PGA Tour Inks $3 Billion Deal With Fenway, Steve Cohen Group (1)

The PGA Tour has an approved an investment of as much as $3 billion by Strategic Sports Group in a new commercial entity, while talks for an injection by Saudi Arabia’s sovereign wealth fund remain ongoing.

The transaction between the PGA Tour and SSG, led by John Henry’s Fenway Sports Group, which owns the Boston Red Sox and Liverpool FC, will feature an initial investment of $1.5 billion, according to a statement Wednesday that confirmed an earlier Bloomberg News report.

A further $1.5 billion may be injected by SSG’s consortium of investors, according to a person familiar with ...