What's happened
The PGA Tour has secured a $3 billion investment from a US consortium, led by the Fenway Sports Group, to bolster its commercial business.
Why it matters
The investment will allow the PGA Tour to strengthen its commercial business and provide a financial stake to players, amid competition from LIV Golf backed by Saudi Arabia's Public Investment Fund.
What the papers say
The New York Times emphasizes the competition between the PGA Tour and LIV Golf, while The Independent highlights the hope for an end to the golf's civil war. The Times provides details on the equity program for players and the ongoing negotiations with Saudi Arabia's Public Investment Fund. Business Insider UK focuses on the significant investment from the US consortium and the competition between the PGA Tour and LIV Golf.
How we got here
The PGA Tour had previously agreed to align itself with Saudi Arabia's Public Investment Fund, but the recent investment from the US consortium raises questions about the necessity of that deal.
More on these topics
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The PGA Tour is the organizer of the main professional golf tours played by men in the United States and North America. It organizes most of the events on the flagship annual series of tournaments also known as the PGA Tour, as well as PGA Tour Champions
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The Super Golf League is a proposed golf league. SGL is owned by LIV Golf, which is financed by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia.
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Fenway Sports Group, LLC, is an American sports company. It is the parent company of Major League Baseball's Boston Red Sox and Liverpool Football Club, a Premier League football club.
FSG was founded in 2001 as New England Sports Ventures when John W.
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Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula.