The PGA Tour Coverage Board is about on finalizing a take care of the Saudi Public Funding Fund (PIF) forward of the self-imposed Dec. 31, 2023, deadline.
However they can even negotiate with the Strategic Sports activities Group (SSG), an affiliation of traders that personal numerous skilled franchises in america. A memo was despatched to gamers indicating these plans on Sunday night, made public by Rex Hoggard of the Golf Channel.
“We simply concluded a sequence of PGA Tour Coverage Board conferences and want to give you a major replace,” the memo reads.
“We unanimously agreed to additional negotiate with Strategic Sports activities Group (SSG), a consortium of U.S.-based skilled sports activities crew traders led by Fenway Sports activities Group.”
Fenway Sports activities Group has reportedly held discussions with the tour all through the Fall. In addition they personal Boston Frequent Golf, one of many six groups aside of Tiger Woods and Rory McIlroy’s TGL league, which has since been postponed till 2025.
:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/25152309/1838469858.jpg)
Different traders on this consortium embrace Marc Attanasio, Arthur Clean, Gerry Cardinale, and Cohen Personal Ventures.
Attanasio based Crescent Capital Group, an funding agency that funds high-yield bonds, leveraged loans, and distressed securities. He has additionally owned the Milwaukee Brewers since 2004.
Clean, who based Residence Depot and owns the Atlanta Falcons, can be listed as a part of the SSG. Like Fenway Sports activities Group, Clean bought a TGL crew named Atlanta Drive, with Justin Thomas headlining the squad.
Cardinale, in the meantime, based and owns RedBird Capital Companions, which focuses on high-profile media and sports activities groups. His purchasers embrace Fenway Sports activities Group, AC Milan, LeBron James, Ben Affleck, and Matt Damon, in line with The New York Publish.
After which there may be Cohen Personal Ventures, which invests long-term capital on behalf of Steve Cohen, the billionaire proprietor of the New York Mets.
Mike Gordon, Wyc Grousbeck, John Henry, HighPost Capital, Marc Lasry, Tom Ricketts, and Tom Werner additionally comprise the SSG, per Rex Hoggard of the Golf Channel.
However regardless of the billions of {dollars} that these teams have, they collectively pale compared to what the PIF has in its financial institution. The PIF reportedly has over $700 billion in belongings, therefore its determination to pay Jon Rahm $550 million to affix LIV Golf.
That transfer despatched the PGA Tour into disarray, which explains why the Coverage Board despatched this memo to membership on Sunday night—three days after Rahm’s determination grew to become public.
The tour is keen to finalize a take care of outdoors traders—together with PIF—for the betterment of the sport of golf.
“We additionally anticipate advancing our negotiations with PIF within the weeks to return,” the memo continued.
“Please know that whereas we are able to’t get into extra particulars presently, we’re very assured in an eventual, constructive final result for all gamers and the PGA Tour as a complete.”
Jack Milko is a golf employees author for SB Nation’s Taking part in By way of. You’ll be able to comply with him on Twitter @jack_milko for extra golf protection. Make sure to try @_PlayingThrough too.
