The PGA Tour has received significant outside investment recently, particularly in a January round led by Strategic Sports Group. That investment included Boston Red Sox/Pittsburgh Penguins/Liverpool parent Fenway Sports Group, New York Mets owner Steve Cohen, Chicago Cubs chairman Tom Ricketts, Atlanta Falcons owner Arthur Blank, and more. But, as per a New York Times report, the organization has now received significant additional investment from prominent cultural figures and athletes, including musician Drake and Los Angeles Lakers’ forward LeBron James:
In today’s DealBook: a scoop on LeBron James and Drake investing in the PGA Tour; @m_delamerced on the billionaire dispute over A.I.; @ravmattu on the big stakes in the Universal Music-TikTok spat; the V.I.P.s at the Ambani bash; and more. https://t.co/E1V7RoXMqC
— DealBook (@dealbook) March 4, 2024
Here’s more from that piece:
What wasn’t reported then was that several powerful people in sports, music and entertainment had also invested personally. Two names are likely to draw attention: LeBron James, the superstar basketball player, and Drake, the rapper.
The investors are bringing more than money. F.S.G. and fellow backers, including the billionaires Steve Cohen, Arthur Blank and Marc Lasry, believe they can help reinvigorate the sport, particularly as the value of media rights soars. James and Drake are committing additional capital as “strategic investors,” and are expected to use their marketing power to help the tour broaden its audience. James and the PGA Tour commissioner, Jay Monahan, were at the home of Tom Werner, F.S.G.’s chairman, recently discussing just that, DealBook hears.
Fans may see the stars around the greens, perhaps in the same way Drake is a frequent courtside presence at Toronto Raptors games. “Golf can be so much more than a sport. I remember some of my best childhood memories was being on the golf course with my uncle,” Drake said in a statement to DealBook. “It’s one thing to invest in a team, but to help reimagine one of the biggest leagues in the world is an incredible opportunity and I’m excited to be a part of it.”
It’s certainly not clear how much actual value these celebrity investments will add to the PGA Tour. But these are definitely prominent figures with significant previous sports deals, so their involvement is worth noting. We’ll see just how beneficial that winds up for the PGA Tour.
