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