Fenway Sports Group has purchased the second of six inaugural teams in TGL, the new Monday night golf league backed by Tiger Woods and Rory McIlroy.
Fenway—whose portfolio includes the Boston Red Sox, Liverpool FC and Pittsburgh Penguins—will have a TGL team that represents “Boston and the New England region,” according to an announcement Monday morning. It’s the second team sold by TGL, which will begin play next January, joining a Los Angeles-based club purchased earlier this month by Alexis Ohanian and tennis stars Serena and Venus Williams.
Financial specifics of the agreement were not disclosed, and details about the club, including golfers and team name, will be announced at a later date. Each founding club will hold a 3% stake in the single-entity league, and will participate in TGL-wide revenue sharing, according to an investor deck viewed earlier this year by Sportico.
TGL was launched last year as a partnership between TMRW Sports, in which Woods and McIlroy are founding partners, and the PGA Tour, which will hold 18% of the league’s equity, according to the deck. The group plans to use new simulator technology, a shorter two-hour format and a custom-built venue in Florida to package golf in a brand-new way. The teams will all have geographic rights, but the matches themselves will all take place in Florida.
Both of the first two TGL ownership groups are franchise backers in larger U.S. leagues, giving a hint at what TGL may be prioritizing as it fills out its roster of initial owners. Ohanian is the control owner of the NWSL’s Angel City FC; the Williams sisters are both minority investors in the NFL’s Miami Dolphins. The first two group are also both early backers of TMRW Sports. Those investments are separate from their TGL agreements.
Golfers already committed to the league include Woods, McIlroy, Jon Rahm, Justin Thomas, Max Homa and Collin Morikawa. The golfers will share in a player equity pool that holds 10% of the league.
Source: Yahoo Sports
