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Newcastle United owners, the Saudi Arabian Public Investment Fund, are set to acquire a minority stake in PGA Tour Enterprises following talks with Liverpool’s owners.
There has been a civil war in golf following the emergence of PIV’s LIV Golf as a direct competitor to the established PGA Tour. Many professionals left the PGA Tour to join LIV Golf, causing division in the sport.
But in 2023, it was announced that a ‘framework agreement’ was in place for a shock merger with LIV Golf and the PGA Tour. The deal is expected to see PIF inject as much as $3billion into PGA Tour Enterprises to acquire a 6% stake.
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In October, PGA Tour Enterprises director John W. Henry - who is also the of Fenway Sports Group and Liverpool Football Club - held talks with members of PIF on several occasions. Fenway Sports Group led consortium ‘Strategic Sports Group’ agreed a deal with PGA Tour Enterprises earlier this year.
According to Bloomberg sources,an agreement with PIF to acquire a minority stake in PGA Tour Enterprises is close following ‘advanced talks’. The investment could see PGA Tour Enterprises valued at around $12billion, adding to PIF’s growing portfolio.
A PGA Tour representative declined to comment, while a representative for PIF couldn’t immediately comment on the matter.
PIF completed a takeover of Newcastle United in October 2021 in a deal worth over £300million. Three years on and Newcastle have successfully avoided relegation, qualified for the Champions League, reached the Carabao Cup final and achieved consecutive top-seven finishes for the first time in over 20 years.
Newcastle chairman and PIF governor Yasir Al Rumayyan has been active at LIV Golf events over the past couple of years. Former LIV Golf managing director Majed Sorour was briefly appointed as a director at Newcastle between May and December 2022.
Current LIV Golf chief executive Greg Norman also visited St James’ Park to watch Newcastle’s 1-1 draw with Manchester City in October. While there has been a lack of major investment at Newcastle in 2024, senior sources at the club insist PIF remain fully committed to the project.
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