Saudi Arabia's Public Investment Fund, the backers of LIV Golf, is reportedly nearing a deal to acquire a 6% stake in PGA Tour Enterprises.
According to a report Tuesday from Bloomberg, that minority stake would indicate a valuation of about $12 billion, which is in alignment with the terms that the Strategic Sports Group invested in PGA Tour Enterprises.
In late November, Bloomberg reported that the PIF was considering a deal with the DP World Tour, citing sources that suggested the two sides could work together to allow LIV Golf players access or membership on the DP World Tour, along with scheduling consultation and financial considerations. The PGA Tour and DP World Tour have a strategic alliance that includes PGA Tour cards for top finishers each year on the European-based circuit.
A deal with the PIF and PGA Tour Enterprises would signal the beginning of the end of the ongoing war between the PGA Tour and LIV Golf, which has dragged on for three years. LIV Golf's fourth season is set to begin in February.
The deal, if agreed upon, will still be subject to regulatory approval.
This article was originally published on www.si.com as Report: Saudi Arabia Public Investment Fund to Acquire Share of PGA Tour Enterprises.
