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PEBBLE BEACH, Calif. (AP) — Patrick Cantlay has spent about as much time on the phone as the golf course this week as a PGA Tour board member trying to nail down a deal for a $3 billion investment. It didn't seem to affect his day job at the AT&T Pebble Beach Pro-Am. Torrey Pines winner Matthieu Pavon had the best round at Pebble Beach, closing with four birdies over the last five holes for a 65. He became the first amateur in 33 years to win on the PGA Tour two weeks ago. In his pro debut, Dunlap opened with a 76 at Pebble Beach.

Persons: — Patrick Cantlay, Cantlay, Thomas Detry, Detry, Matthieu Pavon, Rory McIlroy, LIV, McIlroy, “, ” McIlroy, ” Detry, ” Cantlay, LIV Golf, Rickie Fowler, Rory, ”, ” Fowler, Nick Dunlap, Dunlap Organizations: Tour, Torrey Pines, PGA Tour, Hollywood, NFL, Saudi, Strategic Sports Group, SSG, Public Investment Fund, American Express, U.S, Amateur, PGA Locations: Calif, Spyglass, Belgium, Saudi, Pebble

PEBBLE BEACH, Calif. (AP) — The PGA Tour is getting a $3 billion investment from Strategic Sports Group in a deal that would give players access to more than $1.5 billion as equity owners in the new PGA Tour Enterprises. PGA Tour Commissioner Jay Monahan was holding a conference call with players about the deal that was finalized Tuesday night. Political Cartoons View All 253 Images“By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” Monahan, who will be CEO of PGA Tour Enterprises, said in the formal announcement. While specific details of the equity ownership program were not announced, the initial grants would be based on career accomplishments, recent achievements and PGA Tour status. The European tour was part of the framework agreement on June 6, and it has a strategic alliance with the PGA Tour.

Persons: LIV Golf, Jay Monahan, ” Monahan, Marc Attanasio, Arthur Blank, Steven Cohen, Wyc Grousbeck, Tom Werner, John Henry, Marc Lasry, Alec Scheiner, ”, Henry, Woods, Patrick Cantlay, Adam Scott, Jordan Spieth, Webb Simpson, Peter Malnati, Yasir Al, Sen, Richard Blumenthal, Conn, LIV, Dustin Johnson, Brooks Koepka, Phil Mickelson, Bryson DeChambeau, PIF, Jon Rahm, Tyrrell Hatton, ___ Organizations: Strategic Sports Group, Tour Enterprises, PGA Tour, SSG, Associated Press, Washington Post, Public Investment Fund, PGA, SSG —, Tour, Fenway Sports Group, Milwaukee Brewers, Atlanta Falcons, New York Mets, Boston Celtics, Boston Red Sox, Milwaukee Bucks, Cleveland Browns, RedBird, Fenway Sports, PGA Tour Enterprises, Saudi, Monday, PIF Locations: Calif, Saudi, Saudi Arabia, PIF, Mexico

☆ PGA Tour secures up to $3 billion from U.S. investors as LIV Golf merger hangs in the balance
▼ + stars: | 2024-01-31 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

The PGA Tour logo is seen during the third round of the Travelers Championship at TPC River Highlands in Cromwell, Connecticut, on June 24, 2017. A U.S. consortium has agreed to invest up to $3 billion into the PGA Tour, the professional golf organization announced on Wednesday. Under the terms of the deal, the investor, Strategic Sports Group, will become a minority owner in PGA Tour enterprises, the for-profit entity of the PGA Tour. "Today marks an important moment for the PGA Tour and fans of golf across the world," PGA Tour Commissioner Jay Monahan said. "By making PGA Tour members owners of their league, we strengthen the collectives investment of our players in the success of the PGA Tour," Monahan said.

Persons: LIV, PIF, Jay Monahan, " Monahan, Fenway Sports Group's John Henry, Arthur Blank, Steve Cohen, Tom Ricketts, Wyc Grousbeck, John Henry, Monahan, Henry, Yasir Al, Rumayyan, Critics, Prince Muhammad bin Salman, LIV Golf, Phil Mickelson, Dustin Johnson, Brook Koepka, John Rahm Organizations: PGA Tour, Strategic Sports Group, Saudi, PGA, Fenway Sports, Atlanta Falcons, Arthur Blank , New York Mets, Chicago Cubs, Boston Celtics, Fenway Sports Group, Saudi Public Investment Fund, Saudi Public Investment, CNBC, Justice Department Locations: Cromwell , Connecticut, U.S, Arthur Blank ,, Saudi Arabia, Saudi

McIlroy also said he would be opposed to any form of punishment for players who left the tour for the Saudi riches of LIV Golf and wanted to come back. Obviously, I've changed my tune on that because I see where golf is and I see that having a diminished PGA Tour and having a diminished LIV Tour or anything else is bad for both parties. Pebble Beach has a $20 million purse as a signature event, the same for the individual play of LIV Golf when it begins its third year on Friday in Mexico. Political Cartoons View All 253 ImagesLIV announced Tyrrell Hatton is the latest PGA Tour member to join, having snagged Masters champion Jon Rahm nearly two months ago. But he stays in the loop and indicated the PGA Tour was on the verge of approving a deal with Strategic Sports Group, the private equity consortium.

Persons: — Rory McIlroy, McIlroy, LIV Golf, ” McIlroy, I've, LIV, Tyrrell Hatton, Jon Rahm, Rahm, Dustin Johnson, ”, Hatton, “, “ I've, I’m, “ I’ve, " McIlroy, Jordan Spieth Organizations: LIV, Daily Telegraph, PGA Tour, Saudi, Strategic Sports Group Locations: Calif, Saudi, Mexico, American

☆ Steve Cohen and other sports investors set to pump billions into the PGA Tour
▼ + stars: | 2024-01-29 | by ( Aaron Mok | ) www.businessinsider.com time to read: +2 min

A US sports consortium is set to pump billions into the PGA Tour, according to a new report. The PGA Tour didn't immediately respond to a request for comment from Business Insider before publication. The major investment comes amid an ongoing rivalry between the PGA Tour and LIV Golf. Families of the 9/11 terrorist attacks criticized the PGA Tour for the merger, classifying the decision as a demonstration of "hypocrisy and greed." "We cannot compete with a foreign government with unlimited money," Jay Monahan, the commissioner of PGA Tour, told The Wall Street Journal regarding the merger.

Persons: Steve Cohen, Cohen, Marc Lasry, LIV Golf, LIV, Phil Mickelson, Jay Monahan Organizations: PGA, Strategic Sports Group, Saudi Public Investment Fund, Bloomberg, Business, New York Mets, Cohen Private Ventures, Milwaukee Bucks, Fenway Sports, PGA Tour Enterprises, LIV Golf, Saudi Arabia's Public Investment Fund, PGA Tour, Wall

☆ PGA Tour and LIV Golf are working to extend merger deadline into 2024
▼ + stars: | 2024-01-01 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

PGA Tour and LIV Golf are working to extend their proposed merger deadline, which was originally set at Dec. 31, Commissioner Jay Monahan told players in a memo on Sunday. The delay is the latest update in a long and tumultuous saga between the PGA Tour and Saudi Public Investment Fund-backed LIV Golf that has divided players and could dramatically change professional golf if the merger is completed. PGA Tour and LIV are expected to make a formal decision on the combination ahead of the Masters tournament in April, according to The Telegraph, which first reported the extension. Under the structure of the agreement, PGA Tour would hold a permanent controlling interest in the new entity's board of directors. The agreement also includes the DP World Tour, also known as the PGA European Tour.

Persons: LIV Golf, Jay Monahan, LIV, Monahan Organizations: THE, Sawgrass, CNBC, PGA Tour, Saudi Public Investment Fund, Strategic Sports Group, Saudi, Public Investment Fund, PGA Tour Enterprises, U.S, Fenway Sports Group, The, PGA European, U.S . Federal Trade Commission, Justice Department Locations: Ponte Vedra Beach , Florida

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