New PGA investors to help decide merger

SAN FRANCISCO, California: Patrick Cantlay, who helped approve a new PGA Tour investment deal worth up to $3 billion, said Thursday (Friday in Manila) the group of US sports team owners involved will help decide any merger deal with Saudi Arabia’s Public Investment Fund (PIF).

Cantlay was among the PGA Tour Policy Board players who unanimously approved the Strategic Sports Group (SSG) funding and creation of the new for-profit PGA Tour Enterprises announced on Wednesday.

Cantlay said ongoing PGA Tour merger talks with PIF — backers of the LIV Golf League — have a new factor to consider as they seek a final deal in the wake of the framework agreement reached in June.

“The PGA Tour is definitely stronger after having this deal go through,” Cantlay, second after the first round of the Pebble Beach Pro-Am, said.

“As far as PIF, I haven’t been having any real conversations myself about that, so that’s a question down the road for the board and also for the Newco (PGA Tour Enterprises) board to decide.”

The new for-profit group consists of several US sports team owners, and their inclusion could delay any bid to reunite golf’s top players under one tour.

The PGA Tour said PIF merger talks were making progress and that PIF would be allowed to invest in PGA Tour Enterprises, subject to US lawmakers’ inquiries into Saudi investments in US sports businesses.

Cantlay said SSG will add expertise in investments to grow the sport, but want some control in where the funds are spent.

“Anytime someone makes a sizable investment like that, they are going to be watching over the investment,” Cantlay said. “We’ll really lean on their expertise to try to grow the sport.”

World No. 2 Rory McIlroy said on Tuesday that PGA players who defected to LIV Golf should be allowed to return with no punishment in the name of having one tour with all of the world’s top talent.