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PGA Tour's deal with Private Equity has pissed off LIV Golf Chairman Al-Rumayyan
Posted on 1/29/24 at 10:34 pm
Posted on 1/29/24 at 10:34 pm
New York Post
The PGA Tour is closing in on a $3 billion investment that may not include rival LIV Golf.
Strategic Sports Group — led by Fenway Sports Group and including Mets owner Steve Cohen’s Cohen Private Ventures, Atlanta Falcons owner Arthur Blank and former Milwaukee Bucks co-owner Marc Lasry — is set to make the historic investment, according to Bloomberg, with additional money from the Saudi Public Investment Fund.
It could set the valuation of the newly created for-profit PGA Tour Enterprises at around $12 billion.
Saudi-backed LIV Golf may not be initially included in the deal, with talks continuing, per Bloomberg.
LIV Golf chairman Yasir Al-Rumayyan was reportedly unhappy with the involvement of private equity money since it felt like LIV Golf was no longer at the center of the talks, according to CBS Sports.
The PGA Tour is closing in on a $3 billion investment that may not include rival LIV Golf.
Strategic Sports Group — led by Fenway Sports Group and including Mets owner Steve Cohen’s Cohen Private Ventures, Atlanta Falcons owner Arthur Blank and former Milwaukee Bucks co-owner Marc Lasry — is set to make the historic investment, according to Bloomberg, with additional money from the Saudi Public Investment Fund.
It could set the valuation of the newly created for-profit PGA Tour Enterprises at around $12 billion.
Saudi-backed LIV Golf may not be initially included in the deal, with talks continuing, per Bloomberg.
LIV Golf chairman Yasir Al-Rumayyan was reportedly unhappy with the involvement of private equity money since it felt like LIV Golf was no longer at the center of the talks, according to CBS Sports.
3
Posted on 1/30/24 at 6:03 am to TDTOM
No that’s not good. That means a deal is less likely to be struck and the pga tour will continue to get poached and have super weak events.
Posted on 1/30/24 at 7:28 am to BigApple
The rahm deal ended any chance of the PGA / LIV playing nice.
I think the Saudis were trying to force the PGA hand and now the PGA is saying to the Saudi’s you guys aren’t the only investment fund with money.
I think the Saudis were trying to force the PGA hand and now the PGA is saying to the Saudi’s you guys aren’t the only investment fund with money.
Posted on 1/30/24 at 7:58 am to MrLSU
I’m sure it did. Saudis aren’t used to the West dealing dirty like them. They like to make the slimy moves like poaching players while in negotiations, but they expect the non Muslim world to play nice.
Posted on 1/30/24 at 8:34 am to Swagga
quote:
The rahm deal ended any chance of the PGA / LIV playing nice.
Everyone else told me that was the bridge that will eventually bring the two together. Rory was walking back his comments & talking about playing on a global golf tour.
It’s possible Jay screwed it up by letting SSG in, but everybody including Bryson was acting like it’s a done deal a couple days ago.
quote:
"I think the deal is going to come quicker than you think," DeChambeau said during a conference call. "It might not be the next couple of weeks. Maybe a month or so. But it’s going to happen. There’s no way around it now. This is about the good of the game for the fans. The health of the game for the fans. "As time goes on, we’re starting to see these fans are hungry for us all to come back together. I can’t wait for that day to happen."
This post was edited on 1/30/24 at 8:37 am
Posted on 1/30/24 at 8:50 am to JimTiger72
Saying jay “screwed it up” by bringing in 3 billion to his entity is great. Look, the Saudis signed Rahm because they believe it helps them. Jay has a duty to the Pga tour, not anyone else. Securing 3 billion being labeled as “screwing it uo” just shows extreme bias
Posted on 1/30/24 at 8:54 am to lsupride87
quote:
Securing 3 billion being labeled as “screwing it uo” just shows extreme bias
Of course, it does. However, his bias is not a secret.
Posted on 1/30/24 at 8:57 am to TDTOM
I thought everyone just wanted the best players to play on the same tour again. Sounds like they were on the path to making that happen, but Jay brought someone else in to the negotiation & might prevent that from happening.
Posted on 1/30/24 at 9:12 am to MrLSU
I thought this was necessary to avoid any anti-trust issues from the Feds.
Posted on 1/30/24 at 9:33 am to Swagga
quote:
now the PGA is saying to the Saudi’s you guys aren’t the only investment fund with money.
$3 billion is pocket money to the Saudis. But I guess we can see how long the Saudis want to write massive checks that have no return and see which side breaks first. It's getting old. I'm over it
This post was edited on 1/30/24 at 9:35 am
Posted on 1/30/24 at 9:39 am to JimTiger72
I want the tours to come together. But I don’t expect Jay or the tour to just bend over and let the Saudis arse frick them
Posted on 1/30/24 at 9:43 am to lsupride87
Yes, with the PIF’s endless amounts of $, Jay got greedy… again
Posted on 1/30/24 at 9:43 am to JimTiger72
But the Saudis weren’t greedy when they stroked a 500 million check for Rahm during negotiations?
This post was edited on 1/30/24 at 9:44 am
Posted on 1/30/24 at 9:46 am to lsupride87
How’s that related?
You think Jay is bringing in an additional investor to say frick you for stealing Rahm? That’s not what’s going on
You think Jay is bringing in an additional investor to say frick you for stealing Rahm? That’s not what’s going on
Posted on 1/30/24 at 9:48 am to JimTiger72
I think Jay, rightfully so, doesn’t trust the Saudis so he has other fish in the fryer
Posted on 1/30/24 at 9:50 am to JimTiger72
quote:
Yes, with the PIF’s endless amounts of $, Jay got greedy… again
The PIF continues to take players from the PGA. The PGA sought outside investors. It seems both sides are trying to leverage their positions for power accordingly. In your opinion, what should Jay have done here? Just let PIF take over complete control of the PGA Tour and call it a day?
Posted on 1/30/24 at 9:56 am to lsufball19
quote:
In your opinion, what should Jay have done here? Just let PIF take over complete control of the PGA Tour and call it a day?
That’s not what their “framework agreement” was. They were going to form a for-profit company called PGA Tour Enterprises between PGA/DP Tour/PIF. Jay was going to be CEO & Al-Rumayyan was going to be chairman.
ETA: Rahm has been gone for a while, so they’re not bringing in a new investor now because of him. Maybe Jay was upset about the latest signings with Hatton & others at the last minute. Seems like things were going smoothly toward a deal until recent news
This post was edited on 1/30/24 at 9:58 am
Posted on 1/30/24 at 10:17 am to JimTiger72
quote:
"I think the deal is going to come quicker than you think," DeChambeau said during a conference call. "It might not be the next couple of weeks. Maybe a month or so. But it’s going to happen. There’s no way around it now. This is about the good of the game for the fans. The health of the game for the fans. "As time goes on, we’re starting to see these fans are hungry for us all to come back together. I can’t wait for that day to happen."
I’m not a Bryson fan but it’s great to see someone finally identify the fans as the losers in all this. We’ve all been saying it, but they’re finally noticing as well.
Nobody is watching LIV and the PGA is better with guys like DJ, Brooks, Rahm, and Cam Smith playing on it.
Posted on 1/30/24 at 10:18 am to lsufball19
quote:
I guess we can see how long the Saudis want to write massive checks that have no return and see which side breaks first. It's getting old. I'm over it
As I have said since day 1, the only people taking L’s here are the fans. This is likely to drag on for years. The PGA Tour isn’t going anywhere, and LIV is likely to pull more players to their Mickey Mouse league.
Guess I’ll have to enjoy watching Rahm, brooks, cam, DJ, and company compete against Rory, Scottie, JT, Spieth, etc just 4 times a year while the looney tunes still have Major eligibility.
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