The PGA Tour is believed to have flatly rejected an ultra-lucrative strategic partnership proposal with US-based company giant Endeavor.
Endeavor is a global sports and entertainment company, home to many of the world’s most dynamic and engaging storytellers, brands, live events and experiences. The company is comprised of industry leaders including entertainment agency WME; and sports, fashion, events and media company IMG. Endeavor is also the majority owner of TKO Group Holdings (NYSE: TKO), a premium sports and entertainment company comprising UFC and WWE.
And according to the company’s president and chief operating officer Mark Shapiro, the PGA Tour flatly rejected the Endeavor proposal,
“They have officially turned it down,” Shapiro said. “We’re big fans of golf and we’ll continue to champion the PGA Tour, but we’re not going to be an investor at any level.”
What is not clear if the PGA Tour’s decision (yet to be confirmed by the PGA Tour) is due to the fact ongoing talks continue between the PGA Tour and Saudi Arabia’s Public Investment Fund (PIF).
Negotiations face a December 31 deadline to create a definitive agreement and that deal must be approved by the PGA Tour Policy Board, which was restructured to have a majority player membership and that now includes Tiger Woods.
Of course, Endeavor is not the only body looking to jump into bed with the PGA Tour the Fenway Sports Group, which owns English Premier League side Liverpool, the NHL’s Pittsburgh Penguins and Major League Baseball’s Boston Red Sox, has also shown interest in working with them.
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