Rory McIlroy gave the thumbs up to the new PGA Tour partnership with Strategic Sports Group stating that although he is no longer on the player board, he would have voted for the $3billion deal.
On Wednesday PGA TOUR Enterprises was launched; a new commercial venture under the PGA TOUR’s control, and in a first-of-its kind program, nearly 200 PGA TOUR members will have the opportunity to become equity holders in this new company and pocket $1.5 billion.
PGA TOUR Enterprises is also considering participation by future PGA TOUR players that would allow them to benefit from the business’s commercial growth.
The equity bonus will be based on career accomplishments, recent achievements, future participation and services and PGA TOUR membership status, and grants are only available to qualified PGA TOUR players.
The transaction allows for a co-investment from the Public Investment Fund (PIF) in the future, subject to all necessary regulatory approvals.
“I definitely would have voted for it,” confirmed McIlroy who stated on Tuesday that LIV players should be allowed back on the PGA Tour without punishment.
“I think the group that has been assembled to invest into, well, PGA TOUR Enterprises, I guess, not the PGA TOUR, but PGA TOUR Enterprises. It’s a wonderful group of people that have got tons of experience in sports ownership over the past 30 years. I’ve gotten to know those guys pretty well, especially the Fenway consortium. We worked with them to sell the majority share of my TGL team to them, so we’ve worked pretty closely for the last year or so. They’re a great group of people and have the best intentions for the game of golf, which is great. Yeah, I felt it was good news.”
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