(Bloomberg) -- A Fenway Sports Group-led consortium has been chosen to enter into final negotiations to be a US co-investor in the entity being formed by the PGA Tour, Saudi Arabia’s Public Investment Fund and the DP World Tour.
The PGA Tour policy board on Saturday reached the unanimous decision to work with Strategic Sports Group, which also includes New York Mets owner Steve Cohen’s family office Cohen Private Ventures, and Marc Lasry, a former co-owner of the Milwaukee Bucks, according to a memo sent to players Sunday that was reviewed by Bloomberg News.
Fenway is the owner and investor of sports teams such as Liverpool FC, the Pittsburgh Penguins and the Boston Red Sox. Other investors in the consortium include Milwaukee Brewers owner Mark Attanasio, Arthur Blank, Gerry Cardinale, Mike Gordon, Wyc Grousbeck, Red Sox owner John Henry, David Moross’ HighPost Capital, Chicago Cubs owner Tom Ricketts and Tom Werner, according to the memo.
The selection of Strategic Sports Group comes after a separate consortium dubbed “Friends of Golf” featuring billionaires Henry Kravis and George Roberts dropped its pursuit of a stake in the entity. PGA said on Sunday it anticipates advancing negotiations with PIF in the weeks to come.
The Fenway group was also competing against billionaire Todd Boehly’s Eldridge Industries, investment firm Acorn Growth Cos., and Liberty Media Corp., the owner of F1.
Read more: Kravis-Backed ‘Friends of Golf’ Group Said to Drop PGA Pursuit
“While we can’t get into more details at this time, we are very confident in an eventual, positive outcome for all players and the PGA TOUR as a whole” PGA said in the memo.
Henry confirmed Strategic Sports Group’s participation, saying “we look forward to a continued dialogue to help further the commercial aspects of the tour on behalf of its membership, partners, and fans around the world.”
Saudi Arabia this week secured a much-hyped coup in signing Jon Rahm, one of the world’s top golfers, to its LIV Golf league.
Read more: Jon Rahm’s LIV Golf Defection Ups Pressure on PGA Tour Deal
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(Updates with background on Jon Rahm’s signing with LIV. An earlier version was corrected to fix the spelling of Mark Attanasio.)
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