Fenway Sports Group (FSG), owners of Liverpool FC, have made a significant move by leading a $3 billion investment in the PGA Tour.
The newly formed Strategic Sports Group (SSG), comprising FSG and key figures from American sports teams such as Steven A. Cohen of the New York Mets, Arthur M. Blank of the Atlanta Falcons, and Wyc Grousbeck of the Boston Celtics, finalized the deal after months of negotiations. FSG, with a portfolio including Liverpool FC, the Boston Red Sox, and the Pittsburgh Penguins since 2010, ventured into golf by acquiring a franchise in the Technology Golf League led by Tiger Woods and Rory McIlroy. Now, they’ve agreed to establish PGA Tour Enterprises, a commercial venture allowing players to hold equity.
SSG has initially invested $1.5 billion, coinciding with ongoing talks between the PGA and LIV Golf, owned by Saudi Arabia’s Public Investment Fund (PIF), regarding a potential merger. Despite a deadline extension to December 31, 2023, for the merger discussions, talks with PIF continue as SSG consents to the investment.
John Henry, majority owner of Liverpool and manager of SSG, expressed gratitude for the partnership with the PGA Tour, emphasizing their belief in the sport’s growth potential and their commitment to strengthening golf globally.
Jay Monahan, commissioner of the PGA Tour and CEO of PGA Tour Enterprises, hailed the move as a pivotal moment for golf fans worldwide, highlighting the collective investment of PGA TOUR members in their league’s success. Monahan also underscored the enhanced partnership with SSG, known for their extensive experience and investments across sports, media, and entertainment, aiming to elevate the sport for players, tournaments, fans, and partners alike.