Sports
PGA Tour Inks $3 Billion Deal With Fenway, Steve Cohen Group
- Transaction values the new entity at about $12 billion
- Talks still ongoing with Saudi fund over future investment
The PGA Tour has an approved an investment of as much as $3 billion by Strategic Sports Group in a new commercial entity, while talks for an injection by Saudi Arabia’s sovereign wealth fund remain ongoing.
The transaction between the PGA Tour and SSG, led by John Henry’s Fenway Sports Group, which owns the Boston Red Sox and Liverpool FC, will feature an initial investment of $1.5 billion, according to a statement Wednesday that confirmed an earlier Bloomberg News report.