The PGA Tour announced on Wednesday that it had reached a deal to raise more than $1.5 billion from a group of U.S. investors, a move that raises new questions about whether a proposed alliance with a rival tour backed by Saudi Arabia’s sovereign wealth fund will come to fruition.
The influx of money into the PGA is led by the Fenway Sports Group, the parent company of the Boston Red Sox and Liverpool Football Club. It comes as the tour is simultaneously negotiating a partnership with its well-funded competitor, LIV Golf.
That deal, which was announced in June, was effectively an acknowledgment by the PGA that it did not have enough money to compete with the hundreds of millions of dollars the Saudi fund was prepared to put in the sport. A number of prominent players had already left the PGA for the LIV tour.
The PGA and the Saudi fund initially set a Dec. 31 deadline to work out details and finalize their alliance. That deadline has since been extended and the partnership between the two tours has not yet been completed. The question now is whether the deal with U.S. investors changes the PGA’s calculus.
PGA Tour Raises $1.5 Billion From Group of U.S. Investors
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