The PGA Tour has narrowed its choice of potential investors to a new consortium led by Fenway Sports Group and said it would continue negotiations with Saudi Arabia’s national wealth fund as it races to meet a Dec. 31 deadline.
The PGA Tour board — six players and five independent directors — sent an email to players Sunday afternoon to say Strategic Sports Group was the unanimous choice to further negotiate a potential partnership in the new PGA Tour Enterprises.
The new for-profit company was at the heart of a framework agreement announced June 6 among the PGA Tour, Europe-based DP World Tour and the Public Investment Fund, the Saudi financial backing of the LIV Golf League.
“We also anticipate advancing our negotiations with PIF in the weeks to come,” the board said in the email to tour membership. “Please know that while we can’t get into more details at this time, we are very confident in an eventual, positive outcome for all players and the PGA Tour as a whole.”
The update came three days after reigning Masters champion Jon Rahm, for two years a consistent voice against the 54-hole, no-cut rival league, bolted for LIV in a deal that various reports put in the neighborhood of $500 million.