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Endeavor, PGA Tour Investment Talks Fall Apart

Los Angeles (AFP) – The US PGA Tour has rejected a bid by sports ownership group Endeavor to form a strategic partnership, Endeavor president and chief operating officer Mark Shapiro told Sportico.
The PGA Tour has reportedly rejected a partnership offer from Endeavor even as talks continue over a merger framework agreement with Saudi Arabia's Public Investment Fund © Eakin Howard / GETTY IMAGES NORTH AMERICA/AFP/File

The PGA Tour has reportedly rejected a partnership offer from Endeavor even as talks continue over a merger framework agreement with Saudi Arabia's Public Investment Fund © Eakin Howard / GETTY IMAGES NORTH AMERICA/AFP/File

According to a report Saturday, the tour rebuffed the move by Endeavor, a majority owner of UFC, WWE and pro bull riding that has an existing PGA deal for managing tournaments and selling commercial rights.

"They have officially turned it down," Shapiro said. "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 was not certain if ongoing talks between the PGA Tour and Saudi Arabia's Public Investment Fund (PIF) over a framework merger agreement was a factor in the decision.

A provision in the June deal with Saudi backers of the LIV Golf League gave PIF a right of first refusal on investors in a new for-profit entity comprised of the PGA Tour, DP World Tour and LIV Golf.

Negotiations face a December 31 deadline to create a definitive agreement and that deal must be approved by the PGA Tour Policy Board, which was restructured to have a majority player membership that includes Tiger Woods.

Another group that reportedly wants to invest in the PGA Tour is Fenway Sports Group, which owns English Premier League side Liverpool, the NHL's Pittsburgh Penguins and Major League Baseball's Boston Red Sox.

© 2023 AFP

Author: Editors Desk

Source: France 24

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