Fenway Sports Group, which also owns Liverpool, Pittsburgh Penguins, and Boston Red Sox, has had discussions with the PGA Tour amid reports of other investors interested in backing the tour, and there is uncertainty about the potential bid and its intentions.
At Glance
‣ Fenway Sports Group’s Chairman Tom Werner has confirmed conversations with the PGA Tour regarding a potential bid.
‣ Other investors, such as Endeavour, have expressed interest in putting their money behind the PGA Tour.
‣ The PGA and DP World Tours have until December 31st to finalize a deal with the Saudi Arabian Public Investment Fund (PIF), but there are reports of the framework agreement falling apart.
‣ FSG may have submitted a bid to the PGA Tour, potentially to rival or work alongside the PIF.
From talking to folks on Wall St. and in Silicon Valley who are close to the deal, the framework agreement is falling apart. Fenway Sports Group has put in a monster bid to usurp the PIF. It looks increasingly likely we go back to LIV vs. the Tour.
— Alan Shipnuck (@AlanShipnuck)
It has been confirmed by Tom Werner, the Chairman of Fenway Sports Group, that the organization has been in “conversations” with the PGA Tour. These discussions were revealed amid reports that a massive bid had been made by FSG to the PGA Tour. This news comes after the announcement of the link up between the PGA and DP World Tours with the Saudi Arabian Public Investment Fund, which supports LIV Golf. It is still unclear whether the other interested investors are looking to compete with PIF or to collaborate with the sovereign wealth fund, which is estimated to be worth $600 billion. As Werner expressed during a CNBC interview, the future direction of the Tour will ultimately be decided by the players. Although he did not offer further comment on any potential bid that FSG may have made.
Additionally, Endeavour, another company that expressed interest in investing in the PGA Tour, was recently turned down. Endeavour’s President and COO, Mark Shapiro, confirmed, “They’ve officially turned it down…we’re not going to be an investor at any level.”
There is a deadline of December 31st for the PGA and DP World Tours to finalize their deal with PIF, but it is anticipated that this date might be extended. This potential partnership has garnered attention from Rory McIlroy, one of the players at Boston Common GC, who expressed his hope that PIF will be involved in the PGA Tour’s future to help reunite the golfing community.
In addition, reports have surfaced that the framework deal between the PGA Tour and LIV Golf may be in jeopardy. According to journalist and author Alan Shipnuck, who wrote the book ‘LIV and Let Die’, there are rumors from sources close to the deal that the agreement is “falling apart.” Shipnuck also asserted that FSG had submitted “a monster bid to usurp the PIF.” Whether FSG indeed made a bid to the PGA Tour, and with what intentions, remains to be confirmed. It is still unclear if FSG’s supposed bid was to compete with the PIF or to collaborate with them.
Overall, the golfing community is eagerly awaiting further developments and decisions from all parties involved. The potential partnerships and investments could significantly impact the future of the PGA Tour. We look forward to seeing how these conversations and bids unfold and the potential implications for the sport of golf.
