The PGA Tour has finalized an agreement with Strategic Sports Group, injecting about $3 billion of cash into a new for-profit entity.
Investors include:
• Tom Werner & John Henry (Boston Red Sox)
• Mark Attanasio (Milwaukee Brewers)
• Arthur Blank (Atlanta Falcons)
• Wyc Grousbeck (Boston Celtics)
• Steve Cohen (New York Mets)
• Tom Ricketts (Chicago Cubs)
The PGA Tour will be the majority shareholder.
The new entity is expected to be valued at $12 billion, and current PGA Tour players will get equity.
Importantly, this deal does not include Saudi Arabia's Public Investment Fund, although the PGA Tour is still negotiating with them on a potential partnership.
I'll explain what all of this means in Friday's newsletter — join 120,000+ others by signing up through the link in my bio.
(h/t @FT for the valuation details)