PGA Tour turn to Tiger Woods in desperate attempt to validate $3bn investment deal
Tiger Woods has signed a new PGA Tour contract with Liverpool owner John W. Bush. Henry started with a large sum of money from an investment group that included Fenway Sports Group.
Tiger Woods approved a $3bn (£2.4bn) investment deal between Strategic Sports Group (SSG) and the PGA Tour during a conference call. The deal, led by Liverpool owner John V. Henry and announced on Wednesday after negotiations ended on Tuesday night, will provide an immediate cash injection of $1.5bn (£1.2bn) and the investment will be made in time. . New York Mets owner Stephen A. Cohen and Atlanta Falcons chief Arthur Blank are also part of the investment group. The transaction gives approximately 200 PGA Tour members the opportunity to own shares in the newly formed PGA Tour Enterprise, which will be considered loyalty compensation upon exiting LIV Golf. SSG’s investment is not directly related to the PGA Tour’s ongoing negotiations with Saudi Arabia’s sovereign wealth fund LIV, but merger talks backed by the US government are aimed at healing the rift in the elite game. While many players were disappointed with PGA Tour commissioner Jay Monahan’s leadership after he left LIV Golf, Woods supported him on a conference call Wednesday. As other executives and new investors signed up for the tournament, Woods, a 15-time major champion, stepped in and announced a deal unprecedented in professional sports that would see the players own the tournament. “Hey everybody, this is Tiger Woods,” he began, according to Golf.com. “We wanted to thank SSG for believing in us and our sport. We believe in the growth potential we can enjoy together. Golf is a great sport. This allowed the community to heal and grow.
“And as a team, we will deliver the true rewards and meritocracy that our sport has built over the years. Visit The Mirror US for the latest news, politics, sports and show business from America.
“As I explained earlier, as the tournament grows, so do we. So the more you invest in a tour, the more you will get out of it. Such a situation has never happened in the history of sports. So we are the first. “I’m very happy to be a part of it.”
Peter Malnati, a 36-year PGA Tour member and director of players with a win in 2015, shared Woods’ enthusiasm for the deal despite his varied career. The release date for the second season of Rory McIlroy’s Netflix series Full Swing is undergoing major changes
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“I think it’s only fitting that we hear the best player to ever play on the PGA Tour, certainly the best player of our generation, share his passion and enthusiasm for this business,” Malnati told investors.
“And now I want to tell you, as someone who has been on tour for 10 years and has never finished 86th in a FedEx Cup, this business is as exciting to me as Tiger.”
Woods, 48, is recovering from ankle surgery last year. He competed in the Hero World Challenge held in the Bahamas in December and placed 18th and is scheduled to compete in The Genesis Invitational held at Riviera Country Club on February 15.
