The PGA Tour secures up to $3 billion from U.S. investors as the LIV Golf merger remains uncertain.

• The PGA Tour will receive an investment of up to $3 billion from a U.S. consortium known as Strategic Sports Group.
• Talks about investment from the Saudi Public Investment Fund continue.
• Under the new arrangement, players will have the chance to acquire ownership stakes in the tour.

The PGA Tour has secured a $3 billion investment from a U.S. consortium, as announced on Wednesday.

PGA Tour Enterprises will receive a $1.5 billion investment from Strategic Sports Group, who will become a minority owner in the for-profit entity of the PGA Tour.

The PGA Tour will receive the second $1.5 billion of the investment once negotiations with the Saudi Public Investment Fund are completed, according to a source familiar with the talks. No deadline has been set for the end of these negotiations.

The tour has made progress in its negotiations with the PIF on a potential future investment and its discussions with the DP World Tour as it tries to plot out its future in the face of competition from the upstart LIV Golf and a proposed merger with the Saudi-funded league.

PGA Tour Commissioner Jay Monahan stated that today is a significant milestone for the PGA Tour and golf enthusiasts globally.

The deal received unanimous support from the PGA Tour player directors.

Under the new agreement with Strategic Sports Group, nearly 200 players will receive equity participation in the tour through grants that vest over time, based on their career accomplishments and future participation and services with the tour.

Monahan stated that by making PGA Tour members owners of their league, the collective investment of the players in the success of the PGA Tour is strengthened.

John Henry, the CEO of Fenway Sports Group, leads Strategic Sports Group, which has a diverse group of investors, including private equity names and sports owners such as Arthur Blank, Steve Cohen, and Wyc Grousbeck.

The deep respect we have for this game and our belief in its growth potential are the reasons behind our enthusiasm for this new venture, said Henry, the principal owner of Fenway Sports Group and manager of the Strategic Sports Group.

Members of the team received the news during a players-only call held by Monahan and Henry on Wednesday morning.

The merger of the PGA Tour and Saudi PIF-backed LIV Golf could dramatically change the sport at a crucial moment for professional golf, as the rivalry between the two organizations has divided players.

The PGA Tour-LIV deal was announced in June, with Monahan and Saudi Public Investment Fund Governor Yasir Al-Rumayyan making the announcement on CNBC. This news came as a surprise to many, as the two competing leagues were in the midst of a bitter legal battle at the time.

The PIF is controlled by Saudi Crown Prince Mohammed bin Salman, and critics claimed that the deal was a way for Saudi Arabia to gain influence in the U.S. through sports investments.

In 2022, LIV Golf was launched as a competitor to the tour, attracting top players such as Phil Mickelson, Dustin Johnson, Brooks Koepka, and Jon Rahm with lucrative prize money and signing bonuses.

The PGA Tour-LIV Golf deadline was originally set for December 31. However, Monahan informed players that the organizations had decided to extend the deadline based on their progress. A final decision on the merger is expected to be made before the Masters Tournament in April.

The deal is subject to Justice Department and regulatory approval.