LeBron James and Drake are embarking on a new venture as the PGA Tour’s latest investors.
The NBA superstar and Grammy-winning rap artist’s involvement came with a new wave of investors in the league. In January, the Fenway Sports Group led the way by committing an investment of up to $3billion in the tour.
The watershed deal gave players equity in the PGA Tour while rivalling Saudi-backed league LIV Golf has attracted a lot of golf stars with massive contracts.
‘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,’ Drake said in a statement to DealBook.
‘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.’
Lakers star LeBron James and rapper Drake have been announced as investors in the PGA Tour
James and Drake join a long list of celebrity investors along with the Fenway Sports Group
FSG committed $3billion to the PGA Tour to fend off rivaling Saudi-backed league LIV golf
While the numbers have not been disclosed, James and Drake are reportedly committing extra capital as ‘strategic investors’. They are expected to use their marketing power to expand the league’s audience.
They will be joining a star-studded list of unidentified PGA Tour investors. The list includes actor Chris Pratt, James’ business partner Maverick Carter and his agent Rich Paul, United Talent Agency CEO Jeremy Zimmer, and UnitedMasters founder Steve Stoute.
Neither Drake nor James is a stranger to sports investing.
In 2021, James took a stake in FSG which owns the Boston Red Sox and Liverpool FC in the Premier League. James, however, already owned part of Liverpool before reaching an agreement with FSG.
In 2022, the duo also invested in AC Milan in the Serie A alongside RedBird Captial Partners and the owners of the New York Yankees.
