The PGA Tour is close to finalizing a historic investment from a U.S. consortium, people familiar with the matter say.
The initial investment from Strategic Sports Group (SSG) could be about $3 billion, with an additional tranche from the Saudi Public Investment Fund, said the people, asking not to be identified while discussing ongoing talks. The deal could value PGA Tour Enterprises — the for-profit entity created to house the tour’s commercial interests — at about $12 billion, one of the people said.
The deal may not initially include the Saudi-backed LIV Golf, with talks continuing on how to include the rival league, the people said. Any potential investment and valuation could still change, they added.
A spokesperson for the PGA Tour declined to comment. SSG could not be reached for comment.
The Fenway Sports Group-led consortium entered into final negotiations to be a U.S. co-investor in December. The group also includes Cohen Private Ventures, the family office of New York Mets owner Steve Cohen; and Marc Lasry, a former co-owner of the Milwaukee Bucks of the National Basketball Association.
The deal has faced delays over how much control PGA Tour players would have within the new league, broadcast and sponsorship contracts and the role of the Public Investment Fund.
The upstart LIV, which launched in 2022, made a splash by hiring star golfers like Phil Mickelson for contracts worth hundreds of millions of dollars. It then sued the PGA Tour for antitrust violations after it banned several LIV players from major tournaments. In turn, the PGA accused LIV and the Saudi investment fund of illegally interfering with players’ contracts.
In June, the PGA Tour agreed to a merger with PIF and Europe’s professional league, the DP World Tour, shocking the sports world. The battle between the rivals had captivated fans and split players.
But that tie-up has been slowed by negotiations and criticism from U.S. politicians worried about the takeover of an iconic sports institution. The inclusion of U.S. investors could help address those concerns. PGA Tour representatives have said the kingdom’s investment fund would be only a minority investor in the combined entity.
Meanwhile, LIV has continued to entice high-profile golfers, including Ryder Cup teammates Jon Rahm and Tyrrell Hatton.