Technical support issues
A total of about $3 billion (about 4 trillion won) will be invested, of which $1.5 billion will be provided to PGA Tour players in a form that allows them to acquire stakes.
A partnership with "SSG" has announced the launch of PGA Tour Enterprise, a new for-profit corporation under the PGA Tour. Through this unprecedented program, about 200 PGA Tour members have the opportunity to participate as shareholders of the newly launched company.
In addition, PGA Tour Enterprise stated that it is considering providing an opportunity for future PGA Tour players to benefit from the commercial growth of the business as well. Through this program, players will be able to secure a total stake in PGA Tour Enterprise worth more than $1.5 billion. This grant, which will be paid over time, will be based on a player's achievements, recent achievements, future participation and service, and status of membership, and will only be given to eligible PGA Tour players.
The deal, announced today, will allow joint investment by the Public Investment Fund (PIF) in the future on the premise of approval of all necessary regulations.
Jay Monahan, PGA Tour Commissioner and CEO of PGA Tour Enterprise, said, "This is going to be an important moment for the PGA Tour and for golf fans all over the world. By allowing PGA Tour members to become owners of their leagues, we can strengthen the players' collective investment in the success of the PGA Tour," adding, "If we all strive to provide the best sports entertainment, and focus on the amazing and unrivalled moment of fierce competition that players, tournaments, and partners work together to create, it will be an absolutely great gift for fans," adding, "Our partnership with SSG, which has extensive experience and investment history across a wide range of fields, including sports, media, and entertainment, will strengthen the capacity of the PGA Tour organization to create sports that bring greater joy to players, tournaments, fans, and partners."
PGA Tour player directors Patrick Cantlay, Peter Malnatti, Adam Scott, Webb Simpson, Jordan Spieth, and Tiger Woods said in a joint statement, "We are proud to unanimously support the historic partnership between PGA Tour Enterprise and SSG. It is very important to create opportunities for current and future players to invest more financially and strategically on the PGA Tour. This will not only strengthen the PGA Tour in a business way, but will also encourage players to continue providing the best golf to their fans and fully devote themselves to improving their skills. We are looking forward to things to come and a brighter future."
Meanwhile, the PGA Tour confirmed progress in ongoing negotiations with PIF regarding potential future investments, and the two sides are making continuous efforts to reach an eventual agreement. SSG agreed to PIF's investment on condition of approval for all necessary regulations.
He is also interested in the strategic alliance between the PGA Tour and the DP World Tour. The DP World Tour is a close partner of the PGA Tour and was included in the first structural discussions and agreements announced last year, and the PGA Tour is actively discussing how the two tours will work together for the lasting benefit of all.
Wednesday, February 7, 2024