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Fenway Sports Group spearheaded a consortium to invest in the PGA Tour in January 2024.
Fenway Sports Group (FSG) are ‘closer’ to striking a deal with the Saudi Arabia Public Investment Fund (PIF) involving one of the Liverpool owners’ recent investments.
FSG brag an impressive portfolio that includes the Reds, iconic MLB side the Boston Red Sox and NHL outfit the Pittsburgh Penguins. In addition, John Henry & Co. have turned their attention to golf lately. FSG purchases a franchise in the new TGL League, which is spearheaded by Tiger Woods and Rory McIlroy. The league is enjoying success in its inaugural season, although FSG’s team Boston Common Golf have missed out on the play-offs.
In January 2024, FSG spearheaded a consortium named the Strategic Sports Group (SSG) to invest an initial $1.5 billion - which could rise to $3 billion - in the PGA Tour. The new for-profit commercial entity, PGA Tour Enterprises, allowed almost 200 players to become equity holders. The deal arrived against the backdrop of a split in golf after several leading players, including major winners Phil Mickelson, Brooks Koepka, Dustin Johnson Bryson DeChambeau, left to join the PIF-funded tour LIV.
It caused a fractured in the sport although a framework agreement was put in place for a merger between the PGA, LIV and the DP World Tour in June 2023. However, the best part of two years later, a deal has still to be thrashed out. FSG principal owner John Henry has previously held talks with PIF governor Yasir Al-Rumayyan. Even Donald Trump has tried to help negotiations after being re-elected as US President.
After SSG’s investment, it was confirmed that the deal allowed for co-investment from the PIF, which has been mooted to up to $1 billion. The 2012 US Open winner Webb Simpson sits on the PGA Tour Policy Board has met with Al-Rumayyan in the Bahamas last year. At the time, Henry and other members of SSG were ‘getting their feet wet’ but things are now moving in the right direction.
What’s been said
Via Sports Illustrated, Simpson said: “I think we’re definitely closer because I think at that time SSG (Strategic Sports Group) was brand new,. They were getting their feet wet.
“I think now there is an understanding more of who he (Al-Rumayyan) is, what he wants, what he’s trying to accomplish with LIV. At least we have a better understanding. On paper, maybe it doesn’t look like we’re any further. I do believe we are.
“I’m not on the transaction committee (which deals directly with the PIF), so I don’t know how Yasir is with other forms of TV golf, where we incorporate PGA Tour, DP World Tour and the LIV Tour.
“We’ve presented at least at the board level other team options that aren’t just franchises like they have for the whole year. More like different points on the calendar where there is an appetite for fans to see some type of team stuff. Then it goes back to the idea that the beauty of a team sport is you get behind that team for the season. You ride their highs and lows. Is four times a year really going to work? Will that satisfy what Yasir wants?”