(Reuters) – The PGA Tour, which organizes professional golf tournaments primarily in North America, is close to finalizing an investment from a U.S. consortium, Bloomberg News reported on Monday citing people familiar with the matter.
The initial investment from Strategic Sports Group could be about $3 billion, with an additional tranche from the Saudi Public Investment Fund, according to the report.
The deal could value PGA Tour Enterprises — the for-profit entity created to house the Tour’s commercial interests — at about $12 billion, the report added.
Point72, a fund run by Steve Cohen, Marc Lasry’s Avenue Capital Group and a spokesperson for PGA Tour did not immediately respond to Reuters’ requests for comment.
In September Reuters reported, citing a source, that Endeavor Group and Boston Red Sox owner Fenway Sports Group had expressed interest in investing in the PGA Tour.
Any potential transaction would rival PGA’s deal with Saudi Arabia’s Public Investment Fund. First unveiled in June, the deal has divided the golfing world and irked some U.S. lawmakers.
(Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)
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