Home Entertainment LeBron James and Drake invested in Professional Golf’s PGA Tour and this is the result

LeBron James and Drake invested in Professional Golf’s PGA Tour and this is the result

Entertainment — 03/12/2024

The next power players in golf

A little more than a month ago, a group of investors and sports club owners led by Fenway Sports Group announced that they would put up to $3 billion into the PGA Tour. This was a historic agreement that granted players a stake in the league as it battles the Saudi-backed LIV Golf.

The fact that a number of influential figures in entertainment, sports, and music had also made personal investments was not disclosed at the time. The names of artist Drake and basketball player LeBron James are probably going to get people’s attention.

Beyond just money, the investors bring more. Billionaires Steve Cohen, Arthur Blank, and Marc Lasry are among F.S.G.’s supporters who think they can assist revitalise the sport, especially with the rising cost of broadcast rights. As “strategic investors,” James and Drake are investing more money, and it is anticipated that they will use their influence in the media to help the tour reach a wider audience. DealBook has learned that James and Jay Monahan, the commissioner of the PGA Tour, were recently at the home of F.S.G. chairman Tom Werner, discussing precisely that.

The stars surrounding the greens may be visible to fans, possibly in the same manner as Drake frequently hangs out courtside during Toronto Raptors games. “Golf is so much more than just a game. In a statement to DealBook, Drake added, “I recall some of my best childhood memories being on the golf course with my uncle.” “Investing in a team is one thing, but I’m excited to be a part of this incredible opportunity to help reimagine one of the biggest leagues in the world.”

James and Drake have experience investing in sports. James invested in F.S.G. in 2021; in fact, he is identified as an investor in the company in a press release announcing the $3 billion purchase. F.S.G. is the company that owns the Boston Red Sox and Liverpool F.C. James’s investment is unrelated to F.S.G.’s participation.

James and Drake, along with RedBird Capital Partners and the New York Yankees’ owners, made a further investment in the Italian soccer team A.C. Milan in 2022.

These are additional PGA Tour investors who were not previously known: Star Chris Pratt; Maverick Carter, James’s business partner; Rich Paul, the player’s agent; Jeremy Zimmer, Chief Executive Officer of United Talent Agency; and Steve Stoute, UnitedMasters founder and seasoned record and marketing executive.

Paul Wachter is the man in charge of the investments. The former financial advisor turned investor, now based in Los Angeles, is the owner of Main Street Advisors. He has invested in numerous ventures led by athletes and celebrities, such as Beats by Dre and NTWRK’s acquisition of Complex last month.