Tiger Woods, Rory McIlroy and other PGA Tour stars are about to receive massive bonuses for their loyalty.
The Telegraph reported Wednesday that Woods will receive up to $100 million in equity as part of the newly created for-profit PGA Tour Enterprises, with McIlroy getting about half that amount.
The payouts, which are set to be disclosed to the players by PGA Tour commissioner Jay Monahan on Wednesday, are a way to thank players for sticking with the PGA Tour instead of jumping to the rival LIV Golf League and huge paydays from Saudi Arabia’s Public Investment Fund.
Nearly 200 players will receive a stake, with $750 million of it going to the top 36 players based on a formula that weighs career success and cultural popularity, according to The Telegraph. Other notable payouts include $30 million each for Jordan Spieth and Justin Thomas, while $75 million is targeted to go to notable retired players.
To receive the money, players would have to continue to remain loyal to the PGA Tour, with the funds vesting over the next eight years, according to The Telegraph. And going forward, the PGA Tour plans to award $100 million per year to the players.
PGA Tour Enterprises received an investment of up to $3 billion earlier this year from Strategic Sports Group, a consortium of sports team owners that includes the New York Mets’ Steve Cohen and the Atlanta Falcons’ Arthur Blank.
Sources also confirmed to ESPN on Tuesday that McIlroy is set to return to the PGA Tour’s policy board. That move is pending a board vote that could take place this week.
Field Level Media contributed to this report.
Source Agencies
