In an effort to fulfill a deadline of December 31, the PGA Tour has limited the pool of possible investors to a new group headed by Fenway Sports Group and announced that it will carry on with talks with Saudi Arabia's national wealth fund.

The players received an email on Sunday afternoon from the PGA Tour board, which consists of five independent directors and six players, stating that Strategic Sports Group was decided upon unanimously to continue negotiating a possible cooperation in the new PGA Tour Enterprises.

(Photo : by Ross Kinnaird/Getty Images)
In an effort to fulfill a deadline of December 31, the PGA Tour has limited the pool of possible investors to a new group headed by Fenway Sports Group and announced that it will carry on with talks with Saudi Arabia's national wealth fund.

The Public Investment Fund, the Saudi financial supporter of LIV Golf, the PGA Tour, the European Tour, and the new for-profit business formed the core of a framework deal that was revealed on June 6.

The news was released three days after former Masters winner Jon Rahm, who was a vocal opponent of the 54-hole, no-cut rival league for two years, left for LIV Golf in a contract reportedly worth up to $500 million.

The agreement stipulates that the sale must be completed by December 31. Rahm's departure from the PGA Tour was a proof that the PIF had more than enough money to entice anybody it desires to leave the new business venture without Saudi participation.

Read Also: Biden's $4.8 Billion Student Loan Forgiveness Plan Offers New Beginnings for Thousands

Fenway Sports Group-Led Alliance Emerges Victorious in PGA Tour Investment Selection

The tour board, this month, reduced the number of private equity organizations that had indicated interest in investing to five, which included Liberty Strategic Capital, Acorn Growth, and Fenway Sports Group.

The organization that the board unanimously decided on was characterized as an alliance of professional sports clubs headquartered in the United States, headed by Fenway Sports organization.

Owners Marc Attanasio (Milwaukee Brewers), Arthur Blank (Atlanta Falcons), Wyc Grousbeck (Boston Celtics), Tom Werner and John Henry (Boston Red Sox), Tom Ricketts (Chicago Cubs), and Marc Lasry (Milwaukee Bucks) are among those who own teams through Strategic Sports Group. Among the others in the group is RedBird Capital's managing partner, Gerry Cardinale, who owns shares in AC Milan.

In addition, Lasry, Blank, Cohen, and Werner own teams in the TGL league, which was started by Rory McIlroy, a recent departure from the PGA Tour board, and Tiger Woods, a member of the board.

It was believed that Acorn Growth was led by Randall Stephenson, the former chairman of AT&T, who left the PGA Tour in July due to disagreements with the company's agreement with Saudi Arabia.

Stephenson did, however, write to PGA Tour Commissioner Jay Monahan last Tuesday to clarify that while he has answered Acorn's inquiries toward assembling a compelling proposal, he has no interest in Acorn or its plan.

"I felt it would be inappropriate to engage directly as an investor or event paid advisor," Stephenson stated, adding that he gave Liberty Media similar advice. 

Before it was rescheduled, Monahan had stated he would be meeting with PIF Governor Yasir Al-Rumayyan last week. Whether they will meet this week remained unknown. This week's Saudi Open, which wraps off the Asian Tour season, is presented by PIF.

Related Article: Golden Arches Around the Globe: McDonald's Plans Massive Expansion and AI Integration