The PGA Tour is closing in on a deal with Strategic Sports Group, a consortium of US sports owners, with money set to be invested in the Tour as early as next week, according to reports.
In December, the Tour confirmed that they had been advancing in negotiations with Strategic Sports Group alongside their talks with Saudi Arabia's Public Investment Fund (PIF).
And now it appears that the deal is close to completion, according to a report by Sportico. The agreement will see the partner invest in the Tour's newly-created for-profit entity, PGA Tour Enterprises, helping to cover the domestic rights deal.
It is unclear, at present, how much the deal will be worth but it is said to be less than the original $3 billion touted in December.
Strategic Sports Group is being driven by Fenway Sports Group - owners of Liverpool and Boston Red Sox - but also features prominent American sports owners such as the New York Mets' Steve Cohen and the Atlanta Falcons' Arthur Blank.
The aforementioned deal will not be affected by ongoing negotiations between the Tour and the PIF. Both parties had hoped to conclude that deal by 31st December 2023, but the deadline has since been extended. It is hoped that an agreement can be reached before the Masters in April.
In the letter, which was sent out to all PGA Tour members on 31st December, Monahan said: "While we had initially set a deadline of December 31, 2023, to reach an agreement, we are working to extend our negotiations into next year based on the progress we have made to date.
"Our goal for 2024 is to reach agreements with SSG, PIF and the DP World Tour, bringing them on board as minority co-investors. These partnerships will allow us to unify, innovate and invest in the game for the benefit of the players, fans and sponsors."
