John Henry begins a bidding war after hearing about the PGA Tour-LIV Golf merger.
John Henry led Sports Strategic Group to invest £1.2 billion ($1.5 billion) in PGA Tour Enterprises on behalf of Saudi Arabia’s Public Investment Fund. Arabia
John Henry admitted he was involved in a “bidding war” to acquire Sports Strategic Group into the PGA Tour’s new for-profit organization, PGA Tour Enterprises.
Earlier this year, SSG committed to investing an eye-watering £1.2 billion ($1.5 billion) in the PGA Tour, and Henry has branched out into professional golf with ties to football, hockey and baseball. The interest came after the Liverpool owner saw the PGA Tour’s plan to collaborate with the Public Investment Fund (PIF) of Saudi Arabia.
In June last year, the American circuit left the sport in shock after they announced that they had reached an agreement with the PIF to end their ongoing dispute with rivals LIV Golf.
Behind the announcements, Henry’s enthusiasm for investing in professional golf arose after he noticed that American investors were not included in the selection of the Tour’s Middle East fund. According to the Boston Globe, Henry met Milwaukee Brewers owner Mark Attanasio and that’s where their interest began.
“Nobody stepped forward [to invest],” Henry said. “I remember asking at that meeting, ‘Why aren’t the Americans going?'” Someone in the golf world said, “Don’t worry, a lot of banks and bankers are looking into it.” It’s been two weeks. And yet no one came forward. “This is one of the most unique deals in sports history.
