PGA Tour strikes $3 billion deal with Fenway-led investment group. Players to get equity ownership

PGA Tour strikes $3 billion deal with Fenway-led investment group. Players to get equity ownership
The PGA Tour is getting a $3 billion investment from Strategic Sports Group in a deal that would give players access to more than $1.5 billion as equity owners. Commissioner Jay Monahan held a conference call with players about the deal that was finalized Tuesday night. (File/AP)
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Updated 01 February 2024
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PGA Tour strikes $3 billion deal with Fenway-led investment group. Players to get equity ownership

PGA Tour strikes $3 billion deal with Fenway-led investment group. Players to get equity ownership
  • The Public Investment Fund of Saudi Arabia is not part of the deal yet, though the tour said negotiations with the PIF are ongoing for it to also become a minority investor
  • Jordan Spieth: The coolest thing about it is the players are now owners

PEBBLE BEACH, California: The PGA Tour is getting a $3 billion investment from Strategic Sports Group in a deal announced Wednesday that would give players access to more than $1.5 billion as equity owners in the new PGA Tour Enterprises.

The launch of PGA Tour Enterprises, with SSG as a minority partner, comes eight months after the PGA Tour signed a framework agreement with the Saudi backers of LIV Golf for a commercial venture, which ultimately led to private equity groups wanting to join.

The Public Investment Fund of Saudi Arabia is not part of the deal yet, though the tour said negotiations with the PIF are ongoing for it to also become a minority investor.

“The coolest thing about it is the players are now owners,” said Jordan Spieth, one of six players on the PGA Tour board. “So not only do they benefit with the tour, they now are equity owners so they want to push it themselves, they want to make the product better themselves. Not that they didn’t before, but you directly benefit from owning a piece.”

How much of a piece remained unclear. PGA Tour Commissioner Jay Monahan held a conference call with players from all its main tours (including the PGA Tour Champions and Korn Ferry Tour) on Wednesday morning that included Tiger Woods, whom the tour appointed to the board last summer at the players’ request.

“As the tour grows, we grow,” Woods told players, according to Golf.com, which obtained access to the call. “So the more we invest into the tour, the more we get the benefits of it, which has never been — it’s never happened in sports history. So we’re the first. Exciting for me to be able to be part of that.”

Also uncertain is where this leaves the PIF.

The tour said its deal with SSG allows for a co-investment from the PIF, subject to regulatory approval. A Senate subcommittee wrote a letter earlier this week to Yasir Al-Rumayyan, governor of the PIF, that it is proceeding with its inquiry into framework agreement with the PGA Tour that was announced June 6.

“At this point if the PIF were interested in coming in on terms that our members like and/or the economic terms are at or not beyond SSG’s and they feel it would be a good idea, I think that’s where the discussions will start,” Spieth said. “I understand it could take some time to even come to those kind of terms, and then beyond that the Department of Justice and a regulatory review would be intact.”

LIV Golf starts its third season this week in Mexico and is likely to be around through all of next year depending on the timing of any investment by the PIF in the PGA Tour. How the fractured landscape of golf gets repaired remains as cloudy as how specifically equity ownership is distributed.

The PGA Tour plans several player meetings over the next month to work through details.

“By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” Monahan, who will be CEO of PGA Tour Enterprises, said in the formal announcement.

He said a partnership with SSG — a group comprised of American owners and executives of pro sports franchises — will “enhance our organization’s ability to make the sport more rewarding for players, tournaments, fans and partners.”

The PGA Tour Enterprises board would be comprised of seven players, the PGA Tour commissioner, four members of SSG and an independent director who’s also on the tour board.

The unique equity program in golf would give some 200 players access $930,000 in initial grants. Starting next year, PGA Tour Enterprises would use $600,000 for recurring grants for future players.

While specific details of the equity ownership program were not announced, the initial grants would be based on career accomplishments, recent achievements and PGA Tour status. The grants would vest over time.

SSG is led by Fenway Sports Group and includes owners Marc Attanasio (Milwaukee Brewers), Arthur Blank (Atlanta Falcons), Steven Cohen (New York Mets), Wyc Grousbeck (Boston Celtics), Tom Werner and John Henry (Boston Red Sox), and Marc Lasry (Milwaukee Bucks). Others in the group include Alec Scheiner, former Cleveland Browns president and co-founder of Otro Capital.

“Our enthusiasm for this new venture stems from a very deep respect for this remarkable game and a firm belief in the expansive growth potential of the PGA Tour,” said Henry, the principal owner of Fenway Sports and manager of SSG.

SSG is investing an initial $1.5 billion into PGA Tour Enterprises and will concentrate on maximizing revenue for the benefit of the players and on finding opportunities to enhance golf across the world. Another $1.5 billion would go toward PGA Tour business.

The deal was unanimously approved by the PGA Tour board.

“It was incredibly important for us to create opportunities for the players of today and in the future to be more invested in their organization, both financially and strategically,” the player directors said in a joint statement. “This not only further strengthens the tour from a business perspective, but it also encourages the players to be fully invested in continuing to deliver — and further enhance — the best in golf to our fans.

“We are looking forward to this next chapter and an even brighter future.”

The tour said it was making progress in its negotiations with the Saudi national wealth fund on future investments and an ultimate agreement. Under the original framework agreement, Al-Rumayyan, the PIF governor, was to be chairman of PGA Tour Enterprises.

Now the commercial arm launches without any deal with the Saudis.

The European tour was part of the framework agreement on June 6, and it has a strategic alliance with the PGA Tour. The tour said only it is discussing how they can work together for a mutual benefit.

Key to the original deal with the Saudis was dismissing the lawsuits involving LIV Golf. Since the rival league was launched in June 2022, LIV has lured several prominent players and major champions such as Dustin Johnson, Brooks Koepka, Phil Mickelson and Bryson DeChambeau.

As the tour’s negotiations with the PIF neared its original Dec. 31 deadline, LIV signed Masters champion Jon Rahm in a deal reported to be in the neighborhood of $500 million. It also signed Tyrrell Hatton, currently No. 16 in the world.

Rory McIlroy, who gave up his seat on the tour board in November, said on Tuesday he didn’t think there should be any punishment for a LIV player eligible to return to the tour.


McIlroy looks to clinch Race to Dubai title with new swing after 3 weeks shut away in a studio

McIlroy looks to clinch Race to Dubai title with new swing after 3 weeks shut away in a studio
Updated 14 sec ago
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McIlroy looks to clinch Race to Dubai title with new swing after 3 weeks shut away in a studio

McIlroy looks to clinch Race to Dubai title with new swing after 3 weeks shut away in a studio
  • The No. 3-ranked McIlroy said he has been locked in a studio for three weeks just hitting balls at a screen with a modified swing
ABU DHABI: Rory McIlroy can finish a season as the European tour’s top player for the sixth time with a win at the Abu Dhabi Championship this week.
He’ll attempt to do so with a new swing.
The No. 3-ranked McIlroy said he has been hunkered down in a studio — first in Florida, then in New York — for three weeks, just hitting balls at a screen with a modified swing and not even looking at the flight of his shots.
He hasn’t liked the shape of his swing for a while, he said Wednesday, and wanted a more robust one that could hold up in the most pressure-filled moments following a number of missed chances this season. The most notable was at the US Open in June, where he missed two putts in the 3-foot range in the final three holes on Sunday to pave the way for a victory for Bryson DeChambeau and extend McIlroy’s decade without a major title.
“The only way I was going to make a change, or at least move in the right direction, with my swing was to lock myself in a studio and not see the ball flight for a bit and just focus entirely on the movement,” McIlroy said.
“It’s something, he added, “just to make my golf swing more efficient, and then if it is more efficient, then it means it’s not going to break down as much under pressure. If I look at my year, the one thing that I would criticize myself on is the fact that I’ve had these chances to win.”
McIlroy has won twice this year — at the Dubai Desert Classic and the Wells Fargo Championship — and has had four second-place finishes, including recently at the Irish Open and the BMW PGA Championship on the European tour.
That has left the Northern Irishman frustrated but well clear in the Race to Dubai rankings that determine the best player of the year on the European tour. A win in Abu Dhabi can seal the title and remove some suspense — at least for McIlroy — from the final event of the season, at the World Tour Championship in nearby Dubai next week.
“If I go out and win this week, obviously you know, it makes it a bit boring next week,” the four-time major champion said. “But I won’t find it boring. It will be lovely.”
A sixth Race to Dubai title — it used to be called the Order of Merit — would put McIlroy level with the late Seve Ballesteros on the all-time list and only two behind Colin Montgomerie, who has a record eight.
“I’m a European player,” McIlroy said. “I would like to go down as the most successful European of all time. Obviously Race to Dubai wins would count to that but also major championships and hopefully I’ve got a few more Ryder Cups ahead of me as well.
“So that’s something that I would like to (do). I think (it) is a goal that’s quite attainable over the next 10 years.”

Over 40 drivers set for groundbreaking Formula E pre-season testing

Over 40 drivers set for groundbreaking Formula E pre-season testing
Updated 25 min 45 sec ago
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Over 40 drivers set for groundbreaking Formula E pre-season testing

Over 40 drivers set for groundbreaking Formula E pre-season testing
  • Flash floods in Valencia mean the ABB FIA Formula E World Championship’s session has been moved to the Circuito del Jarama in Madrid
  • The test will also see the first all-female test session in an FIA Championship, featuring drivers in the new GEN3 Evo car

LONDON: As the ABB FIA Formula E World Championship gears up for the start of the new season in Sao Paulo next month, pre-season testing takes place in Spain this week.

Eleven teams will hit the track as they fine-tune their preparations over the four days, from Nov. 5-8. There will also be a historic milestone, with the first all-female test session in an FIA Championship.

Following the devastating flash floods affecting Valencia, the test session has been moved to the Circuito del Jaramo in Madrid following consultation between Formula E, the FIA, local authorities and Circuit Ricardo Tormo.

While Valencia has been integral to Formula E since 2017, the decision was made to avoid diverting resources from local relief efforts. Formula E has confirmed its commitment to supporting the recovery of the Valencia community.

Formula E Chief Championship Officer Alberto Longo said: “We are incredibly thankful to be able to kick off our pre-season testing in Madrid, a move made possible by the dedicated efforts of the Circuito de Jarama team. Our thoughts are still with the Valencia community as we prepare to hit the track, as a place so close to our hearts.

“This season marks a significant milestone as we unveil the GEN3 Evo, showcasing its incredible acceleration speeds for the first time. Additionally, we are proud to make history with the inaugural women’s test — a first for an FIA Championship — reflecting our commitment to diversity and inclusion in motorsport. There’s so much to be excited about as we gear up for the new season, which starts next month in Sao Paulo. Season 11 of Formula E, vamos!”

The first FIA all-female test session is scheduled for Friday, Nov. 8. Each team in the championship is required to field at least one female driver for the half-day session.

The GEN3 Evo means the teams and drivers need to master another new car. There have also been grid additions and a flurry of driver changes.

Maximilian Gunther has joined DS PENSKE, partnering two-time Formula E champion Jean-Eric Vergne, after departing Maserati MSG Racing. Though both teams use the Stellantis powertrain, this move marks a fresh chapter for Gunther, who has been in the championship since Season 5. Meanwhile, Stoffel Vandoorne has left DS PENSKE to join Maserati MSG Racing, where he will team up with newcomer Jake Hughes, transitioning to the GEN3 Evo era from NEOM McLaren.

Some teams have opted for stability, retaining their existing driver line-ups from last season. Envision Racing will continue with Robin Frijns and Season 2 champion Sebastien Buemi, while TAG Heuer Porsche remains committed to defending World Champion Pascal Wehrlein and his teammate Antonio Felix da Costa.

Mahindra Racing will keep Edoardo Mortara and Nyck de Vries and Jaguar TCS Racing’s duo, Mitch Evans and Nick Cassidy, will return after securing the teams’ title at the Season 10 finale in London.

Andretti has seen a reshuffle, with Season 9 champion Jake Dennis now partnered with Nico Muller, who also became a Porsche works driver during the break. Norman Nato returns to Nissan, reuniting with Oliver Rowland after a year at Andretti.

The season also brings some exciting new faces — rookie Zane Maloney joins Lola Yamaha ABT in their inaugural Formula E season, pairing with Season 3 champion Lucas di Grassi.

NEOM McLaren welcomes back Taylor Barnard, who filled in last season and who embarks on his first full campaign alongside series veteran Sam Bird.

Newly rebranded Kiro Race Co. is the only team yet to confirm its driver line-up, with an announcement expected soon.


Indian cricket’s mega league auction heads to Saudi Arabia  

Indian cricket’s mega league auction heads to Saudi Arabia  
Updated 06 November 2024
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Indian cricket’s mega league auction heads to Saudi Arabia  

Indian cricket’s mega league auction heads to Saudi Arabia  
  • Jeddah to host TATA IPL 2025 player auction, the first such event in the Kingdom

RIYADH: The TATA IPL 2025 mega auction will be held in the Red Sea city of Jeddah on Nov. 24 and 25, 2024.

Unlike regular auctions, the mega auction, which takes place every three years, is spread over two days instead of one and is one of the most followed events in cricket, as the 10 IPL franchises build their squads for the next three years (2025-2027).

Following the big announcement by the Board of Control for Cricket in India, the Saudi Arabian Cricket Federation said on Wednesday: “The SACF, within the events in Jeddah calendar, are thrilled to announce that Jeddah has been selected by the BCCI to host the TATA Indian Premier League (IPL) 2025 Player Auction on November 24th and 25th, 2024 making it the first-ever international cricket event of this stature to be held in Saudi Arabia.”

The TATA IPL, widely recognised as the world’s most prestigious T20 cricket league, has registered 1,574 players from around the world for the 2025 player auction — 320 capped players, 1,224 uncapped players, and 30 players from associate nations. With only 204 slots available, teams will engage in competitive bidding wars to secure top talent, promising a thrilling experience for cricket fans worldwide.

“We are very pleased to host this prestigious event, which confirms the depth of our relationship with the BCCI and its honorary secretary, Jay Shah. In addition to the Kingdom’s commitment to developing the sport and showcasing its position as a global destination for sporting events,” said Prince Saud bin Mishal, chairman of the SACF.

“This prestigious event is a testament to our dedication to develop the sport in the Kingdom, and we look forward to celebrating this remarkable moment with cricket fans across the Kingdom,” Prince Saud added.

مزاد الكريكيت الأكبر عالمياً في قلب المملكة العربية السعودية!

جدة تستضيف مزاد لاعبي الدوري الهندي الممتاز للعام 2025 - استعدوا لسباق المزايدات وبناء فرق الأحلام للموسم القادم!
#SACF | #SaudiCricket | #الاتحاد_السعودي_للكريكيت | #كريكيت | #IPL2025 | #IPLAuction |… pic.twitter.com/I7L5V3zdkm

Saudi Arabia’s hosting of the IPL 2025 Player Auction not only highlights its potential as a cricketing destination but also signals a new era of cultural exchange and sporting excellence in the region.

Cricket fans in Saudi Arabia will have a unique opportunity to witness the creation of the TATA IPL 2025 teams and be part of a popular global event, the federation said.

Commenting on the mega auction heading to the Kingdom, India’s ambassador to Saudi Arabia, Dr. Suhel Ajaz Khan said: “It is a matter of great pride and excitement for us to witness the TATA IPL 2025 Players Auction being held in Saudi Arabia, a historic first that underscores the deepening ties between India and Saudi Arabia. This event reflects the growing cultural and sports exchanges between our two nations, symbolizing a new era of shared aspirations and people-to-people connectivity.”

Bringing the auction to Jeddah not only highlights Saudi Arabia’s growing role as a global sports and entertainment destination, but will also serve as catalyst for popularizing and developing cricket in the Kingdom, the ambassador said.

“Congratulations and best wishes to all those involved in making this momentous occasion possible,” Khan said.

There were 1,165 Indian and 409 overseas players registered for the auction, which will be held at the Abady Al Johar Arena (also known as Benchmark Arena), by the Nov. 4 deadline, the BCCI said.

Players are from countries including Italy, Canada, Netherlands, Scotland, the US and the UAE, apart from the full member nations excluding Pakistan.

Each franchise can build a squad of up to 25 players, which means that there are 204 slots available at the auction after the retention.

On Oct. 31, the deadline for teams to finalise which of their players they were keeping from their 2024 squads, a total of 46 players were retained across the 10 franchises.

The IPL allowed teams to retain up to six players this time — of which a maximum of five can be capped and a maximum of two can be uncapped. The six players can either be retained outright ahead of the auction, or can be bought back using right-to-match options at the auction, or a combination of both.

The IPL auction is being held overseas for the second successive year — 2024 was in Dubai.


Josh Inglis named Australia’s white-ball captain in ongoing series against Pakistan

Josh Inglis named Australia’s white-ball captain in ongoing series against Pakistan
Updated 06 November 2024
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Josh Inglis named Australia’s white-ball captain in ongoing series against Pakistan

Josh Inglis named Australia’s white-ball captain in ongoing series against Pakistan
  • Most Australian stars will be absent from Pakistan matches to prepare for Test series with India
  • The 29-year-old wicketkeeper Inglis will captain both the ODI and T20 series against Pakistan

SYDNEY: Josh Inglis will captain Australia for the first time in the third ODI against Pakistan and in the following Twenty20 series, selectors said Wednesday, with a number of stars absent.
Regular one-day skipper Pat Cummins plus Mitchell Starc, Josh Hazlewood, Marnus Labuschagne and Steve Smith will not play the third ODI in Perth on Sunday so they can prepare for the Test series against India.
Xavier Bartlett, Spencer Johnson and Josh Philippe all come into the squad.
With Twenty20 skipper Mitchell Marsh on paternity leave, the 29-year-old wicketkeeper Inglis will also captain the hosts in the three-match T20 series against Pakistan starting November 14.
“Josh is an integral member of the ODI and T20I teams and a highly respected player on and off the field,” George Bailey, chairman of selectors, said.
“He has led Australia A previously and will bring strong tactical nous and a positive approach to the role.”
Australia won the first one-dayer on Monday by two wickets. The second match is on Friday.
Australia’s Test team, led by Cummins, will play five matches against India.
The first Test starts on November 22 in Perth.


Real Madrid, Manchester City both humiliated in Champions League, Liverpool enjoy Alonso’s return

Real Madrid, Manchester City both humiliated in Champions League, Liverpool enjoy Alonso’s return
Updated 06 November 2024
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Real Madrid, Manchester City both humiliated in Champions League, Liverpool enjoy Alonso’s return

Real Madrid, Manchester City both humiliated in Champions League, Liverpool enjoy Alonso’s return
  • Liverpool moved top of the league phase table with four wins from four games, followed by Sporting and Monaco, both on 10 points after three wins and a draw
  • German forward Nicolas Kuhn scored twice as Celtic defeated Leipzig 3-1 at home, and Juventus drew 1-1 at Lille

LONDON: European heavyweights Real Madrid and Manchester City both suffered big defeats in the Champions League on Tuesday.

Defending champions Madrid were humbled 3-1 at home by AC Milan, while Erling Haaland missed a penalty and City squandered a fourth-minute lead as they lost 4-1 at Sporting Lisbon, whose coach will soon take charge of their crosstown rival.

It was a much better evening for Liverpool, as Luis Diaz scored a hat trick and Cody Gakpo grabbed another goal in a 4-0 win over German champion Bayer Leverkusen at Anfield that marred Xabi Alonso’s return to his old home.

The Leverkusen coach was given a warm welcome on his return to the club where he became a fan favorite as a player over five seasons between 2004-09. Alonso won the Champions League with Liverpool in 2005.

Liverpool moved top of the league phase table with four wins from four games, followed by Sporting and Monaco, both on 10 points after three wins and a draw. Under the new 36-team format introduced by UEFA this season, the top eight teams advance directly to the next round, and those from ninth to 24th enter playoffs to reach it, while the bottom 12 are eliminated.

Amorim’s audition

Before their game, Sporting fans displayed a huge tifo thanking Ruben Amorim in his last home game before he takes over Manchester United.

Phil Foden then got City off to a flying start in the fourth minute, only the second goal Sporting has conceded in four games of the competition.

But Swedish forward Viktor Gyokeres scored a hat trick as Sporting came roaring back. Gyokeres first equalized in the 38th after a perfect through ball from Geovany Quenda, before Maximiliano Araujo made it 2-1 right after the break. Gyokeres then made it 3-1 from the penalty spot after Josko Gvardiol was penalized for a shove on Francisco Trincão in the area.

Haaland’s penalty hit the crossbar, before Gyokeres showed the Norwegian how it’s done with another spot kick at the other end to complete the scoring.

It is the first time since 2018 that City have lost three straight games, coming off a defeat to Tottenham in the English League Cup and a loss to Bournemouth in the Premier League.

“In my seven and a half years at the club, I don’t remember losing three games in a row,” City midfielder Bernardo Silva said.

Madrid faltering

In Spain, Christian Pulisic sent in a corner for Malick Thiaw to head Milan into a 12th-minute lead, ensuring Madrid trailed in a third straight game in the Champions League this season. The 15-time champion had already lost to surprise team Lille in their second game.

Vinícius Junior equalized from the penalty spot in the 23rd after he’d been tripped, but Alvaro Morata pounced on the rebound after Andriy Lunin saved Rafael Leão’s shot to restore the visitors’ lead against his former club.

Morata had already been given a hostile reception from the home fans, who evidently remember the goal he scored to take Juventus through to the 2015 final at their team’s expense.

Tijjani Reijnders scored Milan’s third goal as the home fans made their frustrations known at Santiago Bernabeu Stadium.

“The last two defeats are inexplicable. We have to analyze and react quickly,” Lunin said, referring to Madrid’s 4-0 loss to Barcelona in its previous Spanish league game.

It’s the first time since 2009 that Madrid have lost two successive games at home with at least three goals conceded in each, according to Opta.

“We have to get back on track,” Lunin said.

Other results

German forward Nicolas Kuhn scored twice as Celtic defeated Leipzig 3-1 at home, and Juventus drew 1-1 at Lille.

Lille midfielder Edon Zhegrova eluded two defenders before playing a perfect pass for Jonathan David, who fired inside the far post, but Dusan Vlahovic equalized with a penalty for the Italian club.

Donyell Malen scored late for Borussia Dortmund to beat Sturm Graz 1-0 at home, and Thilo Kehrer did likewise for Monaco to win at Bologna 1-0.

US midfielder Malik Tillman scored one goal and set up another as PSV Eindhoven beat Spanish team Girona 4-0.

Dinamo Zagreb dealt Slovan Bratislava their fourth straight defeat in the competition as the visitors came from behind to win 4-1 in Bratislava.