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Endeavor, the parent company of WWE, the UFC
and powerful sports agencies like IMG, had publicly expressed
interest in investing in the PGA Tour as it begins working with
the Saudi Public Investment Fund (PIF) on a framework agreement.
It is unknown whether the offer was rejected due to PIF
intervention.
"They've officially turned it down," Endeavor president and COO
Mark Shapiro told Sportico. "We're big fans of golf, and we'll
continue to champion the PGA Tour, but we're not going to be an
investor at any level."
Shapiro said Endeavor offered to expand its body of work with
the PGA Tour, which already includes selling commercial rights
and managing tournaments.
The PGA Tour's framework agreement with the DP World Tour and
the Saudis is set to expire Dec. 31 as the sides work to strike
a more concrete deal. That initial agreement gave the PIF right
of first refusal on any new investment in the tour's new
for-profit body called PGA Tour Enterprises.
Endeavor CEO Ari Emanuel said earlier this year that the company
nearly invested $1 billion into LIV Golf -- funded and
controlled by the Saudis and PIF governor Yasir Al-Rumayyan --
before pulling out at the request of PGA Tour commissioner Jay
Monahan, who Emanuel said is a friend, according to Golfweek.
Fenway Sports Group are also reportedly interested in investing.
Fenway owns MLB's Boston Red Sox, the NHL's Pittsburgh Penguins
and the English Premier League's Liverpool FC.
The PGA Tour declined comment to Sportico.
--Field Level Media
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