The PGA Tour, which has a pending deal with Saudi Arabia’s Public Investment Fund, has fielded unsolicited investor proposals, Commissioner Jay Monahan said in an email to players.
(Bloomberg) — The PGA Tour, which has a pending deal with Saudi Arabia’s Public Investment Fund, has fielded unsolicited investor proposals, Commissioner Jay Monahan said in an email to players.
“We remain focused on reaching a definitive agreement with PIF and the DP World Tour, but not surprisingly, these negotiations have resulted in unsolicited outreach and proposals from a number of other interested investors,” Monahan wrote in the email sent late Wednesday, a copy of which was seen by Bloomberg News. “All of this activity reinforces the Tour’s strong position and our potential for growth.”
In June, the PGA Tour agreed to a shock merger with PIF and DP World Tour. The battle between the rivals had captivated fans and split players, after Saudi Arabia-backed LIV Golf threw down millions to lure some of the biggest players away from the traditional PGA Tour to its louder, brasher rival.
Monahan said in the email that the PGA Tour’s negotiations with PIF and the process the organization has put in place are “working well.” A PGA spokesman confirmed the contents of Monahan’s email, declining to comment further.
Endeavor Group Holdings Inc. Chief Executive Officer Ari Emanuel said Wednesday at the inaugural Bloomberg Screentime conference that his company submitted a bid for a PGA Tour stake, confirming an earlier Bloomberg News report. Billionaire Henry Kravis and Fenway Sports Group, which owns the Boston Red Sox and Liverpool FC, are among US investors exploring investing in the PGA Tour.
Watch: Superagent Emanuel Confirms Endeavor’s Bid for PGA Tour (Video)
Any new investors may provide an alternative to the PIF transaction, though they could wind up partnering with the Saudi fund, a person with knowledge of the matter said.
PGA Tour players are seeking to obtain an ownership in the new entity formed by the proposed tie-up with PIF and DP World Tour, Bloomberg News has reported.
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