It would seem that the Saudi-backed Public Investment Fund (PIF) has a few American home-grown business rivals also keenly interested in investing in the PGA Tour.
According to a story in the US-based Field News Media, a memo was sent to PGA Tour players on Wednesday night (US time) indicating that while the tour works on finalising an agreement with PIF, there have been US-based investors interested in a similar deal as PIF.
The investors include wholesome red-white-and-blue US firms including Bloomberg and ESPN.
News of such interest appeared in the memo distributed under the name Jason Gore, a former PGA Tour member and aged 49, who now serves as a Senior Vice President, Player Advisor to the Commissioner Jay Monahan.
Gore won once on the PGA Tour at the 1984 Lumber Classic and a still record seven times on the secondary Korn Ferry Tour during his two-decade playing career.
It is unclear if Gore, in fact, was the author of the message as ESPN are saying it was Gore while Bloomberg reported that the message came in an email from Monahan.
Whatever, the message is the same and it states: “We remain focused on reaching a Definitive Agreement with PIF and the DP World Tour, but not surprisingly, these negotiations have resulted in unsolicited outreach and proposals from a number of other interested investors.
“All of this activity reinforces the Tour’s strong position and our potential for growth.”
The message clearly begs the question: “Will the PGA Tour stick with the PIF and last June’s ‘framework agreement’ or will it ditch the PIF and bow to the highest bidder?”
As the article appearing in Field News Media rightly points out, part of the framework agreement entails the formation of a new, for-profit body now being called PGA Tour Enterprises. The PGA Tour had previously operated as a nonprofit. PIF would invest billions into the entity and hold a minority stake.
The framework agreement is set to expire Dec. 31, however. the PGA Tours efforts to strike a more concrete deal with PIF chairman Yasir Al-Rumayyan and other officials is far from finished, ESPN reported.
Bloomberg called a news conference on Wednesday wherein Endeavor CEO Ari Emanuel, and this again is according to Field News Media, said his company submitted a bid seeking a stake in the PGA Tour. Emanuel said in June that Endeavor, the parent company of WWE (World Wrestling Entertianment), the UFC (Ultimate Fighting Championship) and powerful sports agencies like IMG, nearly invested $1 billion into LIV.
Fenway Sports Group have also been reported to show interest in investing. Fenway is an American multinational sports holding conglomerate who own NASCAR’s RFK Racing, Major League Baseball’s Boston Red Sox, the Premier League’s Liverpool F.C., the National Hockey League’s Pittsburgh Penguins and a yet to be named Boston team in the TMRW Golf League.
Of course, we know that after their horribly botched announcement of the news of the shock merger on the eve of the presitigous RBC Canadian Open, the PGA Tour later accepted player demands that included installing Tiger Woods as a new, sixth player director on the policy board. It also granted player directors the right to approve or decline any potential changes to the PGA Tour as part of framework agreement discussions.
All we can say for now is, watch this space!
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