With PGA Tours new $3B deal, The Sentry remains focused on philanthropy | News, Sports, Jobs

July 06, 2024

Brendon Todd knocks in his par putt on the Kapalua Plantation Course’s 10th hole as playing partners Vincent Norrman (right) and Chris Kirk look on during the second round of The Sentry on Jan. 5. The Maui News / MATTHEW THAYER photo

With the major announcement this week that the PGA Tour reached a deal with Strategic Sports Group, a consortium of billionaire sports team owners, to infuse up to $3 billion into a new for-profit entity, PGA Tour Enterprises, The Sentry tournament that started the 2024 tour season at the Kapalua Plantation Course will keep its philanthropic mission at its forefront.

“We’re about a month removed from The Sentry and kicking off the new year, kicking off the new season, and I’d be remiss if I didn’t thank Maui, thank the island, thank its people for how it welcomed us and how it embraced us,” tournament executive director Max Novena said Friday. “Our players, their families, our fans, our partners, and most of all, I hope, the community had just a fantastic experience that first week in January.”

On Wednesday, the PGA Tour — in partnership with SSG — announced the new commercial venture under the PGA Tour’s control, and in a first-of-its kind program, nearly 200 PGA Tour members will have the opportunity to become equity holders in this new company.

Novena said that will not stop title sponsor Sentry Insurance from its charitable work on Maui. The company donated $2 million to relief efforts for the deadly Aug. 8 Lahaina fire, including $1 million in early December to provide mental health resources to children who lived through the trauma.

“Relative to the news of this week the longterm mission of the PGA Tour — and certainly the commitment of The Sentry, Sentry Insurance and all of us — that has not changed, that’s going to continue on,” Novena said. “That’s all about the longterm commitment and the future of our sport, our players, our partners, our fans, and our philanthropic initiatives and the ways that we can give back both financially, but also through a meaningful programs for Maui and its people and those that are most in need.”

Novena

PGA Tour Enterprises is also considering participation by future PGA Tour players that would allow them to benefit from the business’s commercial growth. Under this program, players would collectively access over $1.5 billion in equity in PGA Tour Enterprises.

The grants – which vest over time — will be based on career accomplishments, recent achievements, future participation and services and PGA Tour membership status, and grants are only available to qualified PGA Tour players.

The transaction announced Wednesday allows for a co-investment from the Saudi Arabia-backed Public Investment Fund (PIF) in the future, subject to all necessary regulatory approvals.

“Today marks an important moment for the PGA Tour and fans of golf across the world,” PGA Tour commissioner Jay Monahan said in a news release — Monahan is also CEO of PGA Tour Enterprises. “By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour. Fans win when we all work to deliver the best in sports entertainment and return the focus to the incredible — and unmatched — competitive atmosphere created by our players, tournaments and partners.

“And partnering with SSG — a group with extensive experience and investment across sports, media and entertainment — will enhance our organization’s ability to make the sport more rewarding for players, tournaments, fans and partners.”

PGA Tour Player Directors Patrick Cantlay, Peter Malnati, Adam Scott, Webb Simpson, Jordan Spieth and Tiger Woods, said in a joint statement: “We were proud to vote in unanimous support of this historic partnership between PGA Tour Enterprises and SSG. It was incredibly important for us to create opportunities for the players of today and in the future to be more invested in their organization, both financially and strategically.

The Sentry was held Jan. 4-7 at the Kapalua Plantation Course to kick off the 2024 season. Pete McPartland, the chairman and CEO of Sentry Insurance, said on Jan. 10 that his company has full faith in its sponsorship of the tournament here going forward.

“We have the faith and confidence that this tournament and the Maui community will benefit from whatever changes do happen in the game of golf,” McPartland told The Maui News. “While there may be some unknowns there, what is certain is Sentry’s unwavering support for Maui. The community remains at the heart of our philanthropic efforts.”

* Robert Collias is at rcollias@mauinews.com

Novena

Today's breaking news and more in your inbox

Today • HHSAA swimming and diving 8:30 a.m.—State championships, dive finals, at Kihei Aquatic Center. 1 ...

BOWLING ALOHA FRIDAY LEAGUE Feb. 2 Results At Wailuku Lanes Standings—Anela’s 61, Jonathan’s 59.5, ...

Lola Donez scored 19 points in her final game with the Lahainaluna High School girls basketball team as the Lunas ...

Top-seeded Iolani School got a golden goal off the post in the 89th minute on Friday night for a 1-0 overtime win ...

Today • HHSAA swimming and diving 10 a.m.—State championships, dive prelims, at Kihei Aquatic ...

ncG1vNJzZmivp6x7rq3UoqWer6NjsLC5jqynqKqkqHytu8Kao2aroKS%2Ftb%2BOa2drbF9lf3DDyK2fZqiXlnq1u9Srqmamlax6dK6MnZyapF2ptaZ50p6lraqpYr%2BmucCipaxllqSwtr%2FEnWSopl2ltaq4wKeroaqfpcZw