The Saudis could have some competition for their proposed investment in the PGA Tour, or perhaps a few partners, Bloomberg reported.
Three American investors – Endeavor Group Holdings, Fenway Sports Group and billionaire Henry Kravis – are exploring ways to buy into the PGA Tour, which is negotiating with the Saudis’ Public Investment Fund to form a new business that would operate outside of the tour’s tax-exempt operation.
Endeavor Group, a $9.5 billion fund based in Beverly Hills, California, recently bought a controlling interest in World Wrestling Entertainment to go with its stake in Ultimate Fighting Championship. The fund is run by Ari Emanuel, the brother of former Chicago Mayor Rahm Emanuel.
Fenway Sports Group holds deep ties across the sports landscape, including ownership of the Boston Red Sox, investment in the Tiger Woods-Rory McIlroy-inspired TGL golf/entertainment league and a recent agreement with the LPGA Tour.
Kravis is the co-founder of private-equity firm KKR & Co.
In June, the PGA Tour and the DP World Tour entered into a “framework agreement” with the PIF to explore a new business after the Saudis’ successful launch in 2022 of rival LIV Golf. That agreement allows the tour to talk with other potential investors. Any deal would have to be approved by the players, who recently gained a majority of seats on the PGA Tour’s Policy Board. READ MORE
A federal judge in Florida dismissed both defamation lawsuits filed by Patrick Reed against 18 media figures in which the LIV Golf member had been seeking at least $1 billion in combined damages. Because the complaints were dismissed with prejudice, they cannot be refiled and the defendants can seek reimbursement for attorney fees. READ MORE
Adidas took legal action against LIV Golf, filing an opposition with the U.S. Patent and Trademark Office in claiming that the second-year tour’s “L” logo is too similar to the apparel brand’s three-stripe logo. READ MORE
LIV Golf will go up against at least three of the PGA Tour’s “signature events” and no longer play at Donald Trump-owned golf courses, Sports Illustrated’s Bob Harig reported in a preview of the tour’s third-year schedule for 2024. READ MORE
TAP-INS
The number of rounds played in August on U.S. golf courses rose slightly compared with the same month last year, according to Golf Datatech’s monthly National Rounds Played Report. August play inched ahead 0.1 percent, boosting the year-to-date increase to 4.1 percent compared with the first eight months of 2022, which was one of the top four years for play on record. READ MORE
Sean McManus, the chairman of CBS Sports, will retire in April after the 2024 Masters and be replaced by David Berson, CBS Sports’ president, the network announced. READ MORE
ESPN is close to finalizing a deal with TGL, the tech-infused golf league being launched in January by Tiger Woods and Rory McIlroy, London’s Financial Times reported, citing sources close to the negotiations. READ MORE
Royal Birkdale Golf Club in Southport, England, has announced a number of course-design changes, including a new par-3 hole, to be completed by Mackenzie and Ebert Golf Course Architects in the spring. Royal Birkdale is scheduled to host the 2026 Open Championship. READ MORE
Three future sites for the U.S. Senior Open were disclosed by the USGA: 2026 at Scioto Country Club in Columbus, Ohio; 2027 at Oak Tree National in Edmond, Oklahoma; and 2028 at Crooked Stick Golf Club in Carmel, Indiana. READ MORE
Lydia Ko is the reigning champion in the LPGA Tour’s CME Group Tour Championship and the No. 10-ranked woman in the world, but she is not eligible to compete in the season-ending tournament because of her position on the season points list, according to Golf Digest’s Kent Paisley. READ MORE
Malaysia’s Natasha Andrea Oon, who won the recent Epson Tour event in El Dorado, Arkansas, and South Korea’s Jiwon Jeon have secured promotions to the LPGA Tour for 2024, the developmental tour announced. READ MORE
Compiled by Steve Harmon