Longtime Friends LeBron James And Drake Invest In The PGA Tour

Longtime friends LeBron James and Drake are investing their dollars in the PGA Tour.

As AFROTECH previously told you, the PGA announced $1.5 billion “in immediate and future equity” from the Strategic Sports Group (SSG), which will permit 200 PGA Tour members to become “equity holders” in the newly established PGA Tour Enterprises. The grants will be contingent upon “career accomplishments, recent achievements, future participation and services, and PGA TOUR membership status…”

Strategic Sports Group, composed of team owners led by Fenway Sports Group, closed on the investment totaling up to $3 billion.

“We greatly appreciate the opportunity to join PGA TOUR players in this important next phase of the PGA TOUR’s evolution,” John Henry, principal owner of Fenway Sports Group and manager of the Strategic Sports Group, said in a news release. “Our enthusiasm for this new venture stems from a very deep respect for this remarkable game and a firm belief in the expansive growth potential of the PGA TOUR. We are proud to partner with this historic institution and are eager to work with the PGA TOUR and its many members to grow and strengthen the game of golf globally.”

Also involved in the PGA’s latest deal is Los Angeles Lakers player James, The New York Times reports. He and business partner Maverick Carter gained a 1% stake in Fenway Sports Group in 2021, per Sportico. James then increased his equity in the group in 2023, though the amount of that increase has not been reported. He now joins other notable investors in the PGA deal, including rap artist Drake. Together, they are providing additional capital as “strategic investors” and will leverage their marketing power to bring more attention to the sport.

“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 The New York Times. “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.”