PGA Tour announces new $3 billion investment and player equity offer
CNN
Rocked by the money on offer by LIV Golf and the talent drain of some of its leading players, the PGA Tour is offering its golfers the opportunity to become “owners of their league.”
Rocked by the money on offer by LIV Golf and the talent drain of some of its leading players, the PGA Tour is offering its golfers the opportunity to become “owners of their league.” Announcing the launch of PGA Tour Enterprises on Wednesday, the PGA Tour said a “first-of-its kind” program will offer its players the opportunity to become equity holders. Funded through an investment of up to $3 million from Strategic Sports Group (SSG), a consortium of American sports teams owners led by Fenway Sports Group (FSG), the almost 200 Tour members would collectively be able to receive over $1.5 million in equity. The grants, available only to qualified PGA Tour players, would be based on career accomplishments, recent achievement, future participation and services and PGA Tour membership status, according to a press release from the PGA Tour. “Today marks an important moment for the PGA Tour and fans of golf across the world,” PGA Tour commissioner and PGA Tour Enterprises CEO Jay Monahan said. “By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” added Monahan.
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