PGA Tour Strikes $3 Billion Deal With Investment Group

PEBBLE BEACH, Calif. (AP) — The PGA Tour is getting a $3 billion investment from Strategic Sports Group. The deal gives players access to more than $1.5 billion as equity owners in the new PGA Tour Enterprises. The launch of PGA Tour Enterprises comes eight months after the PGA Tour signed a framework agreement with the Saudi backers of LIV Golf. That led to private equity groups wanting to join. The tour still is negotiating with the Public Investment Fund of Saudi Arabia. The PIF is not yet part of the new venture. The tour says its partnership with SSG allows for the Saudis to be co-investors.