With world golf in the midst of the most fascinating situation in the sport’s history, celebrity talent is flying in for the rescue, with LeBron James and Drake investing into the PGA Tour.
In February, the Fenway Sports Group – a group full of wealthy people and sports team owners – stated that they would invest a whopping $3 billion USD into the struggling PGA Tour who have been taking hits over the past couple of years since the emergence of the LIV Golf tour.
Missed by the initial reports was the involvement NBA superstar LeBron James and rapper Drake were having in this new investment, reportedly investing personally in a means to likely draw more attention to golf.
According to the New York Times who broke the story on LeBron James and Drake’s involvement with the Fenway Sports Group, the investors are bringing more than just money, with the multiple billionaires backing this $3 billion investment believing that they are helping reinvigorate golf, as the value of media and TV rights soar.
It’s believed LeBron and Drake are committing additional capital as ‘strategic investors’, and will use their marketable profiles to help the tour broaden its audiences by possibly attending PGA Tour events, and be in and around the world of golf more going forward.
Why LeBron James is investing in the PGA
We have all heard about the ongoing situation in the world of golf, with plenty of star players shifting out of the PGA Tour to join the ever expanding LIV Golf — the Saudi-backed competition played worldwide, again in Adelaide this year.
So with the tournament bleeding talent and unable to match the amount of money being thrown around by LIV Golf, the PGA has decided to partner with the Strategic Sports Group (SSG), which are an investment conglomerate headlined by Fenway Sports Group. Within this group are several sports owners and wealthy people, including a number of celebrities such as LeBron James and Drake.
LeBron and Drake are joining forces with the PGA and the SSG to create a for-profit entity in a deal that is being reported to provide PGA golfers with equity called PGA Tour Enterprises. This offers nearly 200 PGA Tour members the opportunity to become equity holders in the new company where players would collectively access over $1.5 billion.
The New York Times are claiming LeBron and Drake will be ‘strategic investors’ and will use their stardom to broaden golf’s audiences. There’s plenty of money on the line for LeBron to gain if the PGA is able to stabilise the golf world and potentially down the road, play some limited role monetarily in the merger of the PGA, LIV and the DP World Tour.
Have LeBron or Drake said anything about this?
LeBron James is yet to comment on his involvement with the new PGA Tour Enterprises or his investment, but Drake has come out already and spoken glowingly about the sport of golf, and his backstory in the sport.
“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 the ‘Dealbook’ (The New York Times).
“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.”
The New York Times went further to suggest that fans may be seeing the two stars around the greens in a similar way Drake has been a frequent court-side supporter of the Toronto Raptors.
The PGA 2024 calendar has plenty great event returning and the majors are sure to be a must-watch with LIV Golf players expected to play in a couple of them.
