The Public Investment Fund of Saudi Arabia — the money behind LIV Golf — is nearing the acquisition of a small share of PGA Tour Enterprises, Bloomberg reported Tuesday.
The PIF, per the report, is set to take a 6 percent ownership stake in the organization, which is the for-profit branch of the PGA Tour. The two sides have been negotiating an alliance for more than a year.
Strategic Sports Group, a consortium made up largely of owners of pro sports franchises, already has an investment in PGA Tour Enterprises and is set to put in as much as $3 billion. Bloomberg did not pin a dollar figure on a potential PIF investment but pegged the value of PGA Tour Enterprises at about $12 billion.
A representative of PGA Tour Enterprises declined to comment to Bloomberg.
LIV Golf began in 2022 after the PIF invested hundreds of millions of dollars into luring big-game golfers, including Brooks Koepka and Dustin Johnson, away from the PGA Tour.
Following lawsuits and countersuits, the two sides agreed to discuss an alliance — and a way for LIV golfers to play in big PGA Tour events beyond the four majors.
A PIF investment in PGA Tour Enterprises would be a positive step for the tour, which doesn’t want to see more golfers abandon it for LIV Golf.
Any deal would require regulatory approval.
–Field Level Media