You know that deal between the PGA and LIV Golf? Yea, sounds like it might not be happening anymore.
That’s the rumor surrounding the PGA Tour landing a $3 billion dollar investment from a consortium of American sports owners led by the Strategic Sports Group (SSG).
Who is SSG? I thought you’d never ask! Join me while I geek out a bit about all the amazing brands they own or have invested in.
SSG is an investment group headed by Fenway Sports Group.
Alright, then who is the Fenway Sports Group?
“The Fenway Sports Group is an American multinational sports holding conglomerate which owns NASCAR’s RFK Racing, Major League Baseball’s Boston Red Sox, the Premier League’s Liverpool F.C., and the National Hockey League’s Pittsburgh Penguins.” according to Wikipedia.
Among the many distinguished investors in the Fenway Sports Group is none other than LeBron James, who owns a 1% stake in the firm as a result of his earlier investment in the Premier League’s Liverpool F.C. soccer team.
What does a $3 billion dollar investment buy you these days?
How about showering PGA players with $1.5 billion in equity shares in the newly formed PGA Tour Enterprises, which will be the commercial arms of the PGA Tour under their control.
And since this is capitalism at its finest, the highest ranked players in the PGA will be receiving larger shares of the equity.
I don’t see LIV Golf handing out equity in their Saudi Arabian backed golf league anytime soon.
PGA Tour to land $3B investment, making LIV Golf deal uncertain