PGA Tour Nears $3BN Deal with Sports Team Owners Amidst Mistrust and Rivalry
The PGA Tour is nearing a multibillion-dollar deal with a group of U.S. sports team owners, including the Boston Red Sox and Atlanta Falcons, to create a new for-profit entity called PGA Tour Enterprises. The tour is also in talks with Saudi Arabia's Public Investment Fund (PIF), which is financing the rival LIV Golf League. If deals are reached with both Strategic Sports Group and the PIF, over $7 billion could be infused into PGA Tour Enterprises. The agreements aim to stabilize the sport amidst player defections and a federal antitrust lawsuit, but they still need to be scrutinized by the U.S. Department of Justice.