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Five weeks after it was originally reported that a group of investors were putting up $3 billion for the PGA Tour, more information about those who contributed has been revealed.
According to the New York Times, LeBron James and Drake are among the athletes and celebrities who have invested in the PGA Tour as “strategic investors” who “are expected to use their marketing power to help the tour broaden its audience.”
Drake stated in the study, “Golf can be much more than a sport. Some of my favourite childhood memories include being on the golf course with my uncle. It’s one thing to invest in a team, but helping redesign one of the world’s most prestigious leagues is a tremendous opportunity, and I’m thrilled to be a part of it.”
On January 31, the PGA Tour announced that Strategic Sports Group, a United States consortium, had agreed to invest $3 billion in the professional golf circuit.
The agreement came while the PGA Tour and Saudi Public Investment Fund were still in talks to finalise their relationship, which was first announced in June. These conversations are still ongoing, with no date set for a settlement.
When the investment was first announced, some information about the Strategic Sports Group’s members was disclosed. It was led by Fenway Sports Group’s major owner, John Henry.
Given James’ position in Fenway Sports Group, it’s no surprise that his name has been revealed as one of the PGA Tour’s strategic investors.
Other major investors include Atlanta Falcons owner Arthur Blank, New York Mets owner Steve Cohen, and Boston Celtics owner Wyc Grousbeck.
The $3 billion investment will be paid in two installments. The initial $1.5 billion investment was made when the transaction was first disclosed. The remaining, which is guaranteed, will be paid out after the PGA Tour and LIV Golf negotiations are concluded.
The agreement also allows 200 PGA golfers to obtain equity partnerships in the tour.
