Endeavor president says PGA Tour turned down investment offer

Endeavor faces rejection in its pursuit of investing in or forming a strategic partnership with the PGA Tour, as confirmed by the company’s president and COO, Mark Shapiro, in an interview with Sportico. (Source: Sportico)

Shapiro stated, “They’ve officially turned it down. We’re enthusiastic supporters of golf and will continue to promote the PGA Tour, but we won’t be investors at any level.”

Endeavor, known for being the parent company of WWE, the UFC, and prominent sports agencies like IMG, publicly expressed interest in investing in the PGA Tour as it starts collaborating with the Saudi Public Investment Fund (PIF) on a framework agreement. The reason behind the rejection remains undisclosed and it’s unclear if PIF intervention played a role.

According to Shapiro, Endeavor proposed expanding their existing partnership with the PGA Tour, which includes handling the sale of commercial rights and tournament management.

The current framework agreement between the PGA Tour, the DP World Tour, and the Saudis is set to expire on December 31 as the parties aim to reach a more concrete deal. Under the initial agreement, the PIF has the right of first refusal for any new investments in the PGA Tour’s new for-profit entity known as PGA Tour Enterprises.

Earlier this year, Endeavor’s CEO, Ari Emanuel, revealed that the company almost invested $1 billion in LIV Golf, which is backed and controlled by the Saudis and PIF governor Yasir Al-Rumayyan. However, the deal fell through at the request of PGA Tour commissioner Jay Monahan, whom Emanuel considers a friend, as reported by Golfweek.

Additionally, there are rumors that Fenway Sports Group is also interested in investing. Fenway currently owns MLB’s Boston Red Sox, the NHL’s Pittsburgh Penguins, and the English Premier League’s Liverpool FC.

The PGA Tour declined to comment on the matter when approached by Sportico.

Information from Reuters was used in this report.