Rory McIlroy is pressing PGA Tour chief Jay Monahan for details on how a whopping $1.5 billion investment from a group of billionaire backers will be utilized.
The Strategic Sports Group (SSG), which includes big names like Fenway Sports Group’s John W. Henry, Steve Cohen of the New York Mets, and Arthur Blank of the Atlanta Falcons, injected the funds into the PGA Tour in January 2024, birthing the profit-driven PGA Tour Enterprises. This financial boost not only offered players a slice of equity as a nod to their loyalty amidst the LIV Golf split but also promised an additional $1.5 billion down the line.
Last year, players cashed in on equity based on their career contributions and tour impact, with four-time major winner McIlroy pocketing one of the heftiest shares. Now, as part-owner of PGA Tour Enterprises, McIlroy’s got his eyes set on growth and wants to know Monahan’s game plan.
Speaking to journalists before Monahan’s press briefing at Torrey Pines, McIlroy queried: “Yeah, what are we going to do with the $1.5B?
“What are we going to invest in? How are we going to get this thing to grow? I’ve got equity in this company, I want the company to grow. I’m basically like an LP (limited partner) in a fund, so what are we doing?”.
PGA Tour chief Monahan faced the press to address questions on his plans for a recent cash boost, stating: “I would say that we spent a lot of time and we’re currently in discussions with some opportunities where we will deploy capital. I’m not in a position to share any of those details.
“What I will tell you is structurally, we’ve put together an investment committee that includes many members of the SSG team, and we’re actively looking at deals that are going to make the PGA Tour stronger and deals that are complementary to our business. Suffice to say, I think there will be some news on that front in the coming months.”
(Image: Chris Condon/PGA TOUR via Getty Images)
Moreover, Monahan clarified: “[The money has] not been touched tangibly in a big way. We haven’t obviously announced any big deals, but that doesn’t mean that we’re not currently talking about those.”
McIlroy, expressing uncertainty on the ideal use of the funds, relayed his thoughts: “I don’t know, I have no idea. Improving the product, whatever that means,” and pursued, “Yeah, I don’t know. But also growing the business. Do you invest in more golf courses? Do you invest in different formats of the game? I have no idea.”
He concluded with support for the Tour’s approach: “But I think they’ve put an investment committee together and it’s their job to come up with things to invest in to try to help this whole thing go forward and grow.”
- Source: NEWHD MEDIA
