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Fenway Sports Group have led a consortium to invest in the PGA Tour.
It has been a protracted saga which caused the split of a sport. But now there could finally be a resolution that so many have yearned for.
Fenway Sports Group boast an impressive portfolio that includes three iconic teams. Liverpool have been under their control since 2010 after a £300 million takeover. During their 14-year ownership, the Reds have been restored to the upper echelons of European football, with Champions League and Premier League glory achieved. Meanwhile, Anfield’s capacity has been expanded to 61,000 and £50 million was spent on the state-of-the-art AXA Training Centre.
MLB outfit Boston Red Sox were FSG’s (formerly New England Sports Ventures) first purchase in 2002. Just two years into their tenure, an 86-year wait for a World Series was ended - and three more have been won since. Then in December 2020, NHL side the Pittsburgh Penguins came FSG’s control in a deal worth a reported $900 million.
Yet John Henry and Co. have continued to expand their portfolio. At the start of this year, FSG spearheaded a consortium named the Strategic Sports Group (SSG) to invest in the PGA Tour. Several powerful sports owners including Steve Cohen (New York Mets), Thomas Ricketts (Chicago Cubs) and Wyc Grousbeck (Boston Celtics) opted to inject up an initial $1.5 billion - and up to $3 billion - in a commercial venture PGA Tour Enterprises.
The deal came out of a split in the sport of golf. Several top players including major winners Phil Mickelson, Brooks Koepka, Dustin Johnson and Bryson Dechampeau made the controversial decision to leave the PGA Tour and join LIV - funded by Saudi Arabia’s Public Investment Fund (PIF). After a merger deal between the PGA and LIV could not be agreed by the end of 2023, SSG took the chance to step in.
Bloomberg reports that a breakthrough has finally been made and that SSG and the Saudis are now close to an agreement. It is suggested that the PIF are in ‘advanced talks’ about purchasing a 6% stake in PGA Tour Enterprises. It could see PGA Tour Enterprises valued at around $12 billion. A PGA Tour representative declined to comment when approached by Bloomberg.
Before their investment in PGA Tour Enterprises, FSG moved into golf when purchasing a franchise - named Boston Common Golf - in the TGL League, which is being led by Tiger Woods and Rory McIlroy. The league, which combines advanced technology with teams of top players from the PGA Tour for two-hour weekly competitions, starts in January and will be broadcast on ESPN in America.
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