Tiger Woods may not be getting the No. 1 finishes like he used to, but he’s still No. 1 in the eyes of the PGA and is about to be rewarded handsomely for his loyalty to the organization.
Woods, who is tied for first in PGA Tour wins and ranks second in men’s major championships, is poised to get $100 million in equity “as part of the newly created for-profit PGA Tour Enterprises,” according to the Telegraph.
Northern Irish golfer Rory McIlroy is second in line and should be receiving half of that, per the outlet.
“It’s really about making sure that our players know the PGA Tour is the best place to compete and showing them how much the Tour appreciates them being loyal,” Jason Gore, the tour’s chief player officer, remarked in a video set to be distributed to players, as reported by Golf.com.
The payouts to Woods, McIlroy and other players are PGA’s way of saying thanks for staying with the league and not going to LIV Golf, per CBS Sports.
“Earlier this year, PGA Tour Enterprises received an investment of up to $3 billion from Strategic Sports Group, a high-profile assortment of billionaire sports owners,” CBS Sports reported. “While it is unclear how that investment will be spent, this equity distribution will be backstopped by those funds.”
Players will receive money based on, among other things, career success and popularity.
The majority of the equity, or about $750 million will go to the top 36 players by using a formula.
The payouts, however, are not cash-in-hand payments.
According to the Telegraph, “after four years, 50 percent of their equity will be vested, with another 25 percent two years later and the remaining amount two years after that.
“They will also have to fall in line with the rules, which as well as not decamping, involve meeting the minimum requirements for Tour membership and, if not, providing services such as sponsors meets and media appearances.”
PGA Tour commissioner Jay Monahan made similar comments at The Players Championship earlier.
“Historically, our structure has limited our ability to make transformative investments into the sport,” he said. “With PGA Tour Enterprises, with our 13-member board of directors now in place and the partnership with Strategic Sports Group, we’ve changed that dynamic and unleashed our potential for future growth.
“With our player equity program, which is the first in professional sports, our interests and those of our players will be more deeply aligned. Our business thrives when together we’re all laser focused on delivering for our fans. If we fail on that front, we fail on every front.”
Those players receiving payouts will begin receiving emails with the amount of equity they have been awarded this week, per CBS Sports.
