The PGA Tour announced on Wednesday that it had reached a deal to raise more than $1.5 billion from a group of U.S. investors, led by the Fenway Sports Group, the parent company of the Boston Red Sox and Liverpool Football Club.
The deal would give the PGA Tour a significant amount of cash at a time when it is facing steep competition from its well-financed rival, LIV Golf, which is backed by Saudi Arabia’s sovereign wealth fund.
The influx of money raises questions about whether a deal the PGA struck six months ago to align itself with the Saudi wealth fund remains necessary.
The PGA and the Saudi fund initially set a Dec. 31 deadline to work out details and finalize their deal.
The tour’s commissioner, Jay Monahan, said Wednesday on a call with PGA players before the official announcement that the tour “does remain in active and frequent dialogue” with representatives for the Saudi wealth fund.
Persons:
LIV Golf, Jay Monahan
Organizations:
PGA, Fenway Sports Group, Boston Red Sox, Liverpool Football Club, Tour, Saudi
Locations:
U.S, Saudi, Saudi Arabia