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Report: PGA Tour Nearing $3B Investment from USA Sports Team Owners amid LIV Talks

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10 months ago

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The PGA Tour is nearing a $3 billion investment from United States sports team owners amid ongoing negotiations with the Saudi Arabian Public Investment fund, which funds the PGA’s biggest rival in LIV Golf, according to ESPN’s Mark Schlabach and Don Van Natta Jr.

Strategic Sports Group, which includes Tom Werner and John Henry (Boston Red Sox, Pittsburgh Penguins), Arthur Blank (Atlanta Falcons) and Wyc Grousbeck (Boston Celtics), “would infuse more than $3 billion into a new for-profit entity, PGA Tour Enterprises,” according to Schlabach and Van Natta.

Mark Attanasio (Milwaukee Brewers), Cohen Private Ventures (New York Mets), Tom Ricketts (Chicago Cubs) and Marc Lasry (Milwaukee Bucks, former co-owner) are also among the investors included in Strategic Sports Group.

The PGA Tour has been in negotiations with multiple entities, including the Saudi PIF, to infuse money into a newly-formed PGA Tour Enterprises, which would combine the commercial assets of the PIF, PGA Tour, and DP World Tour.

The framework of an agreement between the three major golf brands was signed on June 6 and expires on Dec. 31, though Schlabach and Van Natta reported Friday that “it would likely be extended if progress is being made.”

Under the terms of the agreement, the PGA Tour would remain in control, while the PIF and Strategic Sports Group would be minority owners.

The PIF was initially “hesitant to be part of a deal with the PGA Tour that includes other U.S.-based investors,” according to Schlabach and Van Natta, but “becoming partners with high-profile franchise owners like Henry, Blank and others was appealing.”

A deal with Strategic Sports Group could be announced before the start of 2024. If a deal is also reached with the PIF, more than $7 billion could be infused into PGA Tour Enterprises.

The PGA Tour is more eager to complete a deal with multiple entities following Jon Rahm’s jump to LIV Golf earlier this month. Rahm, ranked No. 3 in the world, agreed to a reported multiyear contract worth more than $300 million with LIV Golf.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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6 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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