The US PGA Tour has rejected a bid by sports ownership group Endeavor to form a strategic partnership, according to Endeavor President and Chief Operating Officer Mark Shapiro.
In a statement to Sportico, Shapiro revealed that the tour had turned down Endeavor’s offer. Despite Endeavor’s existing PGA deal for managing tournaments and selling commercial rights, Shapiro stated, “We’re big fans of golf and we’ll continue to champion the PGA Tour, but we’re not going to be an investor at any level.”
It remains uncertain whether ongoing discussions between the PGA Tour and Saudi Arabia’s Public Investment Fund (PIF) regarding a framework merger agreement influenced the decision.
An agreement made in June with Saudi backers of the LIV Golf League had given PIF the right of first refusal on investors in a new for-profit entity consisting of the PGA Tour, DP World Tour, and LIV Golf.
Negotiations must reach a definitive agreement by December 31, and the deal must be approved by the PGA Tour Policy Board, which now has a majority player membership including Tiger Woods.
Another organization interested in investing in the PGA Tour is Fenway Sports Group, the owner of English Premier League side Liverpool, the NHL’s Pittsburgh Penguins, and Major League Baseball’s Boston Red Sox.
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Daniel Miller takes readers to the greens with his passion for golf. He offers coverage of major golf tournaments, player achievements, and insights into the sport’s rich history, making him a trusted source for golf enthusiasts.
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