Entertainment Company President Says PGA Tour Declined Investment Offer

The president of Endeavor told Sportico that an offer for a increased strategic partnership was turned down.

Endeavor, a major entertainment company whose holdings include the WWE, UFC and the William Morris Agency, made an offer to partner with the PGA Tour but was declined according to a story by Sportico.

President and COO Mark Shapiro said an offer was made to expand his company's work with the Tour, which includes selling commercial rights and tournament management. It was looking to be paid $25 million per year in exchange for leading a group that would acquire a share of "no more than 10%" in the Tour.

“They’ve officially turned it down,” Endeavor president and COO Mark Shapiro said Friday in the story. “We’re big fans of golf, and we’ll continue to champion the PGA Tour, but we’re not going to be an investor at any level.”

The "framework agreement" with the PGA Tour, DP World Tour and Public Investment Fund of Saudi Arabia has a deadline just over two months away.

USA TODAY Network

Sportico reported that a PGA Tour representative confirmed Shapiro's statement but offered no further details.

The PGA Tour's "framework agreement" with the DP World Tour and the Public Investment Fund of Saudi Arabia that was announced on June 6 has a deadline of Dec. 31 to be completed. There are suggestions that the deadline will be extended and speculation that the deal may not happen at all.