- A consortium of investors led by Fenway Sports Group has been selected for talks to become co-investors in a potential deal between the PGA Tour and Saudi Arabia’s Public Investment Fund.
- The PGA Tour and the Saudi PIF set a deadline of Dec. 31 to complete the deal.
- The PGA Tour said it had received several strong investor proposals before narrowing down the Fenway-led group.
Tiger Woods sweeps his driver’s grip on the 18th tee during the first round of the PNC PGA TOUR Championship of Champions at The Ritz-Carlton Golf Club on December 17, 2022 in Orlando, Florida.
Ben Jared | PGA Tour | Getty Images
A coalition of American sports investors led by Fenway Sports Group has entered the final round of negotiations to become co-investors in a potential deal between the PGA Tour and Saudi Arabia’s Public Investment Fund, the PGA Tour announced Sunday.
The Fenway-led consortium, called Strategic Sports Group, includes a variety of private equity investors and brands including Celtics majority owner Wyc Grousbeck, Chicago Cubs President Tom Ricketts and Cohen Private Ventures, a venture capital firm of New York Mets owner Steve Cohen.
The list of investors also includes Milwaukee Brewers owner Mark Attanasio, Home Depot co-founder Arthur Blank, Liverpool Football Club owner John Henry and Boston Red Sox owner Tom Werner, among others.
The announcement noted that Strategic Sports Group had been selected after rigorous consideration of other offers from outside investors. The PGA Tour previously rejected one proposal from TKO’s majority owner Endeavor Group Holdings.
As it narrows its pool of investors, the PGA Tour said it would pursue further negotiations with the Saudi PIF in the coming weeks.
The news comes as time runs out for the PGA Tour to secure its long-awaited deal with PIF, which owns the DP World Tour and LIV Golf. PGA Tour commissioner Jay Monahan previously said the parties would aim to complete the deal by Dec. 31.
The PGA Tour and PIF agreed to the merger in June, but have gone back and forth over the specific terms of the deal due in part to resistance from PGA Tour majors such as Rory McIlroy. The deal has also faced scrutiny from lawmakers who are skeptical of Saudi Arabia’s intentions, arguing that the country may be trying to gain influence in the US through sports investments.
– CNBC’s Jessica Golden contributed to this report.