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The top women’s golf tour is to appoint strategic advisers in a bid to attract more investment as it looks to capitalize on the sport’s rapid growth.
The number of women participating in the sport has increased dramatically since the start of the pandemic, especially in the United States, the sport’s largest market. According to the National Golf Foundation, 6.4 million women currently play golf in the United States, accounting for a quarter of all golfers.
Increased interest has helped the Ladies Professional Golf Association, which runs the largest professional tour, increase tournament prize money from $70 million in 2021 to $108 million this year.
However, LPGA Commissioner Mollie Marcoux Samaan said the commercialization of the women’s game is hampered by a lack of broadcast exposure and investment.
She singled out the differences between the Ryder Cup and the Solheim Cup. The Ryder Cup is a competition between Europe’s top men’s golfers and their American counterparts, while the Solheim Cup is a women’s golf tournament that ended with a thrilling final in Spain last weekend.
“When you start looking at commercializing both, they become apples and oranges,” Marcoux Samaan said. “A lot of money has been invested in the Ryder Cup and the results have followed because it’s a great product.”
The Ryder Cup begins in Italy on Friday and ends on Sunday, with fans able to watch more than 100 hours of coverage on U.S. television networks, while the Solheim Cup is limited to 25 hours and is broadcast primarily on cable and television. The LPGA noted that streaming.
The Ryder Cup also has twice the number of cameras on site to provide footage.
“I am 100 percent confident that even if we get only a fraction of the investment in the Ryder Cup, the Solheim Cup could be a huge home run for players, fans, broadcasters and sponsors,” Markux said. Saman said. “I think we’re sitting on a gold mine and we need to make the most of it.”
Marcus Samman said the LPGA was close to appointing a “strategic planning partner” to consider options for increased investment, including bringing in capital from outside parties. In August, the LPGA entered into a business partnership with Fenway Sports Group, which owns the Boston Red Sox baseball team and Liverpool Football Club.
“No business can maximize value without investment. We have this amazing product and we need to figure out how to commercialize it, monetize it and attract investment,” the commissioner said. “If you think about where the future is, the rewards are there.”
The LPGA’s pursuit of investment comes as institutional investors push for more money to be poured into women’s sports. CVC Capital Partners, which owns extensive sports assets, struck a deal in March to invest $150 million in the Women’s Tennis Association, which runs the major professional tours. US-based Sixth Street Fund subsequently committed $125 million to buy a new women’s football franchise.
Investor interest in men’s golf is also growing. The PGA Tour, the men’s top professional tour, is moving forward with a partnership with Saudi Arabia’s Public Investment Fund that could inject billions of dollars into the sport if the deal is completed.
Big-name investors are also lining up to join TGL, a new virtual golf league led by Tiger Woods and Rory McIlroy.
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