The players who stayed loyal to the PGA Tour are reportedly set to find out how much equity they will receive in the tour’s newly-created commercial entity this week.
The PGA Tour announced in January that it had reached a $3 billion deal with Strategic Sports Group (SSG), an investment consortium including Liverpool FC and Boston Red Sox owners Fenway Sports Group, to establish a new commercial venture called PGA Tour Enterprises designed to give players an opportunity to hold equity in the tour.
The tour said at the time that players “will have the opportunity to receive over $1.5 billion in immediate and future equity.”
“By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” said Jay Monahan, the PGA Tour’s commissioner and CEO of PGA Tour Enterprises.
According to a report by Golf.com, 193 eligible players will receive a letter from Monahan on Wednesday outlining the number of equity units they will receive in PGA Tour Enterprises, as well as the value of their equity. The Tour will reportedly keep the list of players receiving equity in the company confidential.
PGA Tour commissioner Jay Monahan
The PGA Tour is said to have told players in an informational video that equity was a way of rewarding them for staying loyal to the tour.
“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,” PGA Tour chief player officer Jason Gore is quoted as saying by Golf.com.
The report claims that an initial $930m will be handed out to the 193 players, although they will not be shared equally, with more grants coming down the line.
Players will reportedly be divided up into four separate groups, based on a range of factors like career performance and Player Impact Program results, with top players like Tiger Woods and Rory McIlroy in line to gain the largest amount.
The equity, which is similar to a stake in a company, will be granted over a specific amount of time, with room for players to be added in the future.
Peter Malnati
Peter Malnati, who is one of the PGA Tour's six player directors, said he supported the player equity plan at the Players Championship last month.
"This player equity plan, I don’t understand it, it’s a little bit above my head, but I certainly know enough to say that I really do support it. It’s going to make players owners of the Tour, and guys who violated our policies aren’t ever going to be eligible for that. That’s a big deal. Like, that’s a big, big deal."
It comes as the PGA Tour remains locked in prolonged negotiations with Saudi Arabia's Public Investment Fund (PIF), which bankrolls LIV Golf. The Tour has said that the deal with SSG and the creation of PGA Tour Enterprises will not prevent a potential deal with PIF.
-
Quiz! Name The 10 US States With The Most Golf CoursesTwo-fifths of the world's courses are in the USA, and half of these are concentrated in 10 states. Can you name these 10 states?
-
Is Golf Too Expensive? Our In-Depth Investigation Into How Much The Sport Costs To PlayGolf has often struggled with the image of being an expensive sport, but how affordable is it to play the game?
-
Tony Finau Pulls Out Of Grant Thornton InvitationalTony Finau has withdrawn from the Grant Thornton Invitational due to a knee injury, with his place alongside Nelly Korda being taken up by Daniel Berger
-
Scottie Scheffler Beats Xander Schauffele And Rory McIlroy To Record-Equalling PGA Tour Player Of The Year AwardThe World No.1 claimed the coveted title in a landslide vote, with Scheffler matching Tiger Woods as the only player to have collected it three times in a row
-
Tiger Woods To Make PNC Championship Return Alongside Son CharlieThe 15-time Major winner is set to tee it up for the first time since back surgery in September, with Team Woods making their fifth appearance in the tournament
-
‘To Say That McIlroy’s Season Was Not A Success Is Wide Of The Mark’To say it's been a dramatic 2024 for Rory McIlroy is a bit of an understatement, with the four-time Major winner going through multiple highs and lows this year
-
Grant Thornton Invitational Odds, Picks And PredictionsThe mixed pairs event returns for another year, with 32 of the biggest names from both the PGA and LPGA Tour circuits featuring once again
-
The Equipment Change That Gained Justin Thomas 10 Yards At Hero World ChallengeJustin Thomas produced a fine performance in the Bahamas partly down to a change of driver shaft that resulted in added distance off the tee
-
It’s PGA Tour Q-School This Week… Here’s What You Need To KnowArguably, Q-School is the biggest weekend for some players and, with four rounds of action coming up over the weekend, it's set to be an enthralling watch
-
Tiger Woods Coy Over PNC Championship ReturnSpeaking to NBC’s Dan Hicks during the final round of the Hero World Challenge, the 15-time Major winner gave a rather muted response to when his return may happen
