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PGA Tour lines up U.S. funding as Saudi talks near endgame

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Dec 11, 2023
Illustration of two golf putters putting two golf balls into one centralized cup, with the LIV logo stripes trailing behind one ball, and the PGA logo colors trailing behind the other

Illustration: Annelise Capossela/Axios

The PGA Tour is lining up outside funding as it enters a pivotal week in its effort to hammer out a deal with Saudi Arabia's Public Investment Fund.

Driving the news: On Sunday, the Tour announced that it's entered final negotiations with a Fenway Sports Group-led consortium to co-invest in the potential Saudi deal.

Why it matters: Adding U.S. funding could placate regulators wary of foreign influence in golf while at the same time giving PGA a bit of leverage.

Details: The Fenway-led group, called the Strategic Sports Group, includes:

  • RedBird founder Gerry Cardinale, Milwaukee Brewers owner Mark Attanasio, Atlanta Falcons owner Arthur Blank, Celtics majority stake owner Wyc Grousbeck, Chicago Cubs chairman Tom Ricketts, and Cohen Private Ventures (Mets owner Steve Cohen's VC firm).

The big picture: Talks between the PGA Tour and PIF have dragged on for six months, and the two sides face a self-imposed end-of-year deadline.

  • Reigning Masters champion Jon Rahm's defection to the Saudi-backed LIV Golf tour was seen in some corners as a power play by PIF to force PGA across the finish line to a deal.
  • A final deal with PIF still has to be approved by the Tour's policy board, which includes Tiger Woods.

What's next: PGA Tour commissioner Jay Monahan and PIF's Yasir Al-Rumayyan are expected to meet this week.

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