PGA Tour inks $3 billion deal with US consortium

:The PGA Tour has secured a $3 billion investment into a new for-profit entity from a consortium of U.S. sports team owners as part of a deal that allows for co-investment from Saudi Arabia's Public Investment Fund, it said on Wednesday.

The deal with Strategic Sports Group will give the U.S.-based circuit's players access to more than $1.5 billion as equity owners in the new PGA Tour Enterprises.

"Today marks and important moment for the PGA Tour and fans of golf across the world," PGA Tour Commissioner Jay Monahan, who is CEO of the new enterprise, said in a news release.

"By making the PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour."

Monahan added that the deal would enhance the organization's ability to make the sport of golf more rewarding for players, tournaments, fans and partners.

The PGA Tour also said it is still negotiating with the PIF, which controls LIV Golf, on a potential future investment and both parties are working towards an ultimate agreement.

According to the PGA Tour, SSG consented to an investment by PIF, subject to necessary regulatory review and approvals.

As part of the deal, nearly 200 PGA Tour members can access grants, which vest over time, that will be based on, among other things, career accomplishments and recent achievements.

"We were proud to vote in unanimous support of this historic partnership between PGA Tour Enterprises and SSG,” said PGA Tour Player Directors Tiger Woods, Jordan Spieth, Adam Scott, Patrick Cantlay, Webb Simpson and Peter Malnati.

"It was incredibly important for us to create opportunities for the players of today and in the future to be more invested in their organization, both financially and