Two of the biggest names on the planet have committed substantial capital to the PGA Tour.
Lebron James of the Los Angeles Lakers and best-selling artist Drake are a part of the Strategic Sports Group (SSG), the consortium led by Fenway Sports Group (FSG) investing up to $3 billion into the tour. The New York Times first reported the news.
“Golf can be so much more than a sport,” Drake said, per The New York Times’ DealBook newsletter.
“I remember some of my best childhood memories was being on the golf course with my uncle. It’s one thing to invest in a team, but to help reimagine one of the biggest leagues in the world is an incredible opportunity, and I’m excited to be a part of it.”
James and Drake are believed to be funding additional capital as “strategic investors,” as well as using their marketing influence to help widen the tour’s audience, according to The New York Times.
Their investment into the PGA Tour is not the first time either celebrity has invested in sports.
James has minority ownership stakes in the Boston Red Sox, Liverpool F.C., the Pittsburgh Penguins, and A.C. Milan. Drake has also invested in A.C. Milan, one of Italy’s most successful soccer clubs.
Interestingly, James joined Fenway Sports Group in 2021 as a partner, which explains why he has stakes in each of FSG’s teams.
Additionally, Tiger Woods’ longtime ex-girlfriend and world-class skiier, Lindsey Vonn, is reportedly also part of the group investing into the new PGA Tour Enterprises.
She is joined by “The Terminator” himself, Arnold Schwarzenegger, and Chris Pratt as other celebrities pouring money into the sport.
SSG will create equity shares for PGA Tour players. It will also help secure tournament prize funding for the next five years.
The ultimate goal though from all of the new investors is to help drive fan engagement and growth of the sport. That’s something everyone can get behind.
Jack Milko is a golf staff writer for SB Nation’s Playing Through. Be sure to check out @_PlayingThrough for more golf coverage. You can follow him on Twitter @jack_milko as well.
Source : SBNation