PGA Tour in deal talks with Endeavor, Fenway Sports - source (updated)

Endeavor group

28/09/2023 23:07

(Changes sourcing)
    By Niket  Nishant
       Sept 28 (Reuters) - Endeavor Group  EDR.N  and Boston
Red Sox owner Fenway Sports Group have expressed interest in
investing in the PGA Tour, according to a source familiar with
the negotiations.
    Any potential transaction would rival PGA's deal with Saudi
Arabia's Public Investment Fund (PIF). First unveiled in June,
the deal has divided the golfing world and irked some U.S.
lawmakers. 
    After a very public war of words, PGA, DP World Tour and
Saudi-backed LIV Golf circuit in June announced a shocking
agreement to merge and form one unified commercial entity.
    But U.S. Senators have blasted the deal as "sportswashing,"
where the kingdom uses sports to improve its reputation as it
faces criticism of its human rights record.
    PGA's talks with Endeavor and Fenway are still at an early
stage, the source said, requesting anonymity because the matter
is confidential. The development was first reported by Bloomberg
News.
    Fenway declined to comment, while Endeavor did not
immediately respond to a Reuters request to comment.
    PGA pointed to its statement from Wednesday, where it had
said its "focus continues to be on finalizing an agreement with
the Public Investment Fund" even as it has received some
"unsolicited interest from other investors."
    Both Fenway and Endeavor are already major players in the
sporting industry. Fenway owns Major League Baseball's Boston
Red Sox and Premier League club Liverpool. Endeavor is the
majority owner of TKO Group Holdings  TKO.N , a sports and
entertainment company comprising the Ultimate Fighting
Championship and the World Wrestling Entertainment.

 (Reporting by Niket Nishant in Bengaluru; Editing by Shilpi
Majumdar and Shweta Agarwal)
 ((Niket.Nishant@thomsonreuters.com))