To aid in a renewed fight against LIV Golf in 2024, the PGA Tour’s new influx of investment is reportedly coming from an impressive list of celebrities that includes Los Angeles Lakers superstar Lebron James and the owner of the New York Mets.
Last year, the golf world was turned on its head when it was revealed that the bitter rivalry between LIV Golf and the PGA Tour was expected to come to an end via a merger. The agreement also brought litigation between the two golf circuits to an end and was expected to bring the world’s best players back together.
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However, after receiving pushback from the United States Congress the deal was slowed and by the end of 2023, it seemed like a merger was no longer a guarantee. But a major problem remained. If the PGA did not merge with LIV and get the financial backing of the Saudi Public Investment Fund — the owners of LIV — they still would be in a losing financial battle with their rivals and the billions they have at their disposal.
That issue was addressed earlier this year when the Tour and the Strategic Sports Group agreed to a $1.5 billion investment in the PGA that could eventually expand to $3 billion. While it was known that several North American sports team owners were a part of the group, some other names were revealed by the New York Times on Monday.
Drake joins Lebron James in a $1.5 billion investment in the PGA Tour
The outlet reported that not only is Atlanta Falcons boss Arthur Blank a part of the investment group, but so is hip-hop great Drake and future NBA Hall-of-Famer Lebron James. Both will be “strategic investors” with the goal of using their fame to broaden golf’s audience. Furthermore, New York Mets owner and billionaire Steve Cohen is also part of the initial investment.
James and Cohen are both savvy businessmen so it is not surprising that they would invest in such a legendary brand in the sports world. The investment will also allow for one from the Saudi PIF if a merger does get hammered out in the future.
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Other investors include star actor Chris Pratt, James’ business partner Maverick Carter, his agent Rich Paul, Jeremy Zimmer — CEO of United Talent Agency — and Steve Stoute, founder of UnitedMasters.