PGA Tour Closing in on Deal With US Sports Team Owners Group: Report

The PGA Tour is nearing an investment deal with Strategic Sports Group just as it hopes to reach a similar agreement with Saudi Arabia's Public Investment Fund (PIF), according to ESPN on Friday.

Strategic Sports Group is a consortium of U.S. sports owners including the Falcons' Arthur Blank, Red Sox's John Henry and Celtics' Wyc Grousbeck. 

Mark Attanasio (Milwaukee Brewers); Cohen Private Ventures (New York Mets); Tom Ricketts (Chicago Cubs); and Marc Lasry (Milwaukee Bucks, former co-owner) are also part of the group.

The new deal would bring over $3 billion into a new for-profit entity, PGA Tour Enterprises, per the ESPN report. It could be official by the end of the year. Meanwhile, the PGA Tour remains in talks with officials from PIF, the backers of the LIV Golf.

ESPN reports that the PGA Tour's imminent deals with the owners group and PIF could mean more than $7 billion goes toward PGA Tour Enterprises. The PGA Tour would retain control, while the owners group and PIF would be minority owners.

"They get to rub shoulders with all these billionaire American sports magnates," a source told ESPN, speaking about the Saudis "It's a long game for them. They're not stopping with golf. They want a piece of everything."

In a memo to players on Nov. 14, PGA Tour commissioner Jay Monahan said the PGA Tour will provide members direct ownership in the for-profit PGA Tour Enterprises.

"At the point we secure outside investment, this would be a unique offering in professional sports, as no other league grants its players/members direct equity ownership in the league's business," Monahan wrote.

"We recognize — as do all of the prospective minority investors who are in dialogue with us — that the PGA Tour will be stronger with our players more closely aligned with the commercial success of the business."