According to reports, the PGA Tour has turned down an offer from Endeavour while negotiating with the Saudi Arabian PIF, who is financing LIV Golf.
A private equity offer from one of the wealthiest organizations in international sports is said to have been turned down by the PGA Tour.
According to Golf Digest, Endeavor made an offer, which the North American circuit turned down.
The parent company of IMG Sports, the UFC, and the WWE is Endeavor. It’s estimated to be worth $10 billion.
Mark Shapiro, president and chief operating officer of Endeavor, stated in an interview with Sportico on October 27 that “we’re big fans of golf and we’ll continue to champion the PGA Tour but we’re not going to be an investor at any level.”
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On June 6, the PGA Tour and the Saudi PIF, the backers of LIV Golf, announced a stunning framework agreement.
The agreement stipulates that it must be signed and sealed by December 31st, although talks may continue into the following year.
Due to the deal’s complexity, one LIV player recently expressed doubt that it would be agreed upon at all.
Under the condition of anonymity, the player told Golf Channel, “We’re no further along in this thing.” “I don’t believe it will occur.”
PGA Tour commissioner Jay Monahan was adamant the deal would be agreed when he spoke to the media at the season-ending Tour Championship.
He explained: “If you saw the amount of conversation and the time that the PGA Tour, DP World Tour and PIF are spending working forward from a framework to a definitive, I think would you see the sincerity of the efforts there.
“A great deal of work is being done, and there is an urgency and intensity to it.”
Members of the PGA Tour still seem to be mainly unaware of the topics being discussed.
Before the Shriners Children’s Open, they received an update that mentioned companies like Endeavor reaching out to them without their consent.
“We remain focused on reaching a definitive agreement with PIF and the DP World Tour, but not surprisingly, these negotiations have resulted in unsolicited outreach and proposals from a number of other interested investors,” the memo to players said.
“All of this activity reinforces the Tour’s strong position and our potential for growth.”
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