Last Updated: December 11, 2023, 13:08 IST
In a photograph supplied by LIV Golf, Jon Rahm, left, and LIV Golf Commissioner and CEO Greg Norman pose for a photograph in New York on Thursday, Dec. 7, 2023. Rahm introduced Thursday he is becoming a member of LIV Golf. (Photo by Scott Taetsch/LIV Golf through AP)
The PGA Tour closes in on finalising its potential buyers led by Fenway Sports Group whereas negotiations proceed with Saudi Arabia’s nationwide wealth fund.
The PGA Tour has narrowed its selection of potential buyers to a brand new consortium led by Fenway Sports Group and mentioned it will proceed negotiations with Saudi Arabia’s nationwide wealth fund because it races to satisfy a Dec 31 deadline.
The PGA Tour board — six gamers and 5 unbiased administrators — despatched an electronic mail to gamers Sunday afternoon to say Strategic Sports Group was the unanimous option to additional negotiate a possible partnership within the new PGA Tour Enterprises.
Column: So a lot for peace and concord on the earth of golf as Jon Rahm heads to LIV
The new for-revenue firm was on the coronary heart of a framework settlement introduced June 6 among the many PGA Tour, European tour and the Public Investment Fund, the Saudi monetary backing of LIV Golf.
“We also anticipate advancing our negotiations with PIF in the weeks to come”, the board mentioned within the electronic mail to tour membership. “Please know that while we can’t get into more details at this time, we are very confident in an eventual, positive outcome for all players and the PGA Tour as a whole.”
The replace got here three days after Masters champion Jon Rahm, for 2 years a constant voice in opposition to the 54-gap, no-reduce rival league, bolted for LIV Golf in a deal that numerous reviews put within the neighborhood of $500 million.
The settlement consists of the Dec. 31 deadline to finalize the deal, and signing Rahm away from the PGA Tour was a sign that with out Saudi involvement within the new business enterprise, the PIF has greater than sufficient cash to lure away whomever it needs.
“It’s a really nice play by them,” Jordan Spieth mentioned Friday. “I think we hold the best hand, but they know what our hand is. It’s a nice leveraging tool with everything going on.”
Several personal fairness teams expressed curiosity in investing in current months, and the tour board final month narrowed the group to 5, together with Fenway Sports Group, Acorn Growth and Liberty Strategic Capital.
The group the board unanimously selected was described as a consortium of American-based skilled sports activities groups, led by Fenway Sports Group.
Strategic Sports Group consists of house owners Marc Attanasio (Milwaukee Brewers); Arthur Blank (Atlanta Falcons); Cohen Private Ventures (New York Mets); Wyc Grousbeck (Boston Celtics); Tom Werner and John Henry (Boston Red Sox); Tom Ricketts (Chicago Cubs); and Marc Lasry (Milwaukee Bucks). Others within the group embody Gerry Cardinale, managing companion of RedChicken Capital who has possession in AC Milan.
Lasry, Blank, Cohen and Werner are also staff house owners within the TGL league based by Tiger Woods, who’s on the PGA Tour board, and Rory McIlroy, who lately left the board.
Acorn Growth was believed to incorporate Randall Stephenson, the retired AT&T chairman who resigned from the PGA Tour board in July over objections to its take care of Saudi Arabia.
However, Stephenson wrote to PGA Tour Commissioner Jay Monahan final Tuesday to say he has no real interest in Acorn or its proposal, solely that he has responded to Acorn questions on placing collectively a gorgeous proposal. The Associated Press obtained a replica of the letter.
Stephenson mentioned he additionally supplied comparable enter to Liberty Media however that “I felt it would be inappropriate to engage directly as an investor or event paid advisor.”
Monahan had mentioned he could be assembly the Yasir Al-Rumayyan, the governor of PIF, final week till it was postponed. It was unclear if they’d be assembly this week. PIF is the presenting sponsor of the Saudi Open this week, which concludes the Asian Tour season.
Sports Illustrated reported final week that PIF initially was prepared to pump in $2 billion into the brand new business enterprise, with an extra $1 billion for an equalization pool to reward PGA Tour gamers who turned down Saudi riches to affix LIV.
Rahm’s signing now offers LIV seven of the final 14 winners of main championships, together with three of the final 5 — Rahm, Brooks Koepka (PGA Championship) and Cameron Smith (2022 British Open).
Rahm is prone to get his personal 4-man staff, and extra defections are probably.
(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – AFP)
