Thursday December 7, 2023

Endeavor, Fenway Sports Could Offer Competition to PGA Tour’s Saudi Deal

  • The PGA Tour and Saudi PIF have a Dec. 31 deadline to finalize an official agreement.
  • New U.S. investors are reportedly interested in the new landscape of pro golf.
John David Mercer-USA TODAY Sports
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The PGA Tour’s negotiations with Saudi Arabia’s Public Investment Fund just got a lot more interesting.

Endeavor, Fenway Sports Group, and Henry Kravis, the billionaire founder of private equity firm KKR & Co., are exploring investing in the PGA Tour, according to Bloomberg. Those potential investments could be alongside the PIF — or even offer a completely new opportunity altogether.

The PGA Tour confirmed that PIF negotiations have “resulted in unsolicited interest from other investors,” which could be a move to potentially quell concerns from politicians.

Earlier this month, the U.S. Senate Permanent Subcommittee on Investigations held its second hearing exploring the potential impact of Saudi Arabia’s investment in the PGA Tour. In July, PGA Tour COO Ron Price and policy board member Jimmy Dunne testified in front of that same subcommittee.

Under the framework agreement previously announced, the PIF could invest at least $1 billion — and potentially much more — into the PGA Tour. A Dec. 31 deadline has been set to reach a definitive agreement, although there’s nothing stopping the two sides from pushing that date back.

Court Adjourned

A federal judge has dismissed both defamation cases from Patrick Reed — a former PGA Tour player who now plays for LIV Golf — against 18 total defendants. 

The judge listed several reasons for dismissing the litigation against Golf Channel, analyst Brandel Chamblee, the Associated Press, Bloomberg, and others for combined damages worth at least $1 billion.

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