Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

PGA Tour unveils ‘golden handcuffs’ payout to reward loyal players – Golf News

PGA Tour unveils ‘golden handcuffs’ payout to reward loyal players – Golf News


The way the $930m initial investment made by Fenway Sports Group into the PGA Tour is to be divided among the players has been announced, with the top 36 players set to share a pot worth a staggering $750m (£593m).

An elite group of players will share $750m of equity in the new commercial entity created in alliance with a group of US-based sports team owners in a bid to safeguard the business from the threat of LIV Golf.

It was confirmed last week that the PGA Tour had struck a deal, worth $3bn in total, with a consortium led by the Fenway Sports Group. There is a plan for Saudi Arabia’s Public Investment Fund, which finances LIV, to also invest but that remains subject to regulatory pressures.

The PGA Tour told players the funds will be distributed according to “career accomplishments, recent achievements, future participation and services”, opening the door for Tiger Woods, who hasn’t competed regularly in recent years due to injury, but is still responsible for boosting the PGA Tour’s global reach, to receive a hefty share of the investment money.

WHAT WILL THE REST RECEIVE

A second group of 64 players – those ranked 37-100 according to the PGA Tour’s list of criteria – will share $75m of equity, which will be allocated on performances over the last three years. While another 57 players – ranked 101- 157 in the list – will share $30m of equity if they have “earned certain PGA Tour fully exempt categories”.

The final portion of the fund, worth $75m, is for 36 players who were “instrumental in building the modern PGA Tour based on career performance”.

Players can only earn a pay out from one of the categories, while those have joined LIV Golf will not be eligible for any share of this fund, regardless of their historical success on the PGA Tour.

“Today marks an important moment for the PGA Tour and fans of golf across the world,” said PGA Tour commissioner Jay Monahan, who is CEO of PGA Tour Enterprises, the new for-profit body created following Fenway’s investment. “By making the PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour.”



Source link

This website aggregates and curates news articles, blog posts, and other content from a variety of external sources. While we aim to link back to the original source, this site does not own or claim ownership of any articles, posts, or other content indexed on this site. The views, opinions, and factual statements expressed in each piece of aggregated content belong solely to its respective author and publisher. We make no representations or warranties regarding the accuracy or completeness of aggregated content. Visitors are advised to verify facts and claims through the original source before reuse or redistribution.