The Strategic consortium includes other pro sports franchise owners. Mark Attanasio, the principal owner of MLB’s Milwaukee Brewers, and Wyc Grousbeck, co-owner of the NBA’s Boston Celtics, are Strategic Sports Group stakeholders. Billionaire Marc Lasry, who formerly owned the NBA’s Milwaukee Bucks, is also a Strategic Sports Group member.<\/p>\n
\nWe greatly appreciate the opportunity to join PGA Tour players in this important next phase of the PGA Tour’s evolution,” said Henry, who is the manager of the Strategic Sports Group. “Our enthusiasm for this new venture stems from a very deep respect for this remarkable game and a firm belief in the expansive growth potential of the PGA Tour. We are proud to partner with this historic institution and are eager to work with the PGA Tour and its many members to grow and strengthen the game of golf globally.”<\/p>\n<\/blockquote>\n
The Strategic Sports patrons will advise PGA Tour Enterprises on how to grow tour revenue that will become available to players. The investment values PGA Tour Enterprises at $12 billion, giving Strategic an initial ownership position of 12.5%. That could double to approximately 25% should the group follow through with another $1.5 billion investment as proposed.<\/p>\n
Saudi Money<\/b><\/h2>\n In announcing the Strategic investment, the PGA Tour said the deal allows for a co-investment from Saudi Arabia’s Public Investment Fund (PIF). The sovereign wealth fund has bankrolled the controversial upstart professional tour called LIV Golf.<\/p>\n
The Saudis, accused of sportswashing, have spent billions of dollars poaching away PGA Tour stars with lavish signing bonuses, rich purses, and a reduced playing schedule where shorts are allowed, there’s no cut, and there is guaranteed pay during the 54-hole tournaments.<\/p>\n
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Monahan conceded his opposition to LIV Golf last summer when he announced his intentions to merge the Tour with LIV Golf. PIF Gov. Yasir Al-Rumayyan is expected to chair the PGA Tour Enterprises board, while Monahan will serve as CEO. The PGA Tour will maintain a majority voting interest in the enterprise.<\/p>\n<\/div>\n
The tour statement said the organization continues to work toward an investment agreement with PIF. Strategic Sports has consented to such an investment, subject to any necessary regulatory approvals.<\/p>\n
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A previous version of this article incorrectly identified Andrew Cohen as Steve Cohen’s son. The two are not related.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"New York casino hopeful Steve Cohen is an investor in PGA Tour Enterprises.<\/p>\n","protected":false},"author":25,"featured_media":308844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,82965],"tags":[83245,82336,86586,86210,86209,89707],"acf":[],"yoast_head":"\n
PGA Tour, Strategic Sports Group Confirm Investment<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n