Golf-PGA Tour inks $3 billion deal with US consortium

The PGA Tour has secured a $3 billion investment into a new for-profit entity from a consortium of U.S. sports team owners as part of a deal that allows for co-investment from Saudi Arabia's Public Investment Fund, it said on Wednesday.

The deal with Strategic Sports Group will give the U.S.-based circuit's players access to more than $1.5 billion as equity owners in the new PGA Tour Enterprises. "Today marks and important moment for the PGA Tour and fans of golf across the world," PGA Tour Commissioner Jay Monahan, who is CEO of the new enterprise, said in a news release.

"By making the PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour." Monahan added that the deal would enhance the organization's ability to make the sport of golf more rewarding for players, tournaments, fans and partners.

The PGA Tour also said it is still negotiating with the PIF, which controls LIV Golf, on a potential future investment and both parties are working towards an ultimate agreement.