Golf-PGA members demand information about Tour's future

Endeavor group

13/12/2023 04:35

Dec 12 (Reuters) - Golfers playing for the PGA Tour have
demanded more information about the potential impact of capital
tie-ups being discussed, saying they had been "kept entirely in
the dark" about the organization's future.
    The PGA has announced plans to merge with Saudi-backed rival
LIV Golf but has also recently said it would advance discussions
with U.S.-based Strategic Sports Group (SSG) which could come in
as a co-investor.  
    Twenty-one golfers including 2016 Masters champion Danny
Willett are seeking full disclosure of the details and analyses
of any proposal by prospective partners as well as a meeting
with the policy board, according to a Dec. 10 letter sent by law
firm Susman Godfrey.
    "The Board has recently received multiple bids by
prospective capital partners that will potentially transform how
the PGA Tour operates, who controls it, and who owns it,"
attorney Jacob Buchdahl wrote.
    "All but a handful of PGA Tour players have been kept
entirely in the dark about the prospective transaction, how it
will impact them, and what conflicts of interest may impact the
decision-makers." 
    The PGA did not immediately reply to a request for comment. 
    SSG includes Fenway Sports Group, owners of Major League
Baseball's Boston Red Sox, as well as Premier League club
Liverpool. It also includes investment firm Cohen Private
Ventures, New York Mets owner Steve Cohen's family office and
private equity firm HighPost Capital. 
    Reuters reported in September that Fenway Sports Group and
Endeavor Group  EDR.N  were interested in investing in the PGA
Tour and any potential transaction would rival PGA's deal with
Saudi Arabia's Public Investment Fund. 
    

 (Reporting by Rory Carroll in Los Angeles; Editing by Edwina
Gibbs)
 ((Rory.Carroll@thomsonreuters.com Follow me on Twitter
@rorydcarroll; 503-830-8017;))