Earlier this year, Endeavor Group got into a discussion with the PGA Tour to invest in their tournaments. However, the Tour has turned down its interest in signing a deal. The company’s president and COO announced the news in their interview with Sportico.
According to Stock Analysis, Endeavor Group’s net worth is around $6.94 billion as of 2023. Their marketing cap has shown a significant increase of 17.48 % in the last year. The company’s total revenue in 2022 was $5.27 billion while operating income was $577 million.
Endeavor Company was founded in 2009 by the name William Morris Endeavor. The company has its headquarters in Beverly Hills, California and represents artists in film, television, theatre, publishing media, theatre and music.
Ari Emanuel, one of the richest businessmen in America, is the CEO of Endeavor. According to Celebrity Net Worth, his net worth is around $450 million with an average salary of $10 million.
Endeavor is also the parent company of WWE and has shown interest in working with the PGA Tour after it joined the Saudi Public Investment Fund (PIF). However, they are no longer in talks with the golf series.
“They’ve officially turned it down”- Mark Shapiro on their deal with the PGA Tour
Endeavor Group COO Mark Shapiro spoke about their deal with the PGA Tour. saying the Tour has officially turned it down:
“They’ve officially turned it down. We’re big fans of golf, and we’ll continue to champion the PGA Tour, but we’re not going to be an investor at any level.”
“We asked for $25 million a year in services, and if they would have agreed to that, we would have been happy to make a minority investment. But we get it: They have a lot of suitors, a lot of bidders, a lot of attractive offers, and they declined. So we’ll just continue with our long-standing partnership as-is with the hopes of growing it further in the future,” he added.
Earlier this year, the PGA Tour merged with a controversial LIV Golf, which has been backed by the Saudi Arabia Public Investment Fund. However, the agreement came under government scrutiny before it could be official.
The US government has been investigating the deal and will probably announce its decision by the end of this year.
The PGA Tour has also implemented numerous changes to its schedule for next year. They are set to include 16 degenerated events with elevated purses.