Report: PGA Tour Finalizes $3B Investment Agreement amid LIV Golf Merger Talks

As the PGA Tour and LIV Golf continue their talks about a merger between the two groups, it has finalized a deal worth at least $3 billion with Strategic Sports Group.

Per ESPN's Mark Schlabach, the money will be infused into the new for-profit entity PGA Tour Enterprises that is meant to house the Tour's commercial interests.

Strategic Sports Group is a consortium of sports owners from other organizations. Tom Werner and John Henry (Boston Red Sox), Steve Cohen (New York Mets), Tom Ricketts (Chicago Cubs), Arthur Blank (Atlanta Falcons) and Wyc Grousbeck (Boston Celtics) are among the members of the group.

Schlabach noted PGA Tour commissioner Jay Monahan is expected to inform members of the PGA Tour, PGA Tour Champions and Korn Ferry Tour of the investment during a conference call scheduled for 9:30 a.m. ET on Wednesday.

When the PGA Tour and LIV originally announced their framework agreement to merge last summer, it came with a Dec. 31 deadline to finalize terms of the deal.

In a memo last month from Monahan to PGA Tour players obtained by CNBC's Jessica Golden, it said the two sides were "working to extend our negotiations into next year based on the progress we have made to date."

The memo came a few weeks after the PGA Tour policy board announced it was advancing discussions with Strategic Sports Group.

On Monday, Giles Turner and David Hellier of Bloomberg reported the deal between the PGA Tour and SSG was close to getting finalized. The report also noted "an additional tranche from the Saudi Public Investment Fund" coming when the deal with LIV is done.

Turner and Hellier reported PGA Tour Enterprises could be valued "at about $12 billion" when everything gets finalized.

Per Schlabach, the PGA Tour will retain a majority stake in PGA Tour Enterprises with SSG being a minority partner.

LIV and the PGA Tour are expected to remain separate entities. The 2024 LIV Golf season is scheduled to begin this week with an event at Mayakoba Golf Course in Mexico.

The PGA Tour is holding the Pebble Beach Pro-Am this week.