Golf’s PGA Tour announced on Sunday that it has chosen a consortium of investors led by Fenway Sports Group for talks to become co-investors in a potential deal between the PGA Tour and Saudi Arabia’s Public Investment Fund (PIF).
The Fenway-led consortium, named Strategic Sports Group, includes several influential sports investors and private equity players such as Celtics majority stake owner Wyc Grousbeck, Chicago Cubs Chairman Tom Ricketts and Cohen Private Ventures, a venture capital firm of New York Mets owner Steve Cohen.
Other investors include Milwaukee Brewers owner Mark Attanasio, Home Depot co-founder Arthur Blank, Liverpool Football Club owner John Henry and Boston Red Sox owner Tom Werner.
The PGA Tour had previously turned down a proposal from TKO majority owner Endeavor Group Holdings, CNBC reported.
Earlier, PGA Tour Commissioner Jay Monahan said the professional golf association would aim to complete the deal with PIF, which owns the DP World Tour and LIV Golf, by December 31.
PGA and PIF initially agreed to the merger in June but have since faced resistance from golf stars such as Rory McIlroy as well as US lawmakers who are skeptical of Saudi Arabia’s intentions.
Contact Sean at sean@proactiveinvestors.com