Sports behemoth Endeavor Group Holdings said on Wednesday it has begun a formal review to evaluate strategic alternatives for the company, but would not consider the sale or disposition of its interest in TKO Group Holdings.

Shares of Endeavor were up 9% in extended trading.

The company has not set a deadline for the completion of the review process, it added.

Endeavor Group and Boston Red Sox owner Fenway Sports Group had expressed interest in investing in the PGA Tour, according to a source familiar with the negotiations, Reuters reported in late September.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Devika Syamnath and Shailesh Kuber)