Lakers' LeBron James, Drake Among Celebs to Become 'Strategic' PGA Tour Investors
March 5, 2024
Five weeks after it was first reported a group of investors were putting up $3 billion for the PGA Tour, additional details about the people who offered their money have been made available.
Per the New York Times, LeBron James and Drake are among the athletes and celebrities who put up a stake in the PGA Tour as "strategic investors" who "are expected to use their marketing power to help the tour broaden its audience."
Drake issued a statement included in the report: "Golf can be so much more than a sport. I remember some of my best childhood memories was being on the golf course with my uncle. It's one thing to invest in a team, but to help reimagine one of the biggest leagues in the world is an incredible opportunity and I'm excited to be a part of it."
The PGA Tour announced on Jan. 31 a United States consortium called Strategic Sports Group agreed to a $3 billion investment in the professional golf circuit.
The agreement came while the PGA Tour and Saudi Public Investment Fund were still in talks about finalizing their partnership that was originally announced in June. Those discussions remain ongoing, with no deadline set for a resolution.
There were some details about the members of the Strategic Sports Group when the investment was originally announced. It was being led by Fenway Sports Group principal owner John Henry.
Considering James has a stake in Fenway Sports Group, it's not a surprise that his name has been unveiled as part of the PGA Tour's strategic investors.
Other key investors include Atlanta Falcons owner Arthur Blank, New York Mets owner Steve Cohen and Boston Celtics owner Wyc Grousbeck.
The $3 billion investment will be paid out in two installments. The first $1.5 billion investment was made when the deal was originally announced. The remainder, which is guaranteed, will be paid out when the PGA Tour and LIV Golf talks are resolved.
The deal also gives 200 PGA golfers the opportunity to receive equity partnership in the tour.