The PGA Tour has agreed a private equity deal rumoured to be worth close to $3bn with investors led by the Fenway Sports Group, which owns Liverpool Football Club.
This answers a lot of questions why many of the big-name players have not followed Jon Rahm over to LIV Golf, as golfers who have remained loyal to the PGA Tour are set to receive $1.5bn in immediate and future equity.
Talks have been going on behind the scenes with the Fenway Sports Group for months, and the outcome is revised profit-making company called PGA Tour Enterprises, with an initial value of $12 billion. The new company will run along the non-profit, tax-exempt PGA Tour.
PGA Tour commissioner Jay Monahan, who’s position was under scrutiny only a month ago by a few players will serve as chief executive of the new profit seeking enterprise.
“By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” said Monahan.
In a joint statement, PGA Tour Player Directors: Patrick Cantlay; Peter Malnati; Adam Scott; Webb Simpson; Jordan Spieth and Tiger Woods, added: “We were proud to vote in unanimous support of this historic partnership.
“It was incredibly important for us to create opportunities for the players of today and in the future to be more invested in their organisation, both financially and strategically.”
The big question is, will the accelerate peace talks with LIV Golf or are we going to see the on professional golf power struggle drag on?
