A consortium dubbed “Friends of Golf” featuring billionaires Henry Kravis and George Roberts has dropped its pursuit of a stake in a new entity being created by the PGA Tour and Saudi Arabia’s Public Investment Fund, according to people with knowledge of the matter.
Other investors still in the running to strike a deal include billionaire Todd Boehly’s Eldridge Industries, a consortium led by Fenway Sports Group, investment firm Acorn Growth Cos., and Liberty Media Corp., the owner of F1, said the people, all of whom requested anonymity discussing confidential information.
New York Mets owner Steve Cohen is working with the Fenway group through Cohen Private Ventures, his family office.
Kravis told Bloomberg in June that the proposed tie-up between the PGA Tour and PIF is the best thing for the sport. Former Comcast Corp. Chief Financial Officer Michael Angelakis was among executives involved in Friends of Golf, people with knowledge of the matter said.
The remaining suitors are competing to inject at least $1 billion into the world’s most prestigious golf league amid its pending combination with Saudi Arabia’s PIF and the DP World Tour. Terms, including the ultimate size of the investment, haven’t been finalized.
Representatives for the PGA Tour, Acorn, Eldridge, Fenway, Cohen Private Ventures, Liberty Media and Angelakis either declined to comment or didn’t immediately respond.
The PGA Tour told players earlier this month that it’s continuing to negotiate with outside investors and will select a potential partner or partners in “a timely manner.” Commissioner Jay Monahan said on Wednesday during The New York Times’ DealBook Summit that the PGA is “having conversations with multiple parties” and that he’ll meet next week with Yasir Al-Rumayyan, the governor of PIF.
Read More: PGA Tour Says It Will Offer Equity Ownership to Players
Ari Emanuel’s Endeavor Group Holdings Inc., which in October confirmed its interest in the new PGA entity, has since ceased its discussions.
--With assistance from Lucas Shaw.
