists of owners from the Boston Red Sox, Milwaukee Brewers, Atlanta Falcons, Boston Celtics, New York Mets, and Chicago Cubs. PGA Tour Commissioner Jay Monahan informed tour members of the agreement during a Wednesday conference call.

With the deal, Strategic Sports Group will be a minority investor in PGA Tour Enterprises — the for-profit arm of the tour. The PGA Tour will maintain a majority stake.

Sources informed ESPN that the PGA Tour could also see billions more in the event that it finalizes its deal with Saudi Arabia’s Public Investment Fund. The PIF, which operates LIV Golf, reached a framework agreement with the PGA Tour in June to form a unified golf entity. Those talks are still in the works.

According to a Monday report from The Wall Street Journal, however, the PIF’s absence from this first round of investments is cause for concern. The sides set a deadline at the end of 2023 to get the deal done, yet there has been “no apparent breakthrough in talks.” Because of this, the report added, a “U.S. infusion of cash” coming before a Saudi investment “seems to further dim the prospects of them arriving at a deal.”