Drake and LeBron James Team Up to Invest in Golf
Injecting billions into the PGA Tour as it bids to expand its audience.
Drake, LeBron James and Chris Pratt are among a group of celebrity and billionaire investors in the PGA Tour, according to the New York Times and multiple other media outlets. Previously, we reported that a private equity group made up of owners of major US sports franchises were injecting $3 billion USD into the PGA Tour as it transitions to a for-profit model. It turns out that Drake, James, Pratt and other celebrities will make up the investment group alongside billionaire sports owners like Tom Werner, John Henry, Steve Cohen and Tom Rickets.
“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,” said Drake to the New York Times about his new investment. “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.”
Under the Strategic Sports Group umbrella, the collection of investors will enable the tour to form a new business called PGA Tour Enterprises as it continues to compete with upstart LIV Golf, who are supported by the Saudi Public Investment Fund. As members of the for-profit tour, the players will also become equity holders and their grants will be eligible to vest over time based on career achievements.
DealBook also states that Drake and James will use their marketing power to inject excitement into the tour as it looks to attract viewers of the next generation. At this time it’s unclear how such a campaign would look.
