- Players will receive equity in new commercial entity
- PGA Tour’s rank and file likely to be unhappy with distribution
Just 36 of the PGA Tour’s top players, including Tiger Woods and Rory McIlroy, 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. The figure relates to half of the total equity due to be handed to players and is sure to raise eyebrows elsewhere on the PGA Tour.
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.
Written by Ewan Murray
This news first appeared on https://www.theguardian.com/sport/2024/feb/07/woods-and-mcilroy-among-pga-tour-cohort-to-share-750m-windfall under the title “Woods and McIlroy among PGA Tour cohort to share $750m windfall”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.
