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We were able to discuss the framework agreement between PIF, PGA Tour and DP World Tour several times. One of the fundamental points of the agreement is the establishment of a new company, intended to supervise and coordinate the activities of the professional circuits.
The new reality now has a name: PGA Tour Enterprises. News of the name was not announced during a press conference held by interested party representatives, but rather through a statement that the PGA Tour Policy Board first sent to players and then posted on the website.
PGA Tour Enterprises, news
However, the name reveal wasn’t the most interesting part of the memo.
The truly sensational news was the confirmation that the PGA Tour is one step away from signing an important agreement with the Strategic Sports Group, a consortium made up mainly of entrepreneurs who own teams and facilities in the world of sport.
The parent company of the consortium is the Fenway Sports Group, which is joined by other well-known names including Arthur Blank, owner of the Atlanta Falcons, Wyc Grousbeck, owner of the Boston Celtics, Marc Lasry, owner of the Milwaukee Bucks, Tom Ricketts, owner of the Chicago Cubs, Cohen Private Ventures, owner of the New York Mets and HighPost Capital.
We maintain a serious and professional tone and never address the reader directly, avoiding the use of exclamation points. In addition to sharing a common purpose within the SSG, many of these objects also boast ownership stakes in Tige Woods and Rory McIlroy’s TGL franchises, in which Fenway Sports Group plays a leading role.
The group of US sports moguls is preparing to allocate the considerable sum of 3 billion dollars for the operation.
The PIF is expected to do the same, judging by ongoing negotiations as reported by Commissioner Jay Monahan.
The new entity would be nothing less than a considerable asset. However, what state are the negotiations actually in?
The PIF seems to be adopting a cautious attitude, with LIV Golf, the sports extension of the Sovereign Fund, doing a lot instead.
This is demonstrated by the recent acquisition of Jon Rahm.
The PGA Tour instead seems to be more committed to finding fruitful partners, with the aim of presenting itself as a strong party when signing the final agreement.
However, it seems that the times and methods adopted by the Tour have not satisfied some of its members, as demonstrated by the letter sent by Susman Godfrey, one of the largest US law firms specializing in litigation, on behalf of 21 dissatisfied and concerned professionals in the sector, to Policy Board.
The names of the signatories include Danny Willett, James Hahn (ex-Player Director), Chez Reavie, Nate Lashley, Scott Piercy and Lanto Griffin. The letter contains the following request: “We request that details and analyzes relating to all proposals submitted by potential investors be transparently communicated, which must be shared with all Tour players”.
