It seems that NBA Commissioner Adam Silver has no plans of leaving the basketball court for the golf course. According to a report in the New York Times’s Deal Book, a prospective investor reached out to Silver about leading a business venture under the PGA Tour-Saudi PIF framework agreement. However, Silver has stated that he isn’t interested in the opportunity.
Size of Ambitions
The fact that Silver was approached reflects the ambitious nature of the sports endeavor. The potential investor recognizes the significance of media in these plans. With major broadcasters and tech companies showing great interest in live programming, sports league valuations are expected to rise. The PGA Tour, for example, signed a nine-year TV agreement with CBS Sports, NBC Sports, and ESPN in 2020. Industry insiders believe that companies like Amazon, Apple, and YouTube will compete for the next broadcasting deal. Silver’s expertise in NBA streaming rights is what made him an attractive candidate for this business venture.
Potential Investors
Golfweek previously reported that the PGA Tour has narrowed down the list of potential investors being considered as private equity partners in its new for-profit entity to five candidates. The Tour recently held its final board meeting of the year, where Tour Commissioner Jay Monahan addressed the interest from outside potential investors. Monahan mentioned that the opportunity to participate in the transformative growth of the PGA Tour has attracted numerous prospects. The Tour, along with its investment bank Allen & Company, reviewed the bids and decided to continue the negotiation process with the goal of selecting the final minority investor(s) in a timely manner.
Deadline Extension
The Framework Agreement between the PGA Tour and the PIF has a deadline of December 31 to reach a definitive deal. However, it is widely expected that this date will be pushed back to a later time in 2024.
By: Adam Schupak
Title: NBA Commissioner Adam Silver Declines Offer to Head Up Business Venture in PGA Tour-Saudi PIF Framework Agreement
Sourced From: golfweek.usatoday.com/2023/11/14/report-nba-commissioner-adam-silver-not-interested-pga-tour-saudi-pif/
Published Date: Tue, 14 Nov 2023 18:34:55 +0000
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