"PGA Tour Secures Historic $3 Billion Deal with Equity Ownership for Players"
The PGA Tour has secured a $3 billion investment from Strategic Sports Group, allowing players to become equity owners in the new PGA Tour Enterprises. This move comes after the tour's framework agreement with the Saudi backers of LIV Golf, prompting private equity groups to join. The deal with SSG allows for a potential co-investment from the Public Investment Fund of Saudi Arabia, subject to regulatory approval. The unique equity program will give players access to initial grants and recurring grants, with SSG investing $1.5 billion into PGA Tour Enterprises and another $1.5 billion toward PGA Tour business. The PGA Tour plans to hold player meetings to work through the details of the equity ownership program.
