What's happened
The PGA Tour has secured a $3bn investment from a US consortium, led by the owners of Liverpool FC, creating a new commercial entity, PGA Tour Enterprises.
Why it matters
The investment significantly impacts the future of golf, providing financial stability and ownership opportunities for players, while also shaping the power dynamics within the sport.
What the papers say
The Guardian reports on the significant financial rewards for players such as Rory McIlroy and Tiger Woods, while The New York Times highlights the competition from LIV Golf backed by Saudi Arabia's sovereign wealth fund. The South China Morning Post and AP News provide additional details on the investment and ongoing negotiations with the Public Investment Fund of Saudi Arabia.
How we got here
The PGA Tour had previously signed a framework agreement with the Saudi backers of LIV Golf, leading to private equity groups wanting to join. Negotiations with the Public Investment Fund of Saudi Arabia are ongoing.
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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Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula.