Shearman & Sterling advised the Strategic Sports Group (SSG) in a partnership with the PGA TOUR to launch PGA TOUR Enterprises, a new commercial venture that will provide nearly 200 PGA tour members with the opportunity to become equity holders of the new company.
As part of PGA TOUR Enterprises, SSG closed on a major financial and strategic investment of up to $3 billion. SSG is investing an initial $1.5 billion into PGA TOUR Enterprises and will provide strategic focus on maximizing revenue generation for the benefit of the players and on finding opportunities to enhance the game of golf around the world.
The Strategic Sports Group is a consortium of American sports team owners led by Fenway Sports Group and includes its principal owner John W. Henry, as well as Steven A. Cohen, owner of the New York Mets, and Arthur M. Blank, owner of the Atlanta Falcons.
The deal was announced on Jan. 31st in a press release issued by the PGA TOUR.