Fenway strikes ahead in closing talks to put money into PGA Tour’s Saudi deal

A coalition of U.S. sports activities traders led by Fenway Sports activities Group have entered the ultimate spherical of negotiations to turn into co-investors in a possible deal between the PGA Tour and Saudi Arabia’s Public Funding Fund, the PGA Tour introduced on Sunday.

The Fenway-led consortium, named Strategic Sports activities Group, contains quite a lot of investor and personal fairness names like Celtics majority stake proprietor Wyc Grousbeck, Chicago Cubs Chairman Tom Ricketts and Cohen Non-public Ventures, a enterprise capital agency of New York Mets proprietor Steve Cohen.

The investor record additionally contains Milwaukee Brewers proprietor Mark Attanasio, House Depot co-founder Arthur Clean, Liverpool Soccer Membership proprietor John Henry and Boston Crimson Sox proprietor Tom Werner amongst others.

The announcement famous that Strategic Sports activities Group had been chosen after a rigorous assessment of different exterior investor provides. The PGA Tour had beforehand turned down a proposal from TKO majority proprietor Endeavor Group Holdings.

Because it narrows down its investor pool, the PGA Tour stated it might intention to additional negotiations with the Saudi PIF within the coming weeks.

The information comes as time is operating out for the PGA Tour to safe the long-awaited take care of the PIF, which owns the DP World Tour and LIV Golf. PGA Tour Commissioner Jay Monahan beforehand stated that the events would intention to complete the deal by Dec. 31.

The PGA Tour and the PIF agreed to the merger in June however have gone forwards and backwards on the particular deal phrases due partially to resistance from big-name PGA Tour gamers like Rory McIlroy. The deal additionally confronted probing from lawmakers who’re skeptical of Saudi Arabia’s intentions, claiming that the nation is perhaps making an attempt to realize affect within the U.S. by way of sports activities funding.

– CNBC’s Jessica Golden contributed to this report.