On January 30, 2024, reports have surfaced that Steve Cohen, the billionaire owner of the New York Mets, is involved in a consortium of professional sports team owners looking to invest $3 billion into the PGA Tour’s commercial business arm. This investment is reportedly being prepared by the Strategic Sports Group, which is led by the Fenway Sports Group, including owners such as John Henry and Tom Werner.
Cohen, through his Cohen Private Ventures investment arm, has joined this group which is considering a minority position in PGA Tour Enterprises. This news comes amidst ongoing discussions of a merger between the PGA Tour and LIV Golf, an upstart pro golf circuit that has been making waves in the industry by attracting high-profile players and controversially being funded exclusively by the Saudi Arabia’s Public Investment Fund.
In light of this potential investment, the value of PGA Tour Enterprises is estimated to be around $12 billion. The investment could be instrumental in the ongoing discussions to unite the PGA Tour and LIV Golf, as the PGA Tour has faced scrutiny from U.S. politicians over the proposed merger.
In addition to his involvement in the potential PGA Tour investment, Cohen is also seeking a casino license in New York for his Mets stadium complex. He acquired full control of the MLB franchise in 2020 and has been pursuing an $8 billion integrated resort proposal in Queens in partnership with Hard Rock International. The proposed “Metropolitan Park” aims to transform the Willets Point area into an entertainment, hospitality, and casino resort destination.
It is clear that Cohen’s interests expand beyond baseball, as he is actively involved in potential investments in the golf industry and is looking to expand his footprint in the casino and entertainment sectors. This news cements his position as a key player in the world of sports and entertainment investments.