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

  • 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.


Vinícius nets hat trick in win as three Real Madrid players go down injured

Updated 3 sec ago
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Vinícius nets hat trick in win as three Real Madrid players go down injured

Madrid had heard jeers in their previous two home games
Vinícius got his second hat trick of the season

BARCELONA: Vinícius Júnior scored a hat trick to lead Real Madrid a 4-0 win over Osasuna on Saturday in a much-needed victory that was dampened when teammate Éder Militão left on a stretcher.
Madrid had heard jeers in their previous two home games — a 4-0 loss to fierce rival Barcelona and 3-1 defeat to AC Milan.
But the easy victory may have come at the high price.
Militão was taken off after the central defender crumbled to the turf and clutched the back of his right knee shortly before halftime. Rodrygo and Lucas Vázquez also were unable to continue after apparently sustaining muscle injuries in the first half.
Vinícius, who felt overlooked when the Ballon d’Or went to Spain’s Rodri last week, got his second hat trick of the season and took his overall tally to 12 goals. Jude Bellingham added a goal to make it 2-0.
Madrid are in second place in the Spanish league at six points behind leader Barcelona.

Waring holds one-shot Abu Dhabi lead as McIlroy struggles

Updated 58 min 26 sec ago
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Waring holds one-shot Abu Dhabi lead as McIlroy struggles

  • A day after setting a course record 61, the 39-year-old Waring was the only player among the top-29 on the leaderboard to post an over-par score for a total 18-under par 198
  • Fast-rising Dane Niklas Norgaard Moller hit a third round 69 to cut Waring’s five-shot overnight lead

ABU DHABI: England’s Paul Waring shot a one-over par 73 and held a one-shot lead going into the final round of the Abu Dhabi Championship on Saturday as Ireland’s Rory McIlroy continued to struggle.
A day after setting a course record 61, the 39-year-old Waring was the only player among the top-29 on the leaderboard to post an over-par score for a total 18-under par 198.
Fast-rising Dane Niklas Norgaard Moller hit a third round 69 to cut Waring’s five-shot overnight lead.
World number three Rory McIlroy dropped a big number in his closing holes for the second day in a row, this time a double bogey on the par-5 18th after an errant tee shot found water on the left side, to sit five shots off the lead.
On Friday, the Northern Irishman had made a triple bogey on the par-3 17th.
“If you’d given me a one-shot lead going into the final round at the beginning of the week, I would have snatched your hand,” said Waring, who is looking for his first win since the 2018 Nordea Masters.
“A little disappointed, because I felt like I could have really moved forward today and put myself out of sight.
“You’ve got to have an average day, don’t you?“
Three shots back, Ireland’s Shane Lowry (66), the 2019 tournament winner, was tied for third with Englishman Tommy Fleetwood (71), Dane Thorbjoern Olesen (71) and Swede Sebastian Soederberg (68) at 15-under par.
With the wind picking up toward the afternoon and the greens becoming firmer and faster, the conditions were challenging after two benign days.
Waring had taken advantage of the conditions with rounds of 64 and 61 and started the day at 19-under.
An early birdie extended his advantage, but a three-putt bogey on the par-3 fourth hole frayed his nerves, after which he struggled to get his speed and line right with the putter.
British Masters champion Norgaard made his first bogey of the tournament on the ninth hole, but three birdies on the back nine kept him in the hunt for a second title this year.
“Very satisfied with today,” said the 32-year-old, who is almost guaranteed a PGA Tour card next season as one of top-10 players from the DP World Tour’s Race to Dubai rankings.
A disappointed McIlroy closed with a three-under-par 69 and dropped to tied 13th position on 13-under-par 203.
He still felt confident of getting his hands on the trophy in Abu Dhabi for the first time in his career.
“Playing the last two holes two-over two days in a row is not ideal. Cost myself a few shots there,” said McIlroy, who is seeking to secure his sixth DP World Tour Order of Merit crown next week in Dubai and match the legendary Spaniard Seve Ballesteros.
“The leaders weren’t getting away, which was nice and I was making a little bit of a charge. And yeah, just one mistake, that drive on 18, and with it playing so much into the wind.
“It was an untimely mistake, just like yesterday on the 17th, and I dug myself a little bit of a hole to get out of, but depending on what the leaders do, I can still go into tomorrow feeling like I have half a chance.
“I just need to put it all together and play the way I’ve been playing and keep the big mistakes and big numbers off my card and if I can do that and post a score, you never know.”


Cycling great Cavendish announces retirement

Updated 09 November 2024
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Cycling great Cavendish announces retirement

  • “Sunday will be the final race of my professional cycling career,” wrote the 39-year-old British sprint legend
  • “Cycling has given me so much and I love the sport“

PARIS: Cycling great Mark Cavendish announced his retirement from the sport on Saturday, writing on social media that his final race will be Sunday’s Tour de France Singapore Criterium.
“Sunday will be the final race of my professional cycling career,” wrote the 39-year-old British sprint legend, the record stage winner on the Tour de France with 35, in a post on Instagram.
“Cycling has given me so much and I love the sport. I’ve always wanted to make a difference in it and now I am ready to see what the next chapter has in store for me.”
Cavendish made Tour de France history last July when he eclipsed Eddy Merckx’s record which had stood since 1975, having matched the Belgian’s mark in 2021.
“I am lucky enough to have done what I love for almost 20 years and I can now say that I have achieved everything that I can on the bike,” the rider from the Isle of Man said.
“I love this sport I always have loved this sport I want to make a difference on the bike I always have wanted to make a difference in it that will not change whether I’m on the bike or not.”
Cavendish made his Tour de France debut in 2008 before becoming world road race champion three years later. He won an omnium silver medal at the 2016 Olympics.
Since turning professional in 2005 he had won 165 races, including 17 stages in the Giro d’Italia and three in the Vuelta a Espana.
Last month, he had said that he “will see” about racing in next year’s Tour de France, explaining that he “saw things a bit differently” despite previously vowing not to compete in it again.
He refused to discuss his retirement after finishing third at the Saitama Criterium in Japan last weekend.
“I’d rather not talk about my future,” he told reporters, shortly after defending Singapore Criterium race champion Jasper Philipsen suggested that the Manxman would be calling it quits after the race.
Cavendish finished second behind Philipsen in last year’s race and the Belgian said the Briton would pose the biggest challenge to his title defense in Singapore.
“It’s always difficult to repeat and definitely with this being Mark’s last race, I think he’s very motivated as well to show off his amazing career that he had for the last time here in Singapore,” said the 26-year-old, ahead of Cavendish’s own announcement.
“So it will be a tough, tough competition I think.”
The race will feature 36 cyclists from nine teams including four-time Tour de France champions Chris Froome of Britain, four-time Vuelta Espana Primoz Roglic of Slovenia, and rising Eritrean star Biniam Girmay, who beat Roglic and Cavendish to win last week’s Criterium in Saitama.
They will complete 25 laps of the 2.3-kilometer circuit in Singapore’s historic Civic District.


Yamal doubt for Barca ahead of Real Sociedad clash

Updated 09 November 2024
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Yamal doubt for Barca ahead of Real Sociedad clash

  • The coach also said he thought playmaker Dani Olmo would be ready despite feeling unwell overnight
  • “Lamine, he was (working) inside and did specific strength training. He’s had a lot of matches in the last weeks so we took care of him...” said Flick

BARCELONA: Barcelona coach Hansi Flick said on Saturday he is unsure if teenage winger Lamine Yamal will be fit to start the La Liga leaders’ visit to face Real Sociedad on Sunday.
The coach also said he thought playmaker Dani Olmo would be ready despite feeling unwell overnight, while defender Pau Cubarsi can play despite suffering a cut on his face during the team’s Champions League win over Red Star Belgrade on Wednesday.
“Pau, I think (he will be fit), he trained with us for the whole training session,” Flick told reporters.
“Lamine, he was (working) inside and did specific strength training. He’s had a lot of matches in the last weeks so we took care of him... we’ll see what the situation is tomorrow.
“With Dani he felt a little bit uncomfortable at night and this morning is doing better, so with him just treatments and medical things, I think he’s ready for tomorrow.”
Barcelona held a nine point lead on second-place Real Madrid heading into the weekend.
Flick also emphasized the importance of punctuality for his players.
Spanish media reported French defender Jules Kounde was left out of the starting line-up to face Alaves in October after arriving late for a team meeting.
“It’s a rule. I don’t speak about what happened in the past, it’s just about respect for the team,” said Flick.
“If you are five minutes too late, the others have to wait, this is not respect, this is not my understanding of being respectful.”


Sharjah Self-Defense and Al-Jazira take lead at Abu Dhabi World Youth Jiu-Jitsu Championship opener

Updated 09 November 2024
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Sharjah Self-Defense and Al-Jazira take lead at Abu Dhabi World Youth Jiu-Jitsu Championship opener

  • Event is part of the 16th Abu Dhabi World Professional Jiu-Jitsu Championship, which runs until Nov. 16 with 9,000 male and female athletes competing from 137 countries

ABU DHABI: The Abu Dhabi World Youth Jiu-Jitsu Championship got underway on Friday at Mubadala Arena as part of the 16th Abu Dhabi World Professional Jiu-Jitsu Championship, with the opening day showcasing competitions for athletes aged 10 to 13.

The day saw Sharjah Self-Defense Sports Club secure first place in the boys’ division, followed by the Kazakhstan National Team in second and Al-Ain Jiu-Jitsu Club in third. In the girls’ division, Al-Jazira Jiu-Jitsu Club claimed the top spot, with Baniyas Jiu-Jitsu Club and Commando Group taking second and third, respectively.

The 16th Abu Dhabi World Professional Jiu-Jitsu Championship runs until Nov. 16 with 9,000 male and female athletes from 137 countries taking part.

Board member of the UAE Jiu-Jitsu Federation Yousef Abdullah Al-Batran praised the strong performances of Emirati athletes and acknowledged the central role of local clubs and academies in preparing and training players to compete at the highest international levels, with world-class facilities and technical support.

“The Abu Dhabi World Professional Jiu-Jitsu Championship continues to contribute to elevating Abu Dhabi’s status as a global hub for the sport, offering a premier platform that draws top talent from around the world to compete for the sport’s most prestigious titles,” he said. “We are pleased to see such broad international participation from clubs and academies worldwide, reflecting the championship’s status as a leading global sporting event. This international engagement reinforces our commitment to providing an outstanding competitive environment where elite athletes can confidently pursue their dreams.”

One of the guests of honor, UAE Minister of Climate Change and Environment Dr. Amna bint Abdullah Al-Dahak said: “It’s an honor to attend the Abu Dhabi World Professional Jiu-Jitsu Championship and present the awards to the winners of an event that has become a symbol of sport and peace around the world. Our presence today reflects our belief in the role of sport in building a healthy society, and underscoring Abu Dhabi’s status as a global sporting hub that fosters values such as responsibility, perseverance and determination among athletes.

“I applaud the UAE Jiu-Jitsu Federation for its efforts in advancing the sport and for delivering an exceptional experience for both participants and fans. This championship plays a crucial role in discovering and nurturing talent with the potential for future success.”