Commercials could soon be coming where basketball icon LeBron James, who is playing at an elite level in his second decade in the NBA, is promoting the PGA Tour.

Mr. James isn’t known to be an avid golfer like his fellow basketball immortal, Stephen Curry. Mr. James’ equity stake, though, in a sports holding conglomerate, the Fenway Sports Group, makes it financially beneficial for the basketball superstar to trade his sneakers for golf shoes.

Mr. James and his business partner, the agent Maverick Carter, purchased a 1 percent stake in the Fenway Sports Group in 2021. Two years later, Mr. James increased his equity by signing a lifetime marketing deal to support the group’s investments. 

Fenway Sports Group, headed by Boston Red Sox owner John Henry, is part of Strategic Sports Group, or SSG, a consortium of U.S. sports owners and investors, who made a $3 billion commitment on Wednesday to partner with the PGA Tour in exchange for a minority stake in PGA Tour Enterprises, the for-profit entity of the PGA Tour.

Under the terms of the agreement, the PGA Tour receives an initial investment of $1.5 billion with another $1.5 billion payable once negotiations with any other investors are complete and approved by the Department of Justice and regulatory officials.

The agreement with SSG gives players equity participation. Nearly 200 players will earn this equity in the form of grants, which vest over time and are tied to their career accomplishments and participation in Tour events and functions.

A Player Director on the PGA Tour Policy Board, Jordan Spieth, applauded the agreement. “The coolest thing about it is the players are now owners,” Mr. Spieth told reporters at the AT&T Pebble Beach Pro-Am. “Not only do they benefit along with the Tour, they’re equity owners so they want to push the product and make the product better.”

The alliance with SSG also gives the PGA Tour added financial leverage in its negotiations with LIV Golf. That body has used the Saudi Public Investment Fund to lure stars like Jon Rahm, Brooks Koepka, Phil Mickelson, Dustin Johnson, Cameron Smith, and Bryson DeChambeau. 

Last June, the PGA Tour shocked the golf world announcing it reached an agreement with PIF to negotiate a merger. Under a non-binding framework, the PGA Tour, LIV Golf, and the DP Tour in Europe agreed to join forces. Who, what, when, where, and how would be negotiated. 

A soft deadline of December 31, 2023, to complete negotiations came and went. Expectations are that something will be finalized before the Masters in April, but Mr. Spieth sounded skeptical on Wednesday that that would  happen.

“I don’t think it’s needed,” Mr. Spieth said about a potential merger with LIV Golf.  He added: “We have a strategic partner that allows the PGA Tour to go forward the way it’s operating right now without anything else.”

The SSG is not only infusing the PGA Tour with cash, but the group also boasts some of the sharpest minds in sports. In addition to Mr. Henry, the group includes Atlanta Falcons owner Arthur Blank, New York Mets owner Steve Cohen, the owner of the  Milwaukee Brewers, Mark Attanasio, and Boston Celtics owner Wyc Grousbeck. Mr. James adds star power.

Mr. Spieth said their experience and expertise are added benefits to the partnership with the PGA Tour, reckoning that “obviously, having some big guns behind us, some backup and the strategy that this group offers was something that was very important when we were looking at it,” Mr. Spieth said. “It’s about 200 years of sports owning experience.” 

Whether Mr. James will be involved in promoting the PGA Tour remains to be seen, but his marketing value is proven. Fenway Sports Group also owns the Premier League football club Liverpool, which Mr. James supports with an apparel collection and frequent commentary. Fenway Sports Group also has ownership stakes in the NHL’s Pittsburgh Penguins, NASCAR’s RFK Racing, and the TGL’s Boston Common Golf.

Ultimately, the PGA Tour’s partnership with SSG and celebrities like Mr. James can help it enhance everything from marketing, hospitality, ticket sales, sponsorships, and fan engagement.

“I’m really optimistic about the long-term impact it can have on the PGA Tour and the game of golf,” the 2013 Masters champion, Adam Scott, told the Golf Channel. “It can bring the game of golf into the future. As I watch other North American sports I can see the way our product is put out there. We might have a little catching up to do and modernizing. I think that will appeal to a bigger market. That’s what we’re looking to do.”

Negotiations with LIV Golf continue, but it appears the PGA Tour members are in no rush to merge with the rival league or welcome back those who deserted. “I don’t think it’s needed,” Mr. Spieth said.  “The positive would be unification. But I just think it’s something that’s not worth talking about right this second given how timely everything would be to get it figured out. The short answer is we don’t have to.”