Liverpool FC owner John Henry and investor Gerry Cardinale are in advanced talks with the PGA Tour about investing in a major restructuring of the men’s professional game.
Henry and Cardinale are part of Strategic Sports Group, but another source of funding has emerged as negotiations drag on with Saudi Arabia’s Public Investment Fund, the backing group for the PGA Tour and rival LIV Golf.
However, the PGA Tour said it would proceed with negotiations with PIF after announcing in June that it had reached a framework agreement to consolidate its assets under a single new brand.
“The PGA Tour Policy Committee unanimously selected an outside investment group to continue negotiations as discussions with PIF progress,” it said.
The decision to proceed with discussions with Strategic Sports Group (SSG) was announced in a memo to Tour members on Sunday. This update follows avery convincing response” from several external investors.” This follows a series of policy committee meetings in recent days that thoroughly considered the final proposal.”
Tour added in a note to the player: In the next few weeks he will be held PIF. “Additionally, the DP World Tour (formerly the European Tour) will continue to be an important part of our evolution into a PGA Tour enterprise.”
Henry is the founder and principal owner of Fenway Sports Group. He has been with Liverpool since 2010 and is also the owner of the Boston Red Sox baseball team. FSG and its chairman Tom Warner and president Mike Gordon are also part of the SSG.
Cardinale is the founder and managing partner of RedBird Capital Partners, which is a minority investor in Liverpool, which also owns European football clubs AC Milan and Toulouse.
The former Goldman Sachs banker is involved in a takeover bid for Telegraph Media Group, a joint venture with Manchester City owner Sheikh Mansour bin Zayed Al Nahyan. He is also a member of the Red Bird IMI.
SGS is a leading U.S. sports investor in the NFL, including Atlanta Falcons owner Arthur Blank, Boston Celtics owner, Wyck Grousbeck, NBA, including former Milwaukee Bucks owner Marc Lasry, and MLB. They include Stephen, New York Mets owner Ain Cohen, Chicago Cubs chairman Tom Ricketts, and Milwaukee Brewers owner Mark Attanasio.
It comes at what is perceived to be a delicate stage in peace talks between the PGA Tour and PIF, which also owns Newcastle United.
LIV Golf last week announced the $300m signing of world No2 Jon Rahm in a move seen as further strengthening PIF’s bargaining position with the PGA Tour.