NBA legend LeBron James and Grammy-winning rapper Drake have entered the world of golf as the latest investors in the PGA Tour. This move comes amid a surge of new investors in the league, spearheaded by the Fenway Sports Group's monumental commitment of up to $3 billion in January.
The landmark deal not only injected fresh capital into the PGA Tour but also offered players equity in the league. This development comes as the PGA Tour faces competition from the Saudi-backed LIV Golf, which has been attracting top golf stars with lucrative contracts.
Drake expressed his personal connection to golf, stating, "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." He sees this investment as an opportunity to reimagine one of the world's biggest leagues.
LeBron James echoed Drake's sentiments, emphasizing the chance to not only invest in a team but also to help reshape a major sports league. Both James and Drake are reportedly committing additional capital as strategic investors and intend to leverage their marketing influence to broaden the PGA Tour's audience.
They join a roster of star-studded investors, including actor Chris Pratt, James' business partner Maverick Carter, his agent Rich Paul, United Talent Agency CEO Jeremy Zimmer, and UnitedMasters founder Steve Stoute. Notably, both Drake and James are no strangers to sports investing.
In 2021, LeBron James acquired a stake in the Fenway Sports Group, which boasts ownership of the Boston Red Sox and Liverpool FC in the Premier League. James also had a pre-existing ownership interest in Liverpool before the agreement with FSG. Additionally, in 2022, the dynamic duo invested in AC Milan in Serie A, alongside RedBird Capital Partners and the New York Yankees' owners.