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In recent news, the two biggest stars in sports and entertainment are coming together to take a swing at golf. Lebron James and Drake are now strategic investors in the PGA Tour. For those who don’t know, the PGA Tour is the organiser of professional golf tours in the United States and North America. Their flagship annual series of tournaments is also known as The PGA Tour.
Here’s how this all came about…
In 2021, Lebron James and his long term business partner, Maverick Carter, received a 1% stake in Fenway Sports Group (FSG). This stake gave Lebron equity in various sports teams FSG owns such as baseball team The Boston Red Sox, National Hockey League’s Pittsburgh Penguins, NASCAR’s RFK Racing, and the TMRW Golf League’s Boston Common Golf.
Source: Vaughn Ridley/NBAE, Getty Images
In January, Fenway Sports Group and Strategic Sports Group, a consortium of prominent US sport team owners, partnered to create PGA Tour Enterprises, a commercial venture in which golf players will collectively access over $1.5 billion in equity. PGA Tour Enterprises aim is to focus on driving fan engagement and growth, as well as developing new media, sponsorship and commercial opportunities. Lebron and Drake are expected to use their marketing power to help the tour broaden its audience and transform the way audiences perceive and interact with golf.
The two of them have a massive reach and are both highly influential in their respective industries and beyond. They have huge followings on every social media platform, Lebron currently has 159 Million followers on Instagram and Drake has 146 Million. They are able to bring a new audience, as well as help futureproof the sport by attracting a much younger audience with the sport being associated with an older demographic. The pair will be able to inject fresh energy, innovation and cultural relevance into the PGA Tour brand and the world of golf. If played right, the two could make a lasting impact in yet another corner of the sports industry.
“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.” Drake
Drake isn’t new to being a celebrity investor, he’s got a growing portfolio with the likes of Wealthsimple, OVO clothing, OVO Sound, Nocta, his production company DreamCrew Entertainment and beloved team Toronto Raptors. This isn’t the pairs first time making a business move together, in 2022, both Lebron and Drake bought a minority stake in football club AC Milan, alongside investment firm RedBird Capital Partners and the owners of the New York Yankees to help AC Milan raise its profile outside of Europe.
Lebron James recognises the PGA Tour as a platform for growth and inclusivity. The move aligns with his commitment to expanding opportunities and breaking down barriers in the world of sports. Fellow NBA star Stephen Curry, who donated millions to jumpstart Howard’s University golf program, has been vocal about making the game more equitable. James has expressed that he’s interested in adding an NBA team to his growing investment portfolio. This additional investment into the PGA Tour allows him to get deeper into the ownership ranks.
This is an exciting business move for both Lebron and Drake, as they have spent many years on their craft, diversifying their portfolio and now can leverage their success in their respective fields to innovate in another. As two key players in sports and music come together, it is exciting to see the transformative impact they will have on the PGA Tour and beyond.
By: Subomi Odanye
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