The PGA Tour has narrowed its negotiations to an funding group led by Fenway Sports activities Group because the circuit strikes nearer to a for-profit entity.
The Tour coverage board despatched a memo to the membership Sunday afternoon outlining a plan to “additional negotiate with Strategic Sports activities Group (SSG), a consortium of U.S.-based skilled sports activities workforce traders led by Fenway Sports activities Group.”
Included within the record of a dozen traders with SSG was Arthur Clean, the proprietor of the Atlanta Falcons and co-founder of The House Depot, and John Henry, the principal proprietor of Liverpool Soccer Membership and the Boston Crimson Sox.
The Tour had narrowed the record of potential personal fairness companions to 3 – Fenway Sports activities Group; Acorn Progress Cos.; and Liberty Media Corp., the proprietor of F1 – and following a coverage board assembly Saturday, Fenway Sports activities emerged because the winner.
“We additionally anticipate advancing our negotiations with [Saudi Arabia’s Public Investment Fund] within the weeks to come back,” the memo learn. “Additional, the DP World Tour will proceed to be an vital a part of the method as we construct towards PGA Tour Enterprises [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 satisfy with the governor of PIF, Yasir Al-Rumayyan, subsequent week. The framework settlement the circuit signed with PIF in June requires a Dec. 31 deadline for the negotiations and the commissioner stated earlier this month that could be a “agency goal.”
The Tour was rocked final week by information that Jon Rahm, the world’s third-ranked participant and reigning Masters champion, had joined LIV Golf. Many considered the transfer as a leverage play by PIF and in accordance with numerous sources, the negotiations heated up following Rahm’s transfer to the Saudi-backed league.
“We’re very assured in an eventual, constructive end result for all gamers and the PGA Tour as a complete,” the memo to Tour gamers learn.
Strategic Sports activities Group, per the PGA Tour:
- Marc Attanasio
- Arthur Clean
- Gerry Cardinale
- Cohen Personal Ventures
- Fenway Sports activities Group
- Mike Gordon
- Wyc Grousbeck
- John Henry
- HighPost Capital
- Marc Lasry
- Tom Ricketts
- Tom Werner
