Fenway Sports Group's ‘monster' bid could challenge LIV & PGA Tour framework agreement, according to Alan Shipnuck
The framework agreement between Saudi Arabia's Public Investment Fund (PIF) and the PGA Tour might put an end to the long-running controversy between the tour and LIV Golf. The agreement was announced last June, but there has been little else to talk about since then. However, it looks like the deal may now face an insurmountable obstacle.
According to noted journalist Alan Shipnuck, Fenway Sports Group has reportedly made a "monster" offer to the PGA Tour that would surpass PIF's.
Alan Shipnuck made these claims in a series of X (formerly Twitter) posts in which he reflected on the possibility of Jon Rahm leaving the PGA Tour to join LIV Golf. For the journalist, it is highly unlikely that the Spanish star will be linked to the PIF-backed circuit.
Another topic Shipnuck touched on was the framework agreement itself. His approach was brief but telling:
"There's nothing binding in the framework agreement; it's aspirational."
According to ESPN, the framework agreement between PIF and the PGA Tour expires on December 31, 2023. To date, no extension has been announced.
What is the future of the Framework Agreement between the PIF and the PGA Tour?
Officially, there has been no break in the negotiations of the framework agreement between the PIF and the PGA Tour. However, not much progress has been made, or at least not publicly.
Fenway Sports Group has made no public reference to any offers or negotiations regarding the PGA Tour. However, several media outlets have been reporting on the matter for weeks.
According to Sports Business Journal, Fenway Sports Group and Endeavor explored the possibility of investing in the PGA Tour several weeks ago. ESPN confirmed this information and indicated that Endeavor's offer was rejected by the PGA Tour.
However, the Fenway Sports Group business proposal reportedly remains on the table. In this regard, ESPN reported that the PGA Tour declined to comment.
What is certain is that Fenway Sports Group has significantly increased its interest and active participation in world golf in recent months. A marketing and other partnership with the LPGA Tour has already been announced.
In addition, the consortium has a significant stake in the TGL League, hosted by Tiger Woods and Rory McIlroy. The league will tee off next January, and the Fenway Sports Group owns one of the teams, Boston Common Golf.
Fenway Sports Group is a major player in the sports business. They currently own the Boston Red Sox of Major League Baseball, the Pittsburgh Penguins of the National Hockey League, and Liverpool FC of the English Premier League (soccer).