PGA Tour players to benefit from £1.1 billion investment from SSG

The PGA Tour said its strategic alliance with the DP World Tour "remains a focus".

PGA Tour players will benefit from equity of more than £1.1billion after the US-based circuit announced an investment deal with Strategic Sports Group (SSG).

The payouts will be based on "career accomplishments, recent achievements, future participation and services" and will only be available to qualified PGA Tour players, a memo to players read.

The deal also allows for a future "co-investment" from Saudi Arabia's Public Investment Fund (PIF), which bankrolls LIV Golf, but that will be subject to "all necessary regulatory approvals."

A deal with the PIF has faced scrutiny from the US Department of Justice and the Senate due to antitrust concerns.

The PGA Tour said its strategic alliance with the DP World Tour "remains a focus".

"As close partners, the DP World Tour was included in the original framework discussions and agreement announced last year and the Tour is in active discussions on how to best work together for the continued benefit of all," a statement read."

PGA Tour player directors Tiger Woods, Patrick Cantlay, Peter Malnati, Adam Scott and Webb Simpson voted unanimously in favour of the deal between the newly launched PGA Tour Enterprises and SSG, a consortium of US-based investors which includes Boston Red Sox and Liverpool owner John Henry.

"It was incredibly important for us to create opportunities for the players of today and in the future to be more invested in their organisation, both financially and strategically," they said in a joint statement.

"This not only further strengthens the Tour from a business perspective, but it also encourages the players to be fully invested in continuing to deliver - and further enhance - the best in golf to our fans.

"We are looking forward to this next chapter and an even brighter future."

SSG are making an initial investment of 1.5billion US dollars (£1.1billion), which could increase to up to 3billion US dollars.